Family member (first home buyer) has spotted a very des res at exhibition. Asking price is affordable.
It is obvious that there is considerable interest from a number of potential buyers.
An offer at full asking price is made.
Family member is advised that at that offer, they are fourth in line, a number of higher offers having been made.
Family member will go back with a higher offer, but is this the way the system is supposed to work? Great news for the vendors, but we appear to have a low speed auction happening here.
Would appreciate comments from the hive.