Dealing with auctioneer

B

Baz123

Guest
I recently saw a property online that had a guide price of 330,000. When I rang up the auctioneer I was informed that they now had an offer of 351,000. I know this might sound a bit naive but how do you know that this is true? Could the auctioneer be lying to you? How is this regulated?

p.s. It's pretty obvious how little I know about house buying!!
 
we've all been there you just need to take his word for it, its a stupid situation and hopefully something can be done soon about it. Although i wouldnt be surprised if that was the offer these days people are panicing and just throwing in their maximum amount hoping that will scare off all other bidders its just madness.
 
Thanks for the reply,

That's a crazy system. Surely, something has to be done about it. We're dealing with huge amounts of money here. There has to be some way of validating what the auctioneer is telling you.

I can't believe it works that way!
 
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