Sealed bids to buy house - any tips?

[Labradora]

How does one find out how much to bid?

ask agent for advice and ball park
bid a silly amount including pennies
make sure you put what position you are in ( ie cash) on your bid

Thanks. Does this mean we need to bid as much as we can afford - even stretch to our borrowing limit?

so hard this. Depends how much you want the house. Bear in mind that the next bid to yours could be 20 or 30k below what you paid. We were in this position a few months ago but didn't bid enough

I have been selling houses for eight years (am really a very nice person!) - I am assistant branch manager where I work so can offer you some good advice.
First of all, you need to find out if the sealed bids are the FINAL bid you can put forward. If you are going for a repossession, the agent won't necessarily know this as it will be the decision of the corporate company.
Most of the time, a sealed bid is the final chance to offer.
You will not find out what to bid, but here's a tip - corporate companies are not much interested in bids below the asking.
Find out how many bids the agent is expecting, the more bids, the higher the house will go for.
They can not disclose other bids or ball park figures by law so I wouldn't bother asking - just ask if you are in a strong position.
Also, if it is a repo you are going for, there may have been a bid printed in the newspaper - ask your agent if this is the case, most investors will not increase much from what they have had published.
Back up your bid with proof of cash, Agreement in Principle if using a mortgage and take in two forms of identity to the agent from each buyer - this shows how serious you are to have the house and should give your bid extra recommendation.
Good Luck!

Gosh - thanks for all that. It is an executor sale as the previous occupants have died and the house is now vacant.