Private Treaty bids

memorex

hey -

I am currently bidding on a private treaty sale (as a first time buyer). The estate agency that I am going through has a pretty annoying way of operating. Basically they don't reveal the amount that you are bidding against. You just have to give them your bid then they'll tell you if its enough. Then if someone else outbids you, they come back and just say you've been outbid, again not telling you by how much.

Every other bidding process I have been involved with (which is alot) uses full disclosure throughout. So you always know what the current bid is.

They say it stops bidding wars and generally keeps the bidding process fairer. I can't see how this works in todays market though. Does it not just mean that people will take massive jumps in their bids trying - in the dark - to outbid their opponents.

Eventually they say when just two people are left they'll go to tender - highest bid wins.

It all seems like a royal pain in the arse to me.

The property is in the high 300s, maybe the process is more applicable at much higher value houses.

Anyone else experienced this?

Cheers,
-mem

godtabh

memorex wrote:

hey -

I am currently bidding on a private treaty sale (as a first time buyer). The estate agency that I am going through has a pretty annoying way of operating. Basically they don't reveal the amount that you are bidding against. You just have to give them your bid then they'll tell you if its enough. Then if someone else outbids you, they come back and just say you've been outbid, again not telling you by how much.

Every other bidding process I have been involved with (which is alot) uses full disclosure throughout. So you always know what the current bid is.

They say it stops bidding wars and generally keeps the bidding process fairer. I can't see how this works in todays market though. Does it not just mean that people will take massive jumps in their bids trying - in the dark - to outbid their opponents.

Eventually they say when just two people are left they'll go to tender - highest bid wins.

It all seems like a royal pain in the arse to me.

The property is in the high 300s, maybe the process is more applicable at much higher value houses.

Anyone else experienced this?

Cheers,
-mem

The experience I've had was if you were out bid you were told the current bid and asked did you want to go again.

If you have time on your hands keep bidding an extra 100 quid till you get to the highest bid. That'll piss of your estate agent (but isnt very pratcical!
)