My sealed envelope bid was not considered fair.

Idiophreak

TBH, I'm surprised the EA didn't just say "good news, the next highest bid was for £500 less than X! Give us X, now, please" and be done with it.

You're supposed to write your maximum price down, which you did...Just prefaced it with nonsense to try and save a few quid...Presumably you'd have been happy to pay X, the seller would have got an extra 8k and the EA would have got a chunk more money. Weird.

PasturesNew

p00hsticks wrote: »

... then they'd all be stating the absolute maximum that they'd be prepared to pay for the property and the poor s*d whose house has been repossessed would probably come out of it slighty better off financially.

But that's the whole point ..... people are interested - it goes to the one prepared to pay the most.

oldcarpenter

The feed back here suggests me being the dodgy one. The devil is in the detail and the relevant details were, place your tender under cover of a sealed letter of the sum (in words ) to reach this office …… . Priority may be given to tenders that may not necessarily be the highest but can be seen to complete the purchase within a reasonable time. No reference not to have a sliding tender, the rules were being made up after the process had started. Presumable the only instructions from the bank were not get bogged down with a long completion, the bank had a duty to the previous owner to get the best price, and the agent had the same duty to the bank. I at least will inform the last occupier any debt owed to his bank should be reduced by £500. As pOOhsticks has rightly pointed out this form of tender could result in higher price sales.

bazzyb

oldcarpenter wrote: »

the relevant details were, place your tender under cover of a sealed letter of the sum (in words ) to reach this office ……

Very straight forward, put the sum in words, i.e. write the amount you are wanting to bid. You didn't do that. Read the instructions more carefully in future.

martinsurrey

oldcarpenter wrote: »

The feed back here suggests me being the dodgy one. The devil is in the detail and the relevant details were, place your tender under cover of a sealed letter of the sum (in words ) to reach this office …… . Priority may be given to tenders that may not necessarily be the highest but can be seen to complete the purchase within a reasonable time. No reference not to have a sliding tender, the rules were being made up after the process had started. Presumable the only instructions from the bank were not get bogged down with a long completion, the bank had a duty to the previous owner to get the best price, and the agent had the same duty to the bank. I at least will inform the last occupier any debt owed to his bank should be reduced by £500. As pOOhsticks has rightly pointed out this form of tender could result in higher price sales.

you're right in that the devil is in the detail.

the very definition of tender is important here (tender the noun)

"An offer to carry out work, supply goods, or buy land, shares, or another asset at a stated fixed price."

so you did not submit a tender, as it was not fixed, so was rightly dimissed.

your not understanding what a tender is is no reason to accuse the EA of being wrong.

for the first time in a long while, I agree with an EA!

englandcrew

I had to have a little chuckle at this thread.

You didnt submit an offer. You tried to be sneaky and it backfired.

As posted above, what if everybody submitted "offers" like yours?

girl_withno_name

p00hsticks wrote: »

... then they'd all be stating the absolute maximum that they'd be prepared to pay for the property and the poor s*d whose house has been repossessed would probably come out of it slighty better off financially.

If everyone did it then there wouldn't even be a started bid to work from, so everyone's saying "I'll bid £500 higher than the highest bid" but there's no highest bid!

RabbitMad

My view is that the EA should have contacted you to say if your offer is X we will accept (assuming you were in the best position)

getmore4less

I think you need to ask the bank why they did not take your offer of X+500. and accepted one a lot lower.

They should have taken you offer of X+500

If you asked to see the other bid tell you NO.

googler

RabbitMad wrote: »

My view is that the EA should have contacted you to say if your offer is X we will accept (assuming you were in the best position)

Doesn't that make a mockery of taking bids on a certain date and time? If the agents go back to one party after the closing date, why shouldn't they go back to all of them?