Advice for Sealed Bids?

neo1607

Me and my partner are looking at buying a bigger house in the local area, we found one the day it went up and arranged a viewing for it, the house is needing a LOT of work done to it which I assumed would have possibly put folk off. We jumped straight in and put down a verbal offer and were awaiting a meeting with the solicitor to put it down as a formal bid (mortgage is ready to go and have agreement in principle)

Solicitor phoned today to say that since there has been a second offer they are going to put it to a closing date. 

Does anyone have any tips or advice on how to increase our chances with a sealed bid/closing date? I know it's not always down to the highest bidder it also goes on circumstances etc but some advice or tips would be handy as it is our idea of a perfect home and want our best chance of getting it

davidmcn

Are we talking Scotland? Your solicitor will be best-placed to advise really (they're likely to have some local knowledge about how the market is doing). Always good to stress whether you can be flexible with the date of entry or that your offer isn't conditional on e.g. missives concluding for your own sale.

neo1607

Yeah should have said sorry, it is Scotland.
It's a solicitor selling the house as Power of Attorney for an older lady in a care home so he did say it's in their best interest to get the best price for her. So I don't know if it will be like other sealed bids I've been part of. I would assume it's going to be whoever has the best price and can complete the quickest given the circumstances

Davesnave

I added an extra £1 over the round figure I decided upon on the one I bought by sealed bids. Worked for me, but that was a long time ago in a place far removed from Scotland.

neo1607

Yeah I was thinking that. I imagine it will probably go for the asking price so I might put a bid in for £1 over the asking value

davidmcn

neo1607 said:

Yeah I was thinking that. I imagine it will probably go for the asking price so I might put a bid in for £1 over the asking value

Other bidders will be working to similar principles though, so then you need to try to guess what odd number they've thought of...
And generally at a closing date I would expect any successful bid to be above the asking price.

Joyful

Your solicitor should be able to advise you on price. I am selling my home and have been advised 7 to 15% over the Home report price is expected for Edinburgh. Someone that came to see me had gone to a closing date house and although she was top price, she missed out to a cash buyer. I wish you good luck.