Submitting sealed bids

Gemski123

Does anyone have any advice on submitting sealed bids? I don't want to pay too much, but want to do everything I can to secure my bid.

f1-fan_2

Put subject to contract on your offer. Include all contact details. Include detail about your position, ie FTB, in a chain, property sold, mortgage arranged, big deposit, solicitor appointed.

Use mouseprices.com to get an idea of sold prices, then bid what you can afford, but not more than property worth - tricky!

Good luck

hannahjsmith

I have heard of people submitting bids saying "will pay £500 more than the highest offer", or perhaps you could says "£500 more than the highest offer, with a maximum of £X". however I am not sure if you are really allowed to do this or not (and indeed whether you want to submit an "unknown" offer). Perhaps ask the agent, if you did want to go down this route.

Otherwise, do what f1-fan says. Put everything down you can that is in your favour. We sold a house through sealed bids and we chose the 2nd highest bidder as they were in a better position than the highest bidder.

princeofpounds

Those are called referential bids. Some people choose to allow them or use them, but they are totally meaningless.

If you 'win' on a referential bid, but the price is too high, then you just pull out as if the bid never existed.

If you have two referential bids, what happens? A never-ending cycle of extra £500 added on?

If you win, how do you know the highest bid they tell you came in was a real bid?

A well organised bid process just allows £ values, as there is then no arguing. Best to check with the EA.