Multiple bidders on house - seller decides who buys?

T

Terminnos

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Hello,
I've been bidding on a house the last week or so. There have been 3 interested parties. I have just been informed by the auctioneer this morning that the seller has decided to sell the house to one of the parties because the seller knows them but the bid this party placed on the house is not the highest bid. I was going to place another bid on the property myself this morning.
Is this allowed? Can the seller decide who gets the house or give the house to a party even though there are other people willing to put greater bids on it?
Thanks.
 
Is this allowed? Can the seller decide who gets the house or give the house to a party even though there are other people willing to put greater bids on it?

Yes. Its their house, its for sale by private treaty ( not auction where the sale would be to the highest bidder), they can do whatever they like including taking it off the market entirely.

mf
 
Seller decides who buys

Hi copied this from another notice board - hope it will be of help to you:

What was said in the programme was that when auctioneers found that their phones were not ringing they went and had a word with vendors and advised them of the situation. One vendor brought down their prices by 50,000.

In Ireland auctioneers will advise vendors not to sell less then their over prices valuation of 40,000, they simple want to keep the property on their books.

My elderly uncle last year put an offer in on a property with an auctioneer and when it was finally accepted at the asking prices he was still was ready to go ahead had all finances in place. He was being pushed to close within a week, which he could have done. However the auctioneer told him with a big smile that there was another person that the property was going to be sold to for the same price. My uncle was given back his 10% deposit.

One year later that same property was advertised on all the major web sites for exactly the same price, so there was no sale, despite my uncle saying that he could close within a week. My uncle told the auctioneer and the vendor solicitor if the sale did go through would they let him know but this was a west of time as no one contacted him about the sale fall through. My uncle was not a local person although he is Irish but it seems that local people will be first considered with auctioneers regardless their finances. That poor vendor lost money and all that hassle that he/she was put through because of an stupid auctioneer, which is the biggest auctioneer in Ireland
 
Re: Seller decides who buys

My sister was in a similar bidding war recently only to loose, even though she had the highest bid?

The auctioneer then wanted her to sell her house for a miserable offer, even though she had nowhere to move. She politely told him to get lost.

The same agent now has another house. My sister arranged a viewing, but the agent didn't show. When she called him, he told he the house was already sold (in one day) for the asking price (20k less that the previous house)?

Auctioneers should be subject to some form of regulation!!!
 
Re: Seller decides who buys

Whatever about auctioneers sellers are perfectly entitled to sell to whoever they choose. Sometimes factors other than just price come into play resulting in the highest bidder losing out. For example some sellers might be willing to forego a few grand in order to sell to a cash buyer or somebody unencumbered by an existing property. That's their prerogative no matter how annoying it might be for the losing bidders who may have offered a higher price.
 
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