Biddings and negotiations FAQ
Please do not hesitate to contact us if you cannot find the answer to your question in the section below. It presents the most frequently asked questions about bidding and negotiations.
Is a bidding/negotiation process always necessary?
No. If the vendor is willing to sell at the price stated and the buyer is willing to pay this price then there is no need for bidding/negotiations. Negotiations only occur if the buyer wants to haggle over the price.
What does the initial price refer to?
The initial price that you see in our property adverts reflects an estimated value based on the current market conditions. The final price may sometimes differ appreciably from this price, depending on the level of interest and demand for a particular property.
Whom does the broker represent?
The broker is an impartial link between the vendor and the prospective purchasers. The broker may not, therefore, work as an agent for either party – he/she must help both buyer and vendor.
Is the property automatically sold to whoever makes the highest bid?
No. It is up to the vendor to decide to whom he/she wishes to sell – and at what price. The vendor is not bound to accept the highest offer, nor is he/she bound to sell at the advertised price.
Do I have to buy if I have made a bid?
No. Parties are not legally bound to stand by any bid they make – even if the bid was made in writing.
Am I allowed to withdraw?
Yes. Both vendor and buyer can terminate a sale at any point up until a purchase contract has been signed.
Can the broker promise a sale to a specific buyer?
No. The broker cannot make any decisions with regard to the actual sale. The broker is there to make it clear to prospective purchasers that the final decision rests with the vendor. However, the broker may provide the vendor with professional advice about choosing between different prospective buyers.
How do I submit my bid?
All bids are submitted to the broker, who then forwards them to the vendor. It is only the vendor who can decide whether to reject a bid for whatever reason. The broker cannot reject bids on his/her own initiative.
Will my identity be revealed to other bidders or the seller?
Prospective purchasers are not entitled to know the identities of any other bidders, nor will the vendor find out who the prospective purchaser is until a written agreement has been entered into.