Sealed bids

[craftymadam]

So we're off to view a beautiful old house at the weekend.
I'm pretty sure we're going to adore it because its just the kind of house we've been looking for, its in a village we know very well and has a lot of potential and could FINALLY be our forever home
BUT its for sale by formal tender, with a guide price from £300k- £325k
We lost out on 3 houses last year, one of which was sealed bids and we're incredibly nervous about going through this process again, especially if we lose it
It's abit of a project as it needs updating, heating needs to be updated, kitchen looks very minimal so that would need doing. There are other things which we would do to it in time, ie extension etc.
We wouldn't be able to stretch to £325k because of the work we'd need to do to it.
Anyone got any tips for me or any questions I should ask the agent at the weekend?

[Mintyy]

Oh gosh, no advice, but good luck. It all boils down to who else is interested ime. There is almost nothing you can do in preparation except perhaps to be prepared to treat it as if it were for sale at Auction, come up with your best offer (ie. the point where you would stop bidding at Auction) and offer it.

[lalalonglegs]

Agree with Mintyy. Why did you lose out on the other houses (apart from the one that went to sealed bids)? Had your house not sold? Did your mortgage fall through? If it's anything that you have got control over - such as having a very proactive solicitor, commissioning your own survey rather than waiting for your lender to get round to it - that would emphasise your readiness to tie up the deal asap, I'd sort it out.

[startlife]

We bought a house after a sealed bid and looking back we paid too much. We were in rented accommodation and I was desperate for my own place again. We paid over the odds to secure the house so please make sure that you are realistic about the renovations costs.
We were too optimistic and I regret that as the costs have spiralled (as they always do) and if we now wanted to move we would lose money.

Go around the house with a highly critical eye and make sure you are realistic about costs (and also the disruption factor).

Bid what you can genuinely afford - you don't have to put in a round figure so it can be £325,100.

Also, there is never just the 'one' house. After we bought ours, a better house came up..I had wished we waited.

[craftymadam]

Thanks for your replies.
I almost wish it was going auction, at least then we could tell what everyone else is willing to pay and stop bidding at our limit. Thats what worries me startlife, I'd hate to pay more than we can really afford. Sorry to hear about your situation.

We lost out the other ones because we got into bidding wars with other people and they were able to pay more than we were willing to stretch to - both needed work done to them so we'd factored that into our offers.

We're in a good position - renting, able to move very quickly, mortgage sorted.
Just very very nervous! We've been off the property ladder for a few years as we've been living overseas. But we're so ready to put out roots down now.

[lalalonglegs]

Good luck - emphasise your ability to move fast and let us know how it goes. Could be that no one else is interested .

[Rhubarbgarden]

My best advice is try not to fall in love. We lost a house in sealed bids last year (long thread on here!); it was my dream house. I do love the one we ended up with, but it's just round the corner from the one that got away and no matter how much I try to console myself with the fact that we bid as much as we could afford and so were simply priced out, I still feel a pang whenever I go past.

Good luck, I hope it works out for you!

[RedHelenB]

Include the fact that you can complete quickly with your offer - I'm sure that's what Phil & kirsty would advise!!!

[RedHelenB]

Include the fact that you can complete quickly with your offer - I'm sure that's what Phil & kirsty would advise!!!

[RedHelenB]

Include the fact that you can complete quickly with your offer - I'm sure that's what Phil & kirsty would advise!!!

[SunnyUpNorth]

We bought our previous place through sealed bids. We were advised not to do a round number. So if you were planning to offer £315, then instead offer something like £315,495 etc. also we put out offer in a letter outlining our position - no chain, mortgage agreed in principle etc. they may not necessarily choose a higher bidder if they felt your position is stronger.

Good luck!