As competition gets tougher for house-hunters, are sealed bids the answer to secure a fair sale? Gazumping, open-house viewings, buying off-plan: one by one, the signs of a boom have returned. Now making its comeback is the sealed-bid auction. Bidders put their offer in an envelope, without knowing what the competition is, and hope that they can beat their rivals. Compared with conventional auctions, where everything is above board, the sealed-bid system thrives on secrecy. Nobody knows what anyone else is up to. People miscalculate and there is a lot of fingernail-biting. In a rising market, with fierce competition for the best properties, sealed bids are a quick way to proceed and offer advantages for sellers and buyers. It is hardly surprising that an increasing number of properties, particularly in central London, are being sold using this method. telegraph.co.uk/property/luxuryhomes/10962264/Sealed-bids-deal-or-no-deal-in-a-secret-sellers-market.html
Posted on: Sun, 13 Jul 2014 12:55:00 +0000
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