Hi. We spotted house we like and would like to make offer. Auctioneer tells us that there is already an "offer" of 298k on this house, and builder will not let it go for anything less than 320k. It has dropped already from 365k. So my question is when an auctioneer tells you there has been an "offer" on a property, is there some legal or moral code that he has to follow to tell you the truth............think I already know the answer to this. We would not be in a position to offer 298k so want to bid lower to see what happens, but dont want to look stupid by offering less than the so called "offer" if you know what I mean.