You would say you have been “gazumped” if you had made an offer for a particular commodity such as a house, product, service, and the agent had verbally accepted it, only to find that the commodity will not be sold to you because the agent has accepted a higher offer from another buyer.
For example…
Take the young, married couple Martha and Jake. They put in a sky-high offer of two million dollars for a waterfront property in the CBD. The real estate agent indicated that this price would clinch it for them. However, the next day, the agent advised Martha and Jake that a different buyer had put in a slightly higher offer of two point one million dollars and the seller had accepted that. Unfortunately, Martha and Jake have been gazumped.
