He told Estate Agent Today sealed bids should be “restructured, formalised and made more transparent.”
He added: “The current system is virtually impossible [for the purchaser].
“Submitting the highest bid won’t necessarily secure the property; the vendor and agent will weigh up all the information and make a choice on the basis of the size of the offer and the situation of the buyer.”
ReallyMoving.com advised: “Sealed bidding is great for sellers, and for some buyers, if you know you want that property and you know how much you are willing to spend.”
If you are buying a home, how can you avoid being gazumped by other buyers?
Author: Emily Hodgkin
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