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  • FIRST POST
    • pepper77
    • By pepper77 30th Nov 17, 12:44 PM
    • 905Posts
    • 3,168Thanks
    pepper77
    Sealed bids.
    • #1
    • 30th Nov 17, 12:44 PM
    Sealed bids. 30th Nov 17 at 12:44 PM
    My son viewed a property last week (in the evening), he is a FTB with a 50%+ deposit.
    The next day the estate agent rang him and asked whether he was making an offer, so he offered the full asking price(a little premature I thought).
    He has been informed that he now needs to make a full and final offer by Wednesday next, with proof of deposit and proof of mortgage.
    I dont trust estate agents (same agency screwed me over 30 years ago ), is this sealed bids mullarky common practice?
    Any advice is welcome.
Page 2
    • googler
    • By googler 1st Dec 17, 3:31 PM
    • 14,472 Posts
    • 9,347 Thanks
    googler
    This is partly why I say each system has its pros and cons. What you describe clearly benefits a buyer, but does not necessarily benefit a seller. By committing to a fixed date of entry a seller must have some sort of alternative accommodation lined up, which could be at significant expense.
    Originally posted by Surrey_EA
    It benefits everybody when everybody is working within the same system, and knows what to expect from the other side. Happens every day north of the border.
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