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If a bid is accepted on a house then someone else comes in with a bid, are the estate agents bound by law to tell the other bidders the is a new bid?

If a bid is accepted on a house, are the estate agents who are dealing with the bid received a new bid which is higher are they bound by the OFT AND property ombudsmen to tell the other bidders that a new bid has been submitted straight away. Thank you for your time on this matter. Kind regards Mr James Brooke

Asked on Feb 8 2011, General in Hull | Report content

Answers (1)

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  • Hi Mr Brooke, Any offer that is received by an agent has to put forward to a vendor in writing within 24 hours. I do not know of any regulations that mean the agent has to call the previous buyer to let them know but it is common courtesy. You should be able to increase your offer even if another offer has been accepted and the agent will have to put it forward to the vendor. Hope this helps.

    Answered on Mar 8 2011, Report content

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