KSRY
08-06-09, 07:28 PM
Basically my Dad is trying to buy another house and was told today to forward a 'sealed bid' which he did. He was then told, he was currently the highest bidder, 15 minutes later, he gets a call saying hes been outbid, so he then offers to pay the asking price. They say okay but the agent says she can't let him know as the other bidder is her colleague!
Now my questions are,
1, If its sealed bids, surely the highest should win no matter what, and if the asking price has been met then it should not be advertised in the paper and proceedings should be started,
2, Surely an estate agent cannot bid/buy a property they are themselves, surely its a conflict of interests as it would be unfair to other potential bidders....
Anyone have any knowledge???
Now my questions are,
1, If its sealed bids, surely the highest should win no matter what, and if the asking price has been met then it should not be advertised in the paper and proceedings should be started,
2, Surely an estate agent cannot bid/buy a property they are themselves, surely its a conflict of interests as it would be unfair to other potential bidders....
Anyone have any knowledge???