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PARTS of blind bidding make sense, from an unfortunate necessity standpoint. The primary scenario that comes to mind is where the neighborhood finds out Joe Ou
by to11mtm 5y ago
PARTS of blind bidding make sense, from an unfortunate necessity standpoint.
The primary scenario that comes to mind is where the neighborhood finds out Joe Outsider is the leading bidder, and they -really- don't like him for a reason they shouldn't. Blind/sealed bids help prevent Joe from getting specifically targeted for being outbid. (To an extent.)
I'd love for a better solution to exist though.
- throwawaycities 5y agoDo you have data on how often neighborhoods come together as a collective and pool their money to bid on a property, not with the intent of actually purchasing but just to drive up the price because they don’t like the prospective buyer?
- Ekaros 5y agoAnd aren't bids binding? They either have to buy, pay some penalty and still have the buyer get the house...
- throwawaycities 5y agoI suppose it depends on the jurisdiction, but I would think it makes sense to protect both potential buyers and sellers, that an earnest money deposit would be required for a winning bid subject to forfeiture.