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Sealed Bid

  • Where a property attracts many interested buyers an estate agent might conduct a sealed bid.
  • Each prospective buyer independently states their highest offer.
  • Bids are placed in a sealed envelope and submitted to the agent.
  • When the deadline for opening the bids  expires all opened.
  • Following "the opening" the highest bid normally wins.
  • I would always try and make it a condition of tendering that I am permitted to be present at 'The Opening' of sealed bids to ensure that there are no shenanigans favouring one investor over another.  A refusal would indicate something underhand.
Published: 11 November 2013 Last Updated: 17 November 2021