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Our property is being sold through an estate agent via an openday followed by "Sealed Bids". How do we ensure that all bids are passed to us?

There is a possibility that the estate agent already has a prospective buyer lined up who will offer substantially less than the asking price. How do we mitigate against this happening

Asked on Jul 15 2011, Selling in Cardiff | Report content

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  • You can ask the Estate Agent to be there when they open the bids, By law under the Estate Agents act 1979 states that all offers have to be reported to the Vendor, if they fail to do this they are breaking the Law.

    Answered on Jul 15 2011, Report content
  • You're not obliged to accept any offer. Business relationships are built on trust and if you don't trust your agent then you should look for another. I attach a link to a free RICS public leaflet. Good luck.

    Web reference: http://www.rics.org/site/scripts/download_info.aspx?downl...

    Answered on Jul 16 2011, Report content
  • As Pure Acquisitions rightly said, your agent is under a legal obligation to pass all offers to you. I doubt any reputable agent would show any bias for one bid in this situation... Make sure you get all the info about each buyer, which should really be part of the bid, to make a decision...

    Answered on Jul 28 2011, Report content
  • The agent will report all bids. On this system, which is like a mini-auction, all offers will be below asking price. But then again, these days, all offers are anyway.

    Answered on Aug 17 2011, Report content

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