Fixed Price For A Flat, Scotland, Why?

[Jennykenny]

Those of you who have bought property in Scotland will know that it is done in the form of sealed bids, for an amount over the asking price.
A friend from abroad is interested in buying a flat in Glasgow, and the sellers have put it on at fixed price.
What are the advantages and disadvantages of this??
Thanks.

[Old_Geezer]

My guess is that you aren't disappointed at getting lower offers, nor elated at getting higher ones. You get what you asked for.

[albaqwerty]

one disadvantage is you may miss out of having been offered more.
one advantage is the seller may want a quick sale and doesn't want to linger.

[Jennykenny]

Thanks both.
Yes, I thought probably a quick sale.

[Old_Geezer]

Would depend on the asking price, but maybe that too.

[bednobs]

i didnt realise it was sealed bids in scotland - just thought it was "offers over" and once you made an offer it's binding

[Jennykenny]

Bednobs, you’re probably correct.
Haven’t lived in Scotland for nearly fifty years so am a bit out of date.

[hc4361]

They still have the sealed bids system in Scotland. Potential buyers have to submit their sealed bid before the deadline and highest bid wins.

[anneasquith]

Obviously in the majority of bids, highest wins .

[maggiebee]

Fixed price has its advantages as you know exactly what you will pay. Downside for a friend of mine was that the house was valued at slightly less than the fixed price. Lenders will only lend at the market value and she had to find the difference.