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My understanding;
Nope, its the seller's choice to accept any offer (or none) anf it doesn't have to be the highest one. Once accepted that's that unless the offer is conditional on something e.g. further survey.
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My sister sold her flat to a couple who offered less than someone who she was fairly sure was a BTL landlord.
I think had there been more than £250 in it, she might have been swayed to take the better offer.
I'm not suggesting she deserves a sainthood but the vendor can choose who they sell to.
Cupcakes
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@inchpincher
Question for the Scots, are the estate agents legally bound by the sealed bids system ie. the highest bidder gets it for that price? In London it's used to create a frenzy and then extort a bit more from competing bidders. I got chatting to a developer the other day who 'won' a house for £1.2m but by the end of the day spent £1.7m to secure it. Daft bastard.