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Closed Bids

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A house I was looking at went to closed bids a few months ago and when I found out from the agent that they had 14 bids I walked away. I spoke to the agent afterwards and they informed me that it went way over asking. Fine I thought, it was a good house in a great location and some people have more money than sense.

I have since found out on the local grapevine, so treat with a pinch of salt, is that when all the bids were officially in someone phoned the agent and said "what's your highest bid? Whatever it is I'll top it". They bought the house.

If this is true then is it legal? It is obviously morally wrong but I don't know whether there is any official legal framework in place surrounding closed bids. I always suspected the agent of dodgy practise as they employ all sorts of underhand tactics however even I was surprised to hear this.

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A house I was looking at went to closed bids a few months ago and when I found out from the agent that they had 14 bids I walked away. I spoke to the agent afterwards and they informed me that it went way over asking. Fine I thought, it was a good house in a great location and some people have more money than sense.

I have since found out on the local grapevine, so treat with a pinch of salt, is that when all the bids were officially in someone phoned the agent and said "what's your highest bid? Whatever it is I'll top it". They bought the house.

If this is true then is it legal? It is obviously morally wrong but I don't know whether there is any official legal framework in place surrounding closed bids. I always suspected the agent of dodgy practise as they employ all sorts of underhand tactics however even I was surprised to hear this.

How would anyone ever know one way or the other? I believe the grapevine...

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A house I was looking at went to closed bids a few months ago and when I found out from the agent that they had 14 bids I walked away. I spoke to the agent afterwards and they informed me that it went way over asking. Fine I thought, it was a good house in a great location and some people have more money than sense.

I have since found out on the local grapevine, so treat with a pinch of salt, is that when all the bids were officially in someone phoned the agent and said "what's your highest bid? Whatever it is I'll top it". They bought the house.

If this is true then is it legal? It is obviously morally wrong but I don't know whether there is any official legal framework in place surrounding closed bids. I always suspected the agent of dodgy practise as they employ all sorts of underhand tactics however even I was surprised to hear this.

Whats wrong with that....if you were selling you'd think great...some mug punters. People really are stupid.

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For the seller I agree, great deal. I just naively thought that in going to closed bids a house was effectively put up for opaque auction. At the cut off the highest bid should win. I would be pretty pissed off if I was highest bidder within the time frame defined by the agent especially if the agent revealed my bid in order to elicit a higher bid.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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