Bidding after sale agreed

J

Jellymonster

Registered User
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Hi all, just wondering if it's ever possible to bid on a house after it's gone sale agreed. We were outbid on a house two weeks ago. Since then we've found some more money. Is it too late? Or will EAs ever accept further bids? (Sorry if this is a dumb question, very new to this)
 
How would you feel if you had gone sale agreed at €250k and were planning your life in the new house and the auctioneer called you to tell you that the price had gone up to €260k?

A decent auctioneer would refuse to reopen the bidding.

However, many sale agreeds fall through, so do tell the auctioneer that you are still interested in the house if the agreement falls through.Offer to match the winning bid, rather than exceed it.

Brendan
 
Thanks for the replies. I completely agree that it would be very disappointing to go sale agreed to then have the price jump up but if this is something that happens frequently I guess I don't want to be naive and not place a bid on those grounds. It's a jungle out there at the moment. ☹️
 
It doesn't happen frequently at all. Decent auctioneers would not get involved.

What happens frequently is that the proposed buyer pulls out because they change their mind, they can't come up with the money, they find that the work required exceeds their budget,or because the sale of their own house falls through.

Brendan
 
Sue Ellen said:
Gazumping is a terrible practice and totally unethical :( https://www.google.ie/?gws_rd=ssl#q=gazumping
Click to expand...

Nonsense. A contract is a contract, anything prior to that is just talk.

I was talking to a friend of mine last night who was literally crying into his beer. He has gone sale agreed on his existing house some months ago, with a view to buying another particular house. His prospective purchase fell through yesterday. Prices where he wants to buy have gone up since he agreed on his own house.

Now he cannot afford to buy a new house because they are more expensive than his sale agreed price on his own house.

He considers it unethical to go back on the sale agreed price with his own house. :rolleyes:
 
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