In a sealed-bid auction, the vendor will usually set a guide price for the property and written offers will be invited by a specific date. On the appointed day, the envelopes are opened and, according to critics of the system, here is where things can get confusing.
A common misconception is that if a vendor accepts an offer it guarantees that the sale will go through. Not so. The buyer might get cold feet. Or the vendor m ay suddenly decide to accept a different offer. Only with the signing of contracts, as with any other property transaction, is the deal set in stone.