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Informal tender or sealed bids?
PasseySam
Posts: 92 Forumite
Hi,
I have a question about selling houses by informal tender and sealed bids.
An agent in our area (not our EA at present, although who knows in the future?) has told me that recently at least 3 of their properties have gone to sealed bids and got at least the asking price if not more. How does this work? Does it go to sealed bids if there are a certain number of people making offers on a property? And then the highest bidder wins, or the strongest bidder?
How does sealed bids differ from informal tender? We are looking at ways that we can try to sell our flat quickly and did see a couple for sale by informal tender but they seemed to always need a lot of renovation work doing. In what circumstances would it be beneficial to sell by informal tender as opposed to sitting it out with the house on the market?
Do sales by informal tender usually go for over the asking price or is it normal to offer less as you would in a normal sale? Does it look suspicious to potential buyers to sell by this route, or that there may be something wrong with the property?
Sorry for the endless questions - we have also seen a house that looked promising for sale by informal tender so I am asking from a selling and buying point of view as not sure how it all works!
I have a question about selling houses by informal tender and sealed bids.
An agent in our area (not our EA at present, although who knows in the future?) has told me that recently at least 3 of their properties have gone to sealed bids and got at least the asking price if not more. How does this work? Does it go to sealed bids if there are a certain number of people making offers on a property? And then the highest bidder wins, or the strongest bidder?
How does sealed bids differ from informal tender? We are looking at ways that we can try to sell our flat quickly and did see a couple for sale by informal tender but they seemed to always need a lot of renovation work doing. In what circumstances would it be beneficial to sell by informal tender as opposed to sitting it out with the house on the market?
Do sales by informal tender usually go for over the asking price or is it normal to offer less as you would in a normal sale? Does it look suspicious to potential buyers to sell by this route, or that there may be something wrong with the property?
Sorry for the endless questions - we have also seen a house that looked promising for sale by informal tender so I am asking from a selling and buying point of view as not sure how it all works!
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