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  • 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.

  • 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.

  • But can the seller ask for more once all bids have been made?

    I'd like to see a system where 'Best and final' offers actually means something other than the start of a bidding war.

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