Old thread but I have a question about this sealed bid and hope someone (hopefully agent) can answer.
Is it acceptable to provide my own price with minimum and max bid price with increment condition?
for example, in this sealed bid, my offer is
1. $300,000
Condition;
a. If any other bidder offer exceeds our offered price, please override my offer of 1. above with $1,000 more than the highest bid until my offer reaches $360,000 (absolute maximum).
blah blah blah
I understand normally sealed bid is offered to selected numbers of potential buyers.
Is this kind of conditional amount acceptable?
I have done sealed bid twice. Once won (as our PPOR), once lost by $15,000.
- of course without this kind of conditional amount. Both were just simple amount offer only.