The term used to refer to when a seller accepts an offer from one potential buyer, but then accepts a higher offer from someone else. One of the advantages of buying at property auction is that this cannot happen, but it can happen when buying through private treaty via estate agents.
This ‘Glossary of Terms’ – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.