/ gəˈzʌmp; NAmE / verb
[ vn ] [ usually passive ] ( BrE ) when sb who has made an offer to pay a particular price for a house and who has had this offer accepted is gazumped , their offer is no longer accepted by the person selling the house, because sb else has made a higher offer
► gaz·ump·ing / gəˈzʌmpɪŋ; NAmE / noun [ U ]
—compare gazunder
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WORD ORIGIN
1920s (originally meaning to swindle someone): from Yiddish gezumph overcharge. The current sense dates from the 1970s.