Blind bids ''fair for buyers''
Fri 21st Sep, 15:34:42 BST
Blind bidding is a fair way for buyers to purchase a home in Scotland, a property expert has claimed.
The system involves buyers submitting their bid for a house without knowing what other people interested in the property are willing to pay, which has prompted criticism that it is unfair and can drive prices up as those desperate to secure a home offer high sums.
However, Dianne Paterson, property partner with solicitors and estate agents Russel & Aitken and a board member of the Edinburgh Solicitors Property Centre, claims it is a good system for buyers.
"Where there is more than one party interested in a property then it does become necessary to have some system in place to give everyone a fair crack at the whip. The blind auction usually achieves this.
"At the end of the day, provided a buyer submits an offer at a level that he can afford and that he feels is worth paying for the property, then the amount he pays over any other bidder becomes quite academic," she added.
Earlier this month Dr Bill Wilson, a member of the Scottish parliament, called for blind bids to be scrapped.
The system involves buyers submitting their bid for a house without knowing what other people interested in the property are willing to pay, which has prompted criticism that it is unfair and can drive prices up as those desperate to secure a home offer high sums.
However, Dianne Paterson, property partner with solicitors and estate agents Russel & Aitken and a board member of the Edinburgh Solicitors Property Centre, claims it is a good system for buyers.
"Where there is more than one party interested in a property then it does become necessary to have some system in place to give everyone a fair crack at the whip. The blind auction usually achieves this.
"At the end of the day, provided a buyer submits an offer at a level that he can afford and that he feels is worth paying for the property, then the amount he pays over any other bidder becomes quite academic," she added.
Earlier this month Dr Bill Wilson, a member of the Scottish parliament, called for blind bids to be scrapped.
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