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Sealed bids.

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  • comeandgo
    comeandgo Posts: 5,744 Forumite
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    Sealed bids work really well in Scotland, but then our house buying system is better regulated.
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    comeandgo wrote: »
    Sealed bids work really well in Scotland, but then our house buying system is better regulated.

    There's no great shortage of regulation in E & W, it's the ineffectual enforcement that's the problem!
  • googler
    googler Posts: 16,103 Forumite
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    Surrey_EA wrote: »
    There's no great shortage of regulation in E & W, it's the ineffectual enforcement that's the problem!

    ... but don't you think the basics are lacking, or at the very least, implemented at the wrong time?

    You agree an offer price, but the buyer has nothing to guarantee the entry date, the inclusions and exclusions from the sale, and no agreement on the contract which will apply.

    Typically, these come weeks or months later. How can you agree the price for the property without agreeing what will be included in, or excluded from, the sale?

    Wouldn't buyers and sellers be better served by agreement on these things at the time of acceptance of offer?
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    There are pros and cons to each system.

    When a vendor accepts an offer on the sale of their property they do not necessarily know where they will be moving to, and therefore they may not be in a position to confirm what precisely is included.

    If the place I'm moving to doesn't have an oven I may want to take mine with me, if there is an oven in the place I'm going to I'm probably happy to leave my current one.

    I would always recommend to a buyer that they itemise what they are expecting their offer to include. This limits the potential for confusion later on.

    There are many things I think should happen that would make the process less stressful, but it's unlikely to change anytime soon.
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
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    edited 2 December 2017 at 2:14AM
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    I think if I was seller and did the sealed bid thing, I would be !!!!ed off with the unsuccessful buyer offering more "why didn't offer more at the time?!".
  • pepper77_2
    pepper77_2 Posts: 2,997 Forumite
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    Thanks all.
    He (we) have decided his offer is the asking price.
  • googler
    googler Posts: 16,103 Forumite
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    Surrey_EA wrote: »
    When a vendor accepts an offer on the sale of their property they do not necessarily know where they will be moving to, and therefore they may not be in a position to confirm what precisely is included.

    If the place I'm moving to doesn't have an oven I may want to take mine with me, if there is an oven in the place I'm going to I'm probably happy to leave my current one.

    See, that's where I think it's wrong. The seller shouldn't be stringing the buyer out due to their indecision. They should be decisive about what they're selling at the outset. "This is the house, and this is included in the sale, that is excluded from the sale."

    They also shouldn't be stringing the buyer along with a lack of promise of a definite entry date. If you're going to sell me a house, then you should agree price, inclusions/exclusions, and commit to a date of entry.
    Surrey_EA wrote: »
    I would always recommend to a buyer that they itemise what they are expecting their offer to include. This limits the potential for confusion later on.

    It shouldn't just be a recommendation, it should be standard. It is in Scotland
    Surrey_EA wrote: »
    There are many things I think should happen that would make the process less stressful

    Coming from someone within the industry, I'd ask why you aren't pressing for such change through trade associations etc?
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    googler wrote: »
    See, that's where I think it's wrong. The seller shouldn't be stringing the buyer out due to their indecision. They should be decisive about what they're selling at the outset. "This is the house, and this is included in the sale, that is excluded from the sale."

    They also shouldn't be stringing the buyer along with a lack of promise of a definite entry date. If you're going to sell me a house, then you should agree price, inclusions/exclusions, and commit to a date of entry.
    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.


    googler wrote: »

    Coming from someone within the industry, I'd ask why you aren't pressing for such change through trade associations etc?
    Because I have a business to run, which takes up enough time already, and the National Association of Estate Agents (NAEA) are terribly ineffectual, disappointingly.

    Furthermore, it's easier to come on here and whinge than to organise myself properly and do something more constructive!
  • googler
    googler Posts: 16,103 Forumite
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    Surrey_EA wrote: »
    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.

    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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