Sealed bid sale: possible to counteroffer?

iclaudius_2

Hi forum

So a large chain agent is selling this house via sealed bid process. We learned yesterday weren't successful in our our offer. Does anyone know if it is possible to counter-offer?

Thanks

Annie1960

iclaudius wrote: »

Hi forum

So a large chain agent is selling this house via sealed bid process. We learned yesterday weren't successful in our our offer. Does anyone know if it is possible to counter-offer?

Thanks

Was it 'best and final' offers?

eddddy

iclaudius wrote: »

Hi forum

So a large chain agent is selling this house via sealed bid process. We learned yesterday weren't successful in our our offer. Does anyone know if it is possible to counter-offer?

Thanks

You (or anyone else) can make an offer right up until contracts are exchanged - but it's gazumping really.

The EA is required by law to pass the offer on to the vendor. Some vendors might happily accept the higher offer and extra cash, others might refuse it on principle.

Some EAs might be unhappy about it, as it is may introduce more hassle and delays.

Running_Horse

If you could afford more and really wanted the house maybe you should have offered more. Otherwise what's the point of sealed bids?

iclaudius_2

For the avoidance of any doubt, the offer was accepted on Saturday and we are considering a counter offer tomorrow, most likely before another buyer has out laid any cash on surveys etc.

This is a Sale by Tender. Not sure if that changes anything from a normal sale process in terms if counter offers?

iclaudius_2

Running horse
I think the point of sealed bids is to get people to over extend themselves in an overheated market. My question here is about circumventing the agents method to get buyers to over pay by hopefully submitting a bid that is incrementally higher, I.e more akin to an eBay auction

ging84

Running_Horse wrote: »

If you could afford more and really wanted the house maybe you should have offered more. Otherwise what's the point of sealed bids?

It's a pressure tactic cooked up by estate agents to try and make people do exactly what you've just described

but in reality there is nothing to stop you making, and the vendor accepting another offer

except possibly in scotland where they have some complicated statutory processes for making offers

davidmcn

ging84 wrote: »

except possibly in scotland where they have some complicated statutory processes for making offers

Nothing statutory, or particularly complicated, about it - and gazumping is still possible, albeit there are solicitors' rules to discourage it.

ging84

if it is not statutory, and everyone raves about how much better the Scottish system is, why don't we just adopt the same contracts in this country?

davidmcn

ging84 wrote: »

if it is not statutory, and everyone raves about how much better the Scottish system is, why don't we just adopt the same contracts in this country?

No idea. There's no fundamental legal difference to explain it, we've just developed different practices.

Though I would say there's not always a great advantage. Although the theory is that contracts can be concluded almost immediately, in practice that rarely happens - in particular, purchasers tend to wait until they've got a mortgage offer in their hands before committing themselves, and that might be shortly before completion.

googler

ging84 wrote: »

if it is not statutory, and everyone raves about how much better the Scottish system is, why don't we just adopt the same contracts in this country?

If 'this country' is England and Wales, then lobby your MP for this.