can a seller retract once they accept your offer on a house?

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I'm hoping someone can put me clear on this. I had a bid accepted on a property last week, and got a phone call today from the estate agent to say they had accepted another bid on the same house.

Surely once the vendors accepted my offer I have some rights? What should I do?

Many thanks

C
 
unfortunately, until contracts have been signed and exchanged neither party is obligated to go through with the sale. the booking deposit you paid to the estate agent gives you no rights.
 
Unregistered said:
What should I do?
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Although the seller has the legal right to do this it really is despicable considering they verbally accepted the offer.

1. Walk away. Don't be tempted to outbid. You may find this "mysterious" bidder goes away. Phantom bidding is a desperate EA tactic to keep upward pressure on a house's price in a slowing market. However you can't be sure this is the case and you have to be prepared to look elsewhere.

2. Read this thread: It may be some consolation to know that it is not necessarily a good time to be buying a house in Ireland.

3. Hang in there and keep saving. The days of crazy house price appreciation are over so hopefully you are in a situation where you can take your time.
 
The auctioneers and sellers in Ireland enjoy messing you about that I why I would not purchase in Ireland as there not point in putting in a bid because you know you will always be someone to outbid no matter what that is the way auctioneers work in Ireland. nien time out of ten there is not one biddding on the property the only do this to get a better deal. I would walk away as if they do this to you what are going to do you spend money on surveryors and legal fees. They just take you for a mug and laughting all the time at you. Horrible people.
 
There's room for regulations in Ireland. I have just been out bid on two different houses. But one guy had his house with 5 estate agents. You could be bidding against a phantom bidder.
 
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