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House sold by sealed bids
vertex
Posts: 184 Forumite
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
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
0
Comments
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You'll know if you win. Otherwise, no.0
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No obligation whatsoever to you.I am not a cat (But my friend is)0
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The bid the vendor chooses to accept may not be the highest figure, but the overall best combination of price and position.0
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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.0
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Thankyou guys. Fast responses as always!0
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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.0 -
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.0
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Are you in Scotland Vertex? Sealed bids not that common in England unless the market is really hot which I didn't think it was0
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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
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.html0
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