"Offers Over"

[TestMangler]

There's nothing unfair about that bit.

The unfair bit is when you have 3 people who put in a note of interest and you all have to put in a blind bid to secure. So you might be so desperate that you bid £240k because that's the most money you can get your hands on and you're desperate. The other 2 could have bid £200k.

At least at an open auction, you know what you're bidding against.

Might just be me, but I'd rather deal with that than the system used in England.

I buy your house, you don't get the one you want so I'm sitting for months or even years on you moving out, then at the last minute you tell me you need 20K more or I'm not getting your house.

Every system has disadvantages. The sealed bids thing is a minor irritation but not 'unfair' as such. Bid what you're happy to pay and move on if you don't get it.

 

[eek]

There's nothing unfair about that bit.

The unfair bit is when you have 3 people who put in a note of interest and you all have to put in a blind bid to secure. So you might be so desperate that you bid £240k because that's the most money you can get your hands on and you're desperate. The other 2 could have bid £200k.

At least at an open auction, you know what you're bidding against.

That's exactly how many local estates agents near London work. Sealed bids take the one you fancy....

I'm at a loss here as to what your problem is with the Scottish market. This has nothing to do with Scotland and everything to do with how estates agents run auctions to maximise their clients sale price... And as the seller that is what I'm employing them to do...

 

[JRCT]

That's exactly how many local estates agents near London work. Sealed bids take the one you fancy....

I'm at a loss here as to what your problem is with the Scottish market. This has nothing to do with Scotland and everything to do with how estates agents run auctions to maximise their clients sale price... And as the seller that is what I'm employing them to do...

I agree that as a seller, you want as much as you can get.

I agree that is the job of the estate agent.

That doesn't mean that it's right, though.

For example, the property that I bid on was valued at £350k. It was on "Offers Over £339k". Why?

Firstly, it makes a bit of a mockery of the valuation. Anyone can make a number up.

There's no way that the Agent said "Put it on at OO £339k and you'll get what it's worth". He would have said "Put it on at OO £339k and you'll get MORE THAN what it's worth" (because, hopefully, some poor soul will be desperate and this system allows us to take advantage of that).

Maybe I just want people to be nice and fair to each other too much.

 

[TestMangler]

I agree that as a seller, you want as much as you can get.

I agree that is the job of the estate agent.

That doesn't mean that it's right, though.

For example, the property that I bid on was valued at £350k. It was on "Offers Over £339k". Why?

Firstly, it makes a bit of a mockery of the valuation. Anyone can make a number up.

There's no way that the Agent said "Put it on at OO £339k and you'll get what it's worth". He would have said "Put it on at OO £339k and you'll get MORE THAN what it's worth" (because, hopefully, some poor soul will be desperate and this system allows us to take advantage of that).

Maybe I just want people to be nice and fair to each other too much.

I really don't get this 'desperation' thing I'm afraid.

Is there only one house where you want to buy ?

 

[BlasterBates]

The trouble with the "offers over" is you can't bid for several properties to get the right one you have to wait until your bid has been rejected.

In the UK you can go around look at several houses and put in speculative bids.

It's much better for buyers.

 

[Underscore Pt2]

I agree that as a seller, you want as much as you can get.

I agree that is the job of the estate agent.

That doesn't mean that it's right, though.

For example, the property that I bid on was valued at £350k. It was on "Offers Over £339k". Why?

Firstly, it makes a bit of a mockery of the valuation. Anyone can make a number up.

There's no way that the Agent said "Put it on at OO £339k and you'll get what it's worth". He would have said "Put it on at OO £339k and you'll get MORE THAN what it's worth" (because, hopefully, some poor soul will be desperate and this system allows us to take advantage of that).

Maybe I just want people to be nice and fair to each other too much.

Its valued at 350k....the seller wants to get as close to 350 (or more). Offers over 339k is the best way to get that amount. Not sure what you dont get here?

 

[Underscore Pt2]

The trouble with the "offers over" is you can't bid for several properties to get the right one you have to wait until your bid has been rejected.

In the UK you can go around look at several houses and put in speculative bids.

It's much better for buyers.

No you dont. You can bid for as many as you like.

 

[Batcher]

The trouble with the "offers over" is you can't bid for several properties to get the right one you have to wait until your bid has been rejected.

In the rest of the UK you can go around look at several houses and put in speculative bids.

It's much better for buyers.

FTFY

There's nothing to stop you putting in bids are more than one house as you can withdraw from the others if you win one, even before the closing date for bids. It's not a legal contract until the missives are signed.

 

[TestMangler]

The trouble with the "offers over" is you can't bid for several properties to get the right one you have to wait until your bid has been rejected.

In the UK you can go around look at several houses and put in speculative bids.

It's much better for buyers.

Not all houses in Scotland go to bids. In fact, in my experience, the percentage is quite small.

You can make your bid in person to the seller/agent for acceptance/rejection. Only gets complicated if you get involved in a price war but that would be the same anywhere.