27 ms·
Blind bids prevent bidding wars, but from an idealistic standpoint they don't find the true price of a home. Particularly when you have buying agents routinely
by peeters 5y ago
Blind bids prevent bidding wars, but from an idealistic standpoint they don't find the true price of a home. Particularly when you have buying agents routinely advising their clients to bid 50k over what turns out to be the next highest bid.
Though psychology comes into play in a bidding war, at least it's happening because the asset for sale is highly desired. It's efficient.
- chii 5y agoBlind bidding, but the winning bid only pays the 2nd highest bid. This will lead to an actual price as the highest bid. The only problem is that the seller won't receive the highest price, even if they know what it is afterwards.