To start, MultiBID is designed to be a hybrid between traditional multiple offer scenarios and an auction style bidding format. We currently ONLY work with licensed agents representing the selling property and all legal rights and obligations in transacting in a real estate sale remain intact.
A silent auction is a real roll of the dice that some sellers are willing to take. While it has been the case in some situations that the blind offer process can bring a high offer that is not in line with the others, it has become a real exception to the rule as the market continues to level off.
There is also the argument that the other offers have a ceiling that is just as high in the event they are given the chance to bid a property higher. Most times when a really high offer comes in, the seller takes it without testing the other bidders (especially as these ‘bully’ offers stipulate that they won’t negotiate). It also sends a message to other bidders that they have to bid ‘way higher’, which often scares other bidders away not knowing what that means.
In the MultiBID model, any high bid is still placed, and other bidders can continue to bid until their highest comfort level, meaning the price could go even HIGHER.
