Closed bidsgreenspun.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 (email@example.com), December 16, 2002
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 (firstname.lastname@example.org), December 16, 2002.