Sealed bids

Mr_Matey

Darth_Marty wrote: »

People criticize all professionals in the housing market yet here you are saying you would actively look to gazunder and your happy to do so.

What an imbecile you must be.

Sealed bids is actually a fair way to do business, you know your highest offer so if you want the place you offer it, if you win its a done deal and low risk of the sale falling through.

Unless of course the vendor is unfortunate enough to be stuck with a cretin like you.

Actually gazundering is a fair and legal way to do business in England too. So keep your insults to yourself.

Anyway I only said maybe as in I'd consider it.

I agree sealed bids are a fair way to do business. For the vendor that is.

feisty1

Mr Matey: Do you actually know what u mean?!

Mr_Matey

Care to elaborate feisty?

From what I've gathered sealed bids = putting your highest offer, and the best is taken. Sounds like a good way to pay over the market to me.

The gazundering bit was an aside to my point and more a joke but it seems to have really gotten Darth Marty's knickers in a twist which is quite funny.

Darth_Marty

Far from getting me into a twist, just made yourself look a bit of an illinformed idiot.

feisty1

mr matey.......at least with sealed bids regardless of whether you win the bid. you know have made yr best offer and if u've done yr homework u will know whether yr bidding over market value or indeed can afford to...............

BenL

I bought a house through sealed bids.

It was a house owned by the local NHS hospital who had bought loads of them from Barrett whent he estate was built next to the hospital.

For 25 years or whatever they had been rented out to Drs, usually from abroad on a temp basis.

The hospital was in a financial mess and needed to sell them all, a local estate agent got the contract to offload them over the course of 18 months.

Each one had open days and we checked a few out, we also were able to get the keys through knowing the estate agent anyway and have private looks around.

We lived in another part of the development in a smaller house and you could see from walking around which ones were owned by the hospital and which would be coming up next and make a favourite one to go for.

We found ours and put in a sealed bid, 2 offers were the joint highest, ours and someone elses so the 2 parties were invited to up the bid. We added another 2K to the bid and got the house.

We then had to prove within 48 hours in writing that we had a mortgage offer in place and deposits etc.

The houses all needed work due to not being touched and the price was well under the market value.

As we knew the estate agent and from other selling prices on nethouseprices we were happy to up our bid a tad to get this house and we knew from the research that other houses coming up were our 2nd and 3rd favourite ones.

It is a risk but adding 2K to the a 125K bid was a small risk really and was worth it to get a 1st fav house to a 2nd fav, and in the end we could have ended up paying more for one of the other houses as the process of offloading was nearly done.

This was back in December 05 when "it could be the only chance we have to get this larger house due to the rate things are going up" was the thinking.

Mr_Matey

In reality I'd most likely just walk away, but I threw the gazundering idea out there as food for thought.

It seems like you're picking on a minor thing I said and dodging the point of my post i.e that it isn't in the interest of buyers to enter a sealed bid (unless you're happy to overpay that is).

The only relevant thing you've said is it reduces the risk of a sale dropping through. But if it went to auction surely you'd get the same result, just at a lower price.

feisty1

mr matey....it is in the interest of the buyer as they either secure the property or if unsucccessful at least have the knowledge they submitted "their best" bid!

Sonofa

Your idea of putting in a high sealed bid and then gazundering just doesn't make any logical sense.

Sealed bids are used where there is high interest in a property. Gazundering happens where there isn't.

Or was that just a double, double knicker twisting bluff on your part dressed up as stupidity?

hethmar

Mr Matey, how can you "over pay" - you make a decision on the local market and the property and bid what you feel its worth. We were more than pleased with our buy - it was still well under local pricing and is an exceptionally nice, individual property. I suppose the best thing about sealed bids is you only get genuine buyers who are prepared to follow through.