What to offer in sealed bid?

quotememiserable

The problem is, if you really want it, you run the risk of paying more than you have to be sure of winning, and to avoid missing out by a small margin. I was in this very situation. I asked the agent if we could have a mini auction instead - and they went for it thinking this might get the highest price. In practice one party dropped out almost immediatetly, and the second was going up 500 at a time, so I pushed up by 5k and it was all over. And a way less than I'd have put in as a sealed bid. Of course if it turns out someone is prepared to go much further than you, you can rest easy that it was never going to be you.

Hoploz

That is very odd. If there was a deadline for bids then they will have been given best and finals from all interested parties by then. To come back to you asking for more is really not the way these things work. Maybe you are the only one still in the running and they are being greedy. Try and hold your nerve and see what tomorrow brings. You've given a good reason why you do not want to pay the extra.
Well done you've done a good job.

kinger101

My final offer would be;

98.42536 % of the asking price, 10 Benson & Hedges (packet slightly crumpled in one corner, possibly counterfeit) and a can of Tizer*.

*this should be Irn Bru if the property is in Scotland.

Kryptothesuperdog

kinger101 wrote: »

My final offer would be;

98.42536 % of the asking price, 10 Benson & Hedges (packet slightly crumpled in one corner, possibly counterfeit) and a can of Tizer*.

*this should be Irn Bru if the property is in Scotland.

Only if its Barrs Irn Bru, dont be turning up on the day with tesco value irn bru!

ThiftyOne

Was in a similar situation last year during the peak of the market. Viewed a property and it was sealed bids too. On the market for £300k and estate agent said one of the offers was over £315k (I don't think he was supposed to tell us!). We were tempted to put in an offer of £320k but had second thoughts about the house. Anyway, a few months later, we found out that it actually sold for £305k! Don't believe the estate agent!!

pyueck

kiden wrote: »

Argh - they asked if I'd go another 1,500 and they'd take it off the market this afternoon. I declined, saying I might need that for a new boiler (they know it's old, and oil ones are more expensive...), and that's made them think about it overnight. They want to know, if they take my offer, that I'll only try reducing it if the survey says there's something major/structural, and not if I need a new boiler, carpets, etc (which I wouldn't, to be fair, as I've already budgeted for those separately).

I've said though that if it's a deal breaker, I'll go the extra 1,500 - would feel silly to lose it now - and thinking I should have just said yes (wondering if I've made them not want to sell to me because I didn't budge). EA says he'll see what he can do (he's the one who said that I shouldn't panic into immediately accepting their counter offer). Ah well - should know by tomorrow morning...

Worse case is he's played me and will tell me it's gone to another person to see if he can push me higher... I guess that's when I need to stick to my max. I'd like to think that's not the case as he's appeared to be very kind through all this - he gave me enough info to reduce my initial offer quite a bit.

I'll update once I know, and just want to say thanks again for all the support and opinions while I go through this!

So as I said yesterday the sealed bids process means nothing;)

Davesnave

pyueck wrote: »

So as I said yesterday the sealed bids process means nothing;)

I think we established that, whatever it was, this wasn't a straight sealed bids situation, since the agent was indicating that he could steer the outcome.

pyueck

Davesnave wrote: »

I think we established that, whatever it was, this wasn't a straight sealed bids situation, since the agent was indicating that he could steer the outcome.

Why doesn't the OP say that the bid will expire at 11am on Monday morning, give the seller something to consider.

jimbog

What was the offer you finally decided upon?

pleasedelete

My last few houses sold have all gone to sealed bids. Unique locations- difficult to price etc. The estate agent price is a guide- the market finds the price (assuming house is well marketed).

My last one we didn't chose the highest price as the guy was a pompus sod when he came round and I thought that he would be trouble and for a few £thousand more it wasn't worth it.

Sealed bids doesnt usually mean the highest price is excepted if it isnt a probate sale. You look at the whole package- proceedability etc