Is auctioneer required to notify seller of higher bid

dereko1969 said:
Perhaps more creedence should be given to the Current Buyers and to fairness? The Current Buyers have had their bid accepted, if they are gazumped at this stage how is that fair to them? Also, the OP could then pull out of the sale at any time they like too.

I find your advice on all fours with the beggar my neighbour attitude that led the economy to where it is now, it's all me, me, me.
Click to expand...

Wow - what a ridiculous post - go back and re-read what I said.

I was posting the situation from 4 different viewpoints.

Nowhere did I mention that you should beggar your neighbour.

I said that buying a house (when it gets down to the business end of money & contracts) should be dealt with as a business transaction.

There are consequences - I was weighing up the consequences from a risk/reward point of view from each perspective.

The point you seem to be missing is that it would not be the OP doing the gazumping - that is the decision for the seller. They would have to weigh up the consequences from both a fairness :rolleyes: and financial perspective.

btw : the economy ended up where it is as a result of policy decisions taken by both government and the financial institutions and financial decisions taken
by individuals based on emotion and not on a sound financial basis.
 
The risk is huge for the EA and vendor to accept a higher bid after sale agreed. If they accept the late bid, and that falls through in the ensuing weeks, then how do they approach the original buyer? They would suspect as many do that the late bid was just a tactic used to push their buy price up, and would most likely either offer a lower than originally agreed price, or pull out altogether.
By going with the sale agreed bidder, they have the option of falling back on the OP should it fall through at any stage, and they know that the OP is keen because of the increase in bid.
 
Hi All

Just to give you an update, my partner spoke with the seller yesterday and he told him that the auctioneer never told him that we had offered the asking price, that our last offer was substantially lower than what was agreed and also she told the seller we had an issue with getting the mortgage, now our last offer was €158,000 and the house went sale agreed at €160,000 and we never ever mentioned anything to her about having an issue getting approval as there was never an issue with it.

Please someone tell me that we have a chance here cause we want this house!
 
OP - I refer you back to my original point :

OP - found a house they really want and decided over the weekend to up their final offer by 7,000 euro and informed auctioneer of same. I don't see why they should give up - property has only gone Sale agreed - it's not sold. Contracts / money will not have been exchanged. If I was OP I would pursue this property and let sellers know of an additional bid - a simple query to sellers, requesting whether they are open to further bids is not inappropriate.
 
Hi Nai

Thanks for your reply, we most definitley are not giving up hope i just hope that the seller will accept our higher offer, he told my partner yesterday to leave it with him....so fingers crossed.
 
ash26 said:
Hi Nai

Thanks for your reply, we most definitley are not giving up hope i just hope that the seller will accept our higher offer, he told my partner yesterday to leave it with him....so fingers crossed.
Click to expand...
Hi OP, just wondering what was the outcome. i am in a similar situation myself with an auctioneer acting the maggot.
 
Hi KKMAAN

Unfortunatley we lost the house, we contacted the seller to inform him that we were willing to give the asking price and he still went for the couple who offered €5,000 less.

Hopefully your outcome will be better.
 
You must log in or register to reply here.
Back
Top