Why do you think it should be $450,000? There are many houses that were valued or appraised 6 months ago and have lost more than 20% of their value in a short time. Maybe the seller is in a "have to sell" situation". I just listed a house at 80% of the "market value" because the seller wanted (and needed) the house to sell and close within 30 days. Luckily, we had multiple offers and the property sold for much higher than asking price. Yes, the seller was prepared to accept an offer at asking price and we needed to create instant activity so the marketing price was a seller strategy to get the highest possible dollar amount in the shortest possible time. Seller's are happy their property is sold in 30 days. Buyer is happy they got a great deal on a house.

I'll assume, for my opinion in this situation, that the house is truly valued at $450,000 today and $379,000 is at 80% of value.

As with Bill and Scott's previous answers, I don't know of anyplace that would say it's illegal. Unlike Bill and Scott's answers I don't think anyone would determine it to be unethical or immoral as long as the seller is prepared to accept a cash offer at the asking price. My advise, as with any buyer in this type of transaction is, determine what it's worth to you and make your best offer first. It you get it, then great, you bought a house at your price. If you don't get it then feel comfortable in the fact that you made your best offer and would not have purchased it at any price higher than what you offered. Minimum bids, disclosed multiple offers and competitive bidding have been around for...... well, forever.

It would one depend if a realtor is involved or is it just the seller. there is alot of this going on these days, the newest thing, and i dont know if this is it, is round robin bidding, they advertise at say 99,900 and get 10 bids, then they go back and say we have 10 bidders, plkease put in your best bid, then they go to the top 4 and say we have 4 bids, gove us your best bid, then maybe again at 2 bids will do it agaion and hopefully get the price to where they want. in my oppinnion you end up with alot of po'd people. and then there is teh variabkle pricing. quote the seller will accept bids between 99,900 and 149900. g bids come in at 99900 and all are countered at 149900. everyone walks. These tools are being used by people to bring people in to see their home, somewhere it need to be disclosed as if they just say 99900 and i come in at 99900 with no contingincies, i would fight to the end to get it at that price. as a buyer read the fine print, it may not be illegal but definately immoral at best. good luck

How do you know this is going on? I don't know that it's illiegal but it wouldn't be ethical.