Bidding process when buying a property
Budgivning vid köp av bostad - Engelska
When several people are interested in buying the same property, a bidding process usually takes place. A bidding process can take place in several ways. The seller has no obligation to sell to the highest bidder.
Translated page: This text has been translated from Swedish. The text and appearance of the page may look different from the original page.
Keep this in mind
It is up to the seller to decide who will purchase their real property and at what price. The seller has no obligation to sell to the party with the highest bid.
An bid is not binding. Only when both the seller and the buyer have signed a purchase contract does the purchase become binding.
Choose what you want to read more about
It is always the seller who decides who can purchase their property and at what price. The seller has no obligation to sell to the party with the highest bid nor at the price stated in an advertisement.
The seller can change the selling arrangements or cancel the offering for sale at any time, even in the middle of an bidding process.
There is no law that determines how a bidding process should work. The seller decides together with the estate agent how the bidding will be conducted and how long it will last. However, the estate agent must always inform the prospective buyer of the bidding process. The estate agent must also communicate all bids to the seller. This also applies if the prospective buyer makes an offer in a manner other than that agreed upon.
There are two different types of bidding processes: open and closed.
Open bidding processes mean that the bidder gets to know the highest bid and can then bid higher.
In closed bidding processes, bidders are given a certain amount of time to submit their bids, usually in writing. The real estate agent then conveys the bids to the seller. Bidders do not get to know what the others have bid.
Offers can be made in a variety of ways, for example by telephone, SMS or e-mail. Estate agents’ websites often provide information on how the bidding process is conducted.
A bid is not binding on any of the parties. It is not until when the seller and the buyer have signed an agreement that the purchase becomes binding. Prior to that, either the seller or the buyer can change their minds without the other party being able to make any claims.
In possession of the property, the real estate agent must hand over a bidding list to the buyer and seller. The list is to contain the names of the persons who have made an offer, their contact details, the amount of the offer, the date of the offer and any conditions attached to the offer.
The content on this page has been created in collaboration with one or more authorities and consumer agencies. The Swedish Consumer Agency collaborates with others in our mission to guide consumers.
