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Sealed Bids

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Not for me but for one of my colleagues.

Looking to buy a propety that's gone to a sealed bid. Wants to send off bid today but mortgage company have cocked up so they don't have guaranteed finance in place. Finance is almost guaranteed but they don't want to committ to complete in just over a months time without certainty.

What is the position in English law should the bid be accepted but the vendor has to delay or withdraw? Any links much appreciated.

Mods. another forum in due course.

Thanks

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Not for me but for one of my colleagues.

Looking to buy a propety that's gone to a sealed bid. Wants to send off bid today but mortgage company have cocked up so they don't have guaranteed finance in place. Finance is almost guaranteed but they don't want to committ to complete in just over a months time without certainty.

What is the position in English law should the bid be accepted but the vendor has to delay or withdraw? Any links much appreciated.

Mods. another forum in due course.

Thanks

if it's in England, making an offer and having it accepted are not binding. Nothing is binding (or carries liability (in the real world) until you have exchanged. most solicitors will not let you exchange without you having finance in place (or will at least insist on a 'CYA letter and an indemnity' if you insist. If I were the buyer, I'd want proof you'd got finance and would not exchange till you had. But many conveyancers forget to ask this.

If it's in Scotland, different bag. Offers are binding.

If you are committing, why not commit (on a non-binding basis obviously) to exchange in a month or less (or when you've got finance in place).

Myself, I'd refuse to exchange to sell to you without the finance confirmed in place.

OR, in keeping with the sentiment on here, wait till the day of exchange then offer him £2.50 for it.

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if it's in England, making an offer and having it accepted are not binding. Nothing is binding (or carries liability (in the real world) until you have exchanged. most solicitors will not let you exchange without you having finance in place (or will at least insist on a 'CYA letter and an indemnity' if you insist. If I were the buyer, I'd want proof you'd got finance and would not exchange till you had. But many conveyancers forget to ask this.

If it's in Scotland, different bag. Offers are binding.

If you are committing, why not commit (on a non-binding basis obviously) to exchange in a month or less (or when you've got finance in place).

Myself, I'd refuse to exchange to sell to you without the finance confirmed in place.

OR, in keeping with the sentiment on here, wait till the day of exchange then offer him £2.50 for it.

Thanks, that's what I thought the law was.

Anybody got any links to support this. (not that I'm doubting anybody but I'd prefer not to show my colleague my 1,500 posts, most of which have been made whilst I'm supposed to be working).

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Sealed Bids,
What happens if the bids are all sealed so well that nobody can open them? Are they still valid bids? Edited by blankster

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Guest happy?
Thanks, that's what I thought the law was.

Anybody got any links to support this. (not that I'm doubting anybody but I'd prefer not to show my colleague my 1,500 posts, most of which have been made whilst I'm supposed to be working).

Many of those going to sealed bids specify the terms as they can vary considerably. Usually there's a caveat to the effect that they have the right to accept any bid / no bid and don't have to accept the highest bid if there's a lower bid with proven financing.

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