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Does an auctioneer have any to inform top bidder of new top bid?

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  • 05-10-2017 9:06pm
    #1
    flashforward
    Registered Users Posts: 314 ✭✭


    Per the title, is there any legal requirement for an auctioneer to inform the previous Top bidder of a new higher Bid? (Assuming the previous Top bidders bid was formally accepted)


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    #2
    Claw Hammer
    Registered Users Posts: 6,238 ✭✭✭Claw Hammer


    flashforward wrote: »
    Per the title, is there any legal requirement for an auctioneer to inform the previous Top bidder of a new higher Bid? (Assuming the previous Top bidders bid was formally accepted)
    A bid is never formally accepted.


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    #3
    Sleeper12
    Registered Users Posts: 17,070 ✭✭✭✭Sleeper12


    On my first house I thought our bid was formerly accepted. We even paid a deposit. About a week later we found out that they were still showing the house.
    As above it's never formerly accepted. Well maybe when contact is being signed.


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    #4
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    No obligation to inform the previous highest bidder but it makes sense that they should. The vendor can choose to accept any bid from the highest to the lowest. Being the highest bidder doesn't guarantee you'll win the property.


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    #5
    flashforward
    Registered Users Posts: 314 ✭✭flashforward


    Claw Hammer wrote: »
    A bid is never formally accepted.

    Sorry I mean acknowledged and logged


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    #6
    circular flexing
    Registered Users Posts: 2,587 ✭✭✭circular flexing


    Remember the auctioneer is working for the seller not for you.


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    #7
    CaoimheSquee
    Registered Users Posts: 359 ✭✭CaoimheSquee


    flashforward wrote: »
    Sorry I mean acknowledged and logged

    Yes it is. All bids/offers have to be recorded. It is the law and it is regulated.

    Unfortunately though gazumping exists. Your bid may have been accepted by the vendor and even received sale agreed letter and put down deposit, but there is no law against someone else coming in and offering more. The EA MUST inform the vendor and if they advise they wish to go ahead with that then that is what the EA must do.

    Until contracts signed unfortunately nothing is completely set in stone.


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