Definitions for "GAZUMPING"
Keywords:  favour, accept, vendor, higher, bid
Where a seller accepts a buyers bid and subsequently accepts a higher bid from from an alternative buyer before exchange of contracts.
a) when a seller agrees to sell to one buyer but then either sells to another buyer or b) when a seller raises the price when two or more buyers are interested in the property.
Slang term for the practice of reneging on an oral commitment to buy or sell property because a better opportunity presented itself prior to a legal contract being consummated.