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Sealed Bid
jeckerdrawers
Posts: 3 Newbie
Me and my partner are FTBs, have fallen in love with a house, and have until 12pm tomorrow to submit a sealed bid.
We initially offered 160k while the house was going through probate 6 weeks ago. Probate was granted, with the property left to 4 parties (including 3 charities), so communication has taken ages.
We were told the offer was "rejected" and they would put it on the market at 169k for a few weeks to see if it generated any interest. Within 4 days they had an offer from another party, and since then it has resulted in a bidding war between us.
Now it's reached asking price we've been told it will go to a sealed bid. During the bidding war, our EA seemed to be trying to put us off, saying the other bidder "is willing to pay whatever it takes", but I guess that's not relevant now?
As well as our offer, should we include anything else in our sealed bid? Should we point out we're FTBs and have an agreement in principle? My understanding is that the other bidder needs to remortgage their house in order to fund this sale so this might make us look more attractive?
I'm prepared to go a small way over asking price but within reason because it does need a bit of work. I really feel like this house "is the one" but am I right in thinking that if we bid too high, we might not get a mortgage if it is valued under during a survery?
This is too tense! Any advice/something to calm me down would be good right now! Glad my partner has a very cool head about this
We initially offered 160k while the house was going through probate 6 weeks ago. Probate was granted, with the property left to 4 parties (including 3 charities), so communication has taken ages.
We were told the offer was "rejected" and they would put it on the market at 169k for a few weeks to see if it generated any interest. Within 4 days they had an offer from another party, and since then it has resulted in a bidding war between us.
Now it's reached asking price we've been told it will go to a sealed bid. During the bidding war, our EA seemed to be trying to put us off, saying the other bidder "is willing to pay whatever it takes", but I guess that's not relevant now?
As well as our offer, should we include anything else in our sealed bid? Should we point out we're FTBs and have an agreement in principle? My understanding is that the other bidder needs to remortgage their house in order to fund this sale so this might make us look more attractive?
I'm prepared to go a small way over asking price but within reason because it does need a bit of work. I really feel like this house "is the one" but am I right in thinking that if we bid too high, we might not get a mortgage if it is valued under during a survery?
This is too tense! Any advice/something to calm me down would be good right now! Glad my partner has a very cool head about this
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