A buyer engaged in a competitive bidding process for a small holding and cottage listed at €280,000. The buyer began bidding at €260,000 and faced an anonymous rival who matched each €5,000 increase over two weeks. The buyer has now reached sale agreed but suspects the rival may have been a phantom used to drive up the price. The buyer fears a developer will gazump the agreed sale before completion and seeks information about available legal remedies and protections to prevent or respond to gazumping.
"'Rumours are swirling that the rival was a phantom... and now I've gone sale agreed but I fear I'm going to get gazumped by a developer. What legal comebacks do I have?'"
"Query: Dear Mary Frances, I'm writing because I feel like I've been completely played in a recent bidding war for a piece of land (less than 20ac) and an old cottage near my home village. The property was listed at €280,000. I started the bidding at €260,000. For two weeks, it was a slow back-and-forth between me and one other 'anonymous bidder'. Every time I went up by €5,000, they matched soon after."
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