Writing a letter for an offer on a house in a sealed bid situation

Owneymower

Hi there

Am after some advice on what I should write in a letter when I am putting a best and final offer in for a house in a sealed bid situation.

I'm a first time buyer and this is the first property I have seen and liked enough to put an offer in.

I'm already offering more than the asking price, and as I have no property to sell and have a mortgage in principal with a large deposit, I'm hoping I may stand in good stead.

Any ideas how I can sell myself best

Thanks

Annie :D:D:D

MissMotivation

You need to state the facts only.

1) Amount of offer
2) Amount of deposit
3) Timescale (most Vendors will make a decision on the amount that has been offered AND how quickly you can proceed)
4) Copy of AIP/DIP
5) Name of Solicitor

Good Luck

Owneymower

Thanks Miss Motivation - much appreciated xx

G_M

Sealed bids are often repos. Is it?

If so, don't bid too high. You can always put in a higher bid later (even if they say you can't!).

The agent legally has to pass every offer on to the vendor.

Owneymower

Yes it is, was considering putting an oofer £5k over the asking price as it tick all the boxes for me and I still think its a good deal at that price

Am worried that I will overpay though!!

What woudl you advise my offer should be

Its such a mindfield out there............:eek::eek::eek:

G_M

Chances are once the highest bid is 'accepted' (joke), it will have to be advertised in the local paper for 7 days, requesting higher bids.

If it's your bid, you'll be right p*ss*d off if, having been 'accepted', someone comes along and offers more.

But it's quite likely. Repos offers are never really 'accepted' till Exchange of Contracts. Are you paying cash or getting a mortgage, cos speed to Exchange helps?

experience

What is the asking price and how much are you thinking of offering ?

Owneymower

£120,000 and £125,000 respectively.

It a decent size house with four bedrooms..........i've been looking at rabbit hutches more expensive!!!

experience

Most repo's i've seen usually go for 10% more than the asking price. Theres alot of hassle with repo's so be ready for a bumpy ride!

Owneymower

Yeah, thats my fear.

Oh well, can only offer my best..........fingers crossed that luck is on my side

Thanks for your advice!!!