Am I being played by the auctioneer ?

0e1

Is it normal for an auctioneer to request best and final offers on a property ,without telling me what the other bids are ? I have put down an offer of 300k.Now they say they are taking best and final bids .The highest price will recieve the property.

note : the property is owned by a bank and the money will go to them.

Is this blind bidding commen practice ? Can they do this ?
Would they not recieve more money for the house by bidding in a normal fashion ie: telling all bidders the highest offer and letting them raise it a little untill the highest bid wins ?

I have been told there are 4 other interested parties .But none have made an offer to match mine .I have been told I have still the highest bid.Now the auctioneer says best and final bids ?
Makes me think there is no other people interested .
Can they make me bid against myself ?
Any and all help welcome for a first time buyer that feels like he is about to get played .

Poly

if their lips are moving you know they're lying.
Get a friend to inquire and maybe express an interest to see what they say

0e1

Good idea .I Realy think they are just trying to get me to up my offer .Why else would they not hold a normal highest bidder wins situation ?
Has anyone else been in a blind bid situation for a house ?
I must get someone else to ring and inquire tomorrow.Cheers

corkoian

Ive been told that a law has come in recently requiring the auctioneer to tell you if there is another bid or not. Whether this is being enforced in a different ball game.

Doop

corkoian wrote: »

Ive been told that a law has come in recently requiring the auctioneer to tell you if there is another bid or not. Whether this is being enforced in a different ball game.

best and final offers is more of a thing used in the UK. Generally it would favour the buyers IMO and prevents a 'dutch auction' real or imaginary.

If you were the highest offer already then maybe tell them 300k is your best and final offer.

The other purchasers will be asked the same without being told your offer. Even if you dont have the highest offer there is nothing stopping you offering afterwards but you are effectively facilitating the gazumping of another purchaser. Considering its a bank sale they most probably wouldn't be interested in an additional increase after best and finals.

Let us know what happens

johnnyskeleton

It's reasonably common and is usually used to pry the last few quid out of bidders.

It also means that the bidding comes to an end.

Put another way, if you don't want to bid higher then don't bid any higher.

Ray Palmer

Sealed bid auctions are common enough and in some countries they are the only way such as Scotland.

It doesn't surprise me a bank wold want to go this route to have a final deadline on a property sale