Guzumping the Guzumper

jabjaf

Our chain has been a nightmare..5 in the chain, we were at the end buying a new build. At the beginning everyone was waiting for the new build to be completed in March but with lockdown, covid, furlow our chain has broken 6 times. We are still awaiting for everyone to be able to exchange contracts in the chain due to mortgages running out. ...The builder at the end of the chain has been put the house we were buying on the market and resold for higher amount (Guzumped). We were assured by the builder that he would never do this believing in the Scottish way.... 2 weeks ago we were informed by our builders EA, that he was tired of waiting, it sold within a day! The new buyers are just selling a plot of land so very small chain. If we finally get the chain together with an agreed date to exchange contracts, what are our chances of guzumping the guzumpers!! Our solicitor still has the builders paper work!

moneysavinghero

Seems like the builder has been very patient with you so far. Agreed date to exchange contracts means nothing really. Builder has given up on you and offering a few grand more is probably not going to change his mind.  Just one of those things.

BartyBoo

This must be hellish for you. A five-link chain is a long chain, so even without C-19 to mess things up there was always a fair chance of drop-outs and delays. 6 times is pretty bad tho'... :-(

I suspect the higher offer to the builder was just the icing on the cake for him; he was probably more concerned about getting things moving before the market changes - as it might well do - so I'm not sure an even higher offer would appeal to him as he probably prefers certainty. Even if you fix your chain, it can always break again for all sorts of reasons - a guzump further down. 

But, there's nothing to say you cannot try. He might accept or he might not. 

macman

Call me a pedant, but it's gazumping. 
Does anyone know the origin of this term?

AdrianC

macman said:

Call me a pedant, but it's gazumping. 
Does anyone know the origin of this term?

https://www.google.com/search?q=gazump+etymology

gazump

/ɡəˈzʌmp/

verb

verb: gazump; 3rd person present: gazumps; past tense: gazumped; past participle: gazumped; gerund or present participle: gazumping

1. 1.

   INFORMAL•BRITISH

   make a higher offer for a house than (someone whose offer has already been accepted by the seller) and thus succeed in acquiring the property.

   "the trio are fuming after they were gazumped by a property speculator"
2. 2.

   INFORMAL•DATED

   swindle (someone).

   "I gazumped a friend of mine with complete success last night"

Origin

1920s (in gazump (sense 2)): from Yiddish gezumph ‘overcharge’.
gazump (sense 1) dates from the 1970s.