My sealed envelope bid was not considered fair.

Idiophreak

googler wrote: »

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?

It's not "going back" to them, as such...

But rather than kicking the OP's bid out altogether, I really think they should have called and said "that's not how this works...is your bid X or not" and clarified. Like I said, it seems the OP was willing to pay rather more than the winning bidder, so it seems it would have been in everyone's interest to try and make their bid legitimate.

ILW

Idiophreak wrote: »

It's not "going back" to them, as such...

But rather than kicking the OP's bid out altogether, I really think they should have called and said "that's not how this works...is your bid X or not" and clarified. Like I said, it seems the OP was willing to pay rather more than the winning bidder, so it seems it would have been in everyone's interest to try and make their bid legitimate.

Bids are not ususally opened until the closing date, so would not have known the OPs terms until the tender had closed.

harrup

Idiophreak wrote: »

It's not "going back" to them, as such...

But rather than kicking the OP's bid out altogether, I really think they should have called and said "that's not how this works...is your bid X or not" and clarified. Like I said, it seems the OP was willing to pay rather more than the winning bidder, so it seems it would have been in everyone's interest to try and make their bid legitimate.

But that was his downfall - he WASN'T prepared to pay "rather more".......that's WHY he put the GBP 500 contingency on it.

He was only prepared to pay 500 quid more than the highest bidder. I understood his post to mean that he would have ONLY been prepared to honour his maximum bid if the bidder below bid 500 less than that, but not if the difference was, like in this instance, 8 K.

Idiophreak

ILW wrote: »

Bids are not ususally opened until the closing date, so would not have known the OPs terms until the tender had closed.

...but that doesn't really matter. They could still have gone.."well, if this person's willing to pay X, he'll win...let's give him a call and see if he is". If the OP had, *then* repeated that he wouldn't pay more than £500 above the next highest bid, they should have ignored his bid...If they said "your bid is X, or no bid" and he said "OK, my bid's X" then they should have sold to him. Would only have been one phone call and could have made the seller 8k.

harrup

Idiophreak wrote: »

...but that doesn't really matter. They could still have gone.."well, if this person's willing to pay X, he'll win...let's give him a call and see if he is". If the OP had, *then* repeated that he wouldn't pay more than £500 above the next highest bid, they should have ignored his bid...If they said "your bid is X, or no bid" and he said "OK, my bid's X" then they should have sold to him. Would only have been one phone call and could have made the seller 8k.

That is a valid point.

BUT, looking at it another way, if one wanted to maintain some semblance of fairness to the other bidders who DIDN'T put a contingency on their best offer....should the EA then not equally give them ALL a call inquiring whether they wanted to augment their best price to a "new & revised" best price since their previous bid failed to secure them the property?

Sealed bids is a system designed by Satan. Wondering how many of the OP's co-bidders are currently kicking themselves wishing they had bid just a few £££ more.

googler

Idiophreak wrote: »

It's not "going back" to them, as such...

But rather than kicking the OP's bid out altogether, I really think they should have called and said "that's not how this works...is your bid X or not" and clarified.

As a previous poster said, bids are opened AFTER the closing date and time, not before, to give someone time to change theirs or their terms .....

And it's up to the bidder to KNOW 'how it works' before putting the bid in.....

JuicyJesus

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)

Then what would be the point of the sealed bid? That would mean that anyone putting in place the OP's silly variable bid thing would effectively be kingmaker.

Strapped

Repo company is obliged to take the best offer. OP's offer was not the best becuase he showed himself to be a !!!!!! and they rightly went with someone else who put forward a straight bid.