Question about sealed bid

Pandilex

Cheers. It's kinda hard to know how much you would be willing to pay because I've never bought a house before and for this property I can increase the mortgage amount if I wanted, but I don't want to pay more than it's worth, and deciding what a property is worth in this market is completely impossible considering this property itself was bought a few years ago for something like 50k less, and other properies in the area are very similar. All you can go on is how much other properties in the area cost. If it was on the market for 150k asking price you'd be reluctant to pay more than 170k. But if it was on the market for 200k you'd be reluctant to pay more than 220k. But you're just basing it on the whims of whatever price the seller decided to list it for.

Sorry, total rambling again, but this is the biggest purchase of my life...

Arghhhh.....

jjlandlord

flea72, I think we all understand that nothing is binding until contracts are exchanged.
But I disagree that all sellers and agents will happily disregard whatever they said and let gazumping continue. At one point the seller needs to sell, and if there is a lot of interests sealed bids is a god way to cut short a prolonged bidding war.

The fact is that the higher the offer, the higher the chance of being accepted, providing that the agent thinks it is a serious offer that can proceed to completion.

ognum

When you submit your bid also submit your circumstances. So tell the seller if you are a first time buyer, a cash buyer, have an agreed mortgage, a large deposit.

Tell them your time scales, if you are prepared to wait for them to find another house, if you can complete in 4 weeks.

tell them why you want it, family home, etc. tell them what you love about it. basically tell them anything that may make you the preferred bidder.

You will be surprised how this can sway a sale, many people would rather their home goes to a family than to an investor.

Mrs_Z

Sealed bids are always difficult but in London hot spots be prepared to top the asking price by 10%

Pandilex

Cheers for the advice.

Didn't get it, even at 11k above asking.

Buying property is bananas!