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  • FIRST POST
    • vertex
    • By vertex 10th Oct 17, 8:30 AM
    • 102Posts
    • 9Thanks
    vertex
    House sold by sealed bids
    • #1
    • 10th Oct 17, 8:30 AM
    House sold by sealed bids 10th Oct 17 at 8:30 AM
    Hi
    I put an offer in on a house that was sold (STC) via sealed bids. Is the estate agent obligated to tell me what position my bid was? (ie the lowest or highest or somewhere in between). Or do they have no obligation to tell bidders that?
    Thanks
Page 1
    • zx81
    • By zx81 10th Oct 17, 8:32 AM
    • 14,367 Posts
    • 15,143 Thanks
    zx81
    • #2
    • 10th Oct 17, 8:32 AM
    • #2
    • 10th Oct 17, 8:32 AM
    You'll know if you win. Otherwise, no.
    • Alter ego
    • By Alter ego 10th Oct 17, 8:32 AM
    • 2,188 Posts
    • 2,127 Thanks
    Alter ego
    • #3
    • 10th Oct 17, 8:32 AM
    • #3
    • 10th Oct 17, 8:32 AM
    No obligation whatsoever to you.
    Ignore me if you like, it's not the real me anyway.
    • Surrey_EA
    • By Surrey_EA 10th Oct 17, 8:44 AM
    • 1,301 Posts
    • 1,561 Thanks
    Surrey_EA
    • #4
    • 10th Oct 17, 8:44 AM
    • #4
    • 10th Oct 17, 8:44 AM
    The bid the vendor chooses to accept may not be the highest figure, but the overall best combination of price and position.
    • saajan_12
    • By saajan_12 10th Oct 17, 8:46 AM
    • 994 Posts
    • 671 Thanks
    saajan_12
    • #5
    • 10th Oct 17, 8:46 AM
    • #5
    • 10th Oct 17, 8:46 AM
    Neither the vendor nor their EA has any obligation to you. Indeed the EA has a duty to work in the best interests of the vendor, so arguably should NOT reveal positions. If the highest bidder falls through, the EA may contact lower bidders, and knowing you were close to the top may suggest you could lower your bid and still be successful, thus achieving a lower price for the vendor.
    • vertex
    • By vertex 10th Oct 17, 8:58 AM
    • 102 Posts
    • 9 Thanks
    vertex
    • #6
    • 10th Oct 17, 8:58 AM
    • #6
    • 10th Oct 17, 8:58 AM
    Thankyou guys. Fast responses as always!
    • eddddy
    • By eddddy 10th Oct 17, 9:06 AM
    • 5,532 Posts
    • 5,222 Thanks
    eddddy
    • #7
    • 10th Oct 17, 9:06 AM
    • #7
    • 10th Oct 17, 9:06 AM
    EAs don't tend to reveal the outcome of sealed bids, because it would undermine the process.

    i.e.

    Everyone would tend to bid low initially. Then, when the EA announces the outcome (the winning bid), lots of people would try to 'gazump' with a new higher offer.

    Whereas the intention of sealed bids is to get you to make your best offer at the outset.


    But, FWIW, I'm sure that quite a few people who lose on sealed bids still try submitting new offers after the deadline.
    • Car1980
    • By Car1980 10th Oct 17, 9:20 AM
    • 234 Posts
    • 112 Thanks
    Car1980
    • #8
    • 10th Oct 17, 9:20 AM
    • #8
    • 10th Oct 17, 9:20 AM
    Yep, it’s not as if it’s an official competition! The estate agent is still obliged to pass on offers at any time, even after sealed bids.
    • vertex
    • By vertex 10th Oct 17, 9:22 AM
    • 102 Posts
    • 9 Thanks
    vertex
    • #9
    • 10th Oct 17, 9:22 AM
    • #9
    • 10th Oct 17, 9:22 AM
    Yep, itís not as if itís an official competition! The estate agent is still obliged to pass on offers at any time, even after sealed bids.
    Originally posted by Car1980
    Wow - I did not know that! I guess anything is possible up until exchange of contracts.
    • Scotbot
    • By Scotbot 10th Oct 17, 9:40 AM
    • 139 Posts
    • 97 Thanks
    Scotbot
    Are you in Scotland Vertex? Sealed bids not that common in England unless the market is really hot which I didn't think it was
    • eddddy
    • By eddddy 10th Oct 17, 9:55 AM
    • 5,532 Posts
    • 5,222 Thanks
    eddddy
    Are you in Scotland Vertex? Sealed bids not that common in England unless the market is really hot which I didn't think it was
    Originally posted by Scotbot
    In my experience, it doesn't tend to be 'standard' properties that go to sealed bids - it tends to be properties with development potential, or unique properties, or properties which are difficult to value, or perhaps properties where the vendor wants a quick sale.

    http://www.rightmove.co.uk/property-for-sale/property-68647625.html

    http://www.rightmove.co.uk/property-for-sale/property-50301432.html

    http://www.rightmove.co.uk/property-for-sale/property-67576382.html

    http://www.rightmove.co.uk/property-for-sale/property-67124375.html
    • 70sthrowback
    • By 70sthrowback 10th Oct 17, 10:03 AM
    • 97 Posts
    • 38 Thanks
    70sthrowback
    disagree with some of the posters, in the area where I live standard properties quite often go to sealed bids, as there are more buyers than sellers. I have been in the situation myself and both won and lost because of it, never found out why or how far off. When I sold my own house 2 years ago we went to sealed bids and we didn't chose the highest, but the buyer in the best position. No chain and ready to move with a large cash deposit.
    • Scotbot
    • By Scotbot 10th Oct 17, 10:25 AM
    • 139 Posts
    • 97 Thanks
    Scotbot
    I am surprised by the lack of negotiation round here. . I have lost 2 houses where the vendors accepted offers within days of going to market. In both cases I had viewings booked that were cancelled and I am a cash buyer. I would have expected the viewings to go ahead and for the agent or vendor to let me know there were offers so I could compete.

    In the second case I turned up as my phone had died so didn't get the cancellation. Vendor told me how much it went for and I thought you pratt I would have offered 5k more.
    • Slinky
    • By Slinky 10th Oct 17, 10:32 AM
    • 4,757 Posts
    • 20,754 Thanks
    Slinky

    In the second case I turned up as my phone had died so didn't get the cancellation. Vendor told me how much it went for and I thought you pratt I would have offered 5k more.
    Originally posted by Scotbot
    Well why didn't you? That early in the process nobody would have spent any money.
    • Davesnave
    • By Davesnave 10th Oct 17, 11:02 AM
    • 23,677 Posts
    • 89,638 Thanks
    Davesnave
    Bought my first house by sealed bids. It was a probate property; the sole inheritor wasn't of sound mind and the executor was 82.

    The 82 year old lived far away and wanted the whole thing sorted, fast.

    So far as I recall, I viewed early in the week and the bids were opened on Friday at lunchtime. I bid an extra 3% over the listed price + £1.

    Agent said, "I can't tell you what others bid, but it was extremely close."

    At the time, I thought perhaps the extra £1 got it for me, but nowadays I realise agents probably say that sort of thing anyway!

    Edit: Maybe the fact that I was a FTB and ready to go was more important.
    Last edited by Davesnave; 10-10-2017 at 11:05 AM.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • G_M
    • By G_M 10th Oct 17, 11:16 AM
    • 42,262 Posts
    • 49,088 Thanks
    G_M

    In the second case I turned up as my phone had died so didn't get the cancellation. Vendor told me how much it went for and I thought you pratt I would have offered 5k more.
    Originally posted by Scotbot
    Errrr.... who's the pratt?

    Seller for accepting an offer so fast (he may need a fast sale) or you for not offering £5K more there and then?
    • x-caitlin-x
    • By x-caitlin-x 10th Oct 17, 12:45 PM
    • 238 Posts
    • 205 Thanks
    x-caitlin-x
    EAs don't tend to reveal the outcome of sealed bids, because it would undermine the process.

    i.e.

    Everyone would tend to bid low initially. Then, when the EA announces the outcome (the winning bid), lots of people would try to 'gazump' with a new higher offer.

    Whereas the intention of sealed bids is to get you to make your best offer at the outset.


    But, FWIW, I'm sure that quite a few people who lose on sealed bids still try submitting new offers after the deadline.
    Originally posted by eddddy
    The house we just bought went to sealed bids. On our third viewing (a few weeks after our offer was accepted) the EA told us that they were still getting people calling up and trying to increase their offer, after missing out! We just considered ourselves lucky that we had decent vendors, who took the view that they'd accepted an offer and that was that.
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