Closed bids

greenspun.com : LUSENET : Repossession : One Thread

i have been told that the estate agent selling the house i had repossessed is taking closed bids. It is advertised at 49,950 in the shop. What does this mean can anyone help? The bidding closes at 4 pm today (Monday 16 Dec) I have been told. Thanks for any help you can give me.

-- Jack (jack@newportwasps.co.uk), December 16, 2002

Answers

Normally on a sealed bid, anyone wishing to make a bid must write their bid and seal it in an envelope. At 4pm the bids will have been opened and (unless they've set a reserve price) the highest bid will buy the house, even if it's for a silly figure :(

I've been led to believe this is how they sold my house 4 weeks after repo for 40-50% discount.

Sue

-- Sue (bradfordandbingley_suck@yahoo.co.uk), December 16, 2002.


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