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Estate Agents - Bidding Process

  • 23-01-2017 10:38am
    #1
    Sean^DCT4
    Registered Users, Registered Users 2 Posts: 527 ✭✭✭


    Hi all,

    On a second hand property, are the bids received by an estate agents subject to any kind of legal process?

    If a bid is made on a property and the estate agent comes back and says that another offer has been made, is this bidding process open to any scrutiny?

    Or are we at the mercy of the estate agents here?

    thanks


Comments

  • #2
    ohnonotgmail
    Registered Users, Registered Users 2 Posts: 40,641 ✭✭✭✭ohnonotgmail


    If you think that the estate agent is inventing bids you can complain to the Property Services Regulator. Estate agents are obliged to keep a register of all bids and the PSR will confirm that bids were valid.


  • #3
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #4
    ohnonotgmail
    Registered Users, Registered Users 2 Posts: 40,641 ✭✭✭✭ohnonotgmail


    Fred Swanson wrote: »
    This post has been deleted.

    Presumably they check with the bidders named if there is a complaint. You would really have to ask them the details.


  • #5
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    There are so many holes in the system that you personally would need proof. About the only way to know is to get a friend, with a large amount of time on their hands, to bid with you on the property and see if they're strung along at a slightly lower amount. My personal feeling is that this practice is much less common than people think given the potential rewards to the Estate Agent.


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