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Advice on buying a repossessed house
Comments
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hi.just to add, we were asked for final bids which we submitted. the ea came back to us again to ask if we were willing to increase our offer. so the final bids in our case counted for nothing.0
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When bids are invited for a property by a closing date, some bidders are clever enough to word their offer something along the lines of £1k higher than the highest stated amount submitted. This could well be what has happened in your case, thus a bidder determined to get the property, even at a higher price, wins out.
This is an urban myth and EA's don't accept bids like that. It has been in the terms and conditions of every property I have ever bid on that you cannot place an offer of 'highest bid plus £x'.
What if two bidders both put letters in saying £1K more than the next highest bidder ?0
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