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Bidder wirhdrew and allowed to re-bid!

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  • 22-11-2010 2:57pm
    #1
    Gazzumped
    Closed Accounts Posts: 11 ✭


    I placed an offer on a piece of land where there was a lower bid on the table. I was informed at the time by the auctioneer that the lower bid was considered acceptable to the vendor. The deadline for receiving offers had not been reached at that time.
    The auctioneer then gave the other bidder a further deadline but he decided to withdraw and I was informed that my bid was the highest and he was referring it to the vendor. I engaged a solicitor and arranged my funds, as per the auctioneer's instructions, and waited for him to arrange my payment of the booking deposit. A week passed and I emailed him to query the delay. He claimed he was waiting on confirmation of acceptance. Now, 2 weeks later, the auctioneer has informed me that the bidder who withdrew has re-entered the bidding with a higher bid.
    Is this acceptable and have I any basis for a complaint?


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Gazzumped wrote: »
    Is this acceptable and have I any basis for a complaint?

    Its not illegal so you have no basis for complaint. Now the ethics of it are suspect but theres not much you can do.

    You may be being gazzumped or the EA might be trying to get you to jack your offer up by making up BS about another bid.

    My advice. Tell the EA your bid is now 5% less and will reduce by a further 5% every week its not accepted. If he really has a higher bid so be it. If he doesnt you will find the phantom bidder dissapears quickly.


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    #3
    Gazzumped
    Closed Accounts Posts: 11 ✭Gazzumped


    Thanks for your reply, D3PO. I think the other bidder is really there alright - just wondering how real a 'deadline' is and whether I can play the same game. There are no other bidders (nor likely to be) so it might be interesting to play a waiting game until after the budget. That will sort the men from the boys :p


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    #4
    robd
    Registered Users Posts: 951 ✭✭✭robd


    What a bizarre thread in a week that the IMF are here.

    Hope you have 100% cash to pay for what ever you're buying, else best of luck.
    You're likely to be surprised what bank does when you try to proceed with loan based on their loan offer.

    I wouldn't up an offer in this environment. Other bidder might still drop out through lack of funds.

    Anyway not rules for buying/bidding on property. It's pure horse trading. Auctioneers are allowed to lie through their teeth to get your offer up.


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    #5
    Gazzumped
    Closed Accounts Posts: 11 ✭Gazzumped


    Thanks for your reply, robd. I have the cash - personal savings over a number of years and it's not a huge price. I don't know about the other party. I agree with you that estate agents are horse traders - no integrity whatever and I will be wiser in the future. I have decided not to rush another offer - since deadlines aren't really deadlines, I'll be taking my time.


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