SEALED BID SITUATION! Roughly what % to offer over asking price?!!

[RanToTheHills]

Finally found somewhere to buy and there are 4bids on the table.Been given deadline of Sat to get in a sealed bid. Never been in this situation before and it feels like a lottery with v high stakes! Not sure how to play it.Any agents out there with tips on what to offer, eg on average 10% over asking price gets it etc etc?? Thank youvery much!

oh and we have mortgage offer in place, nothing to sell, can move quickly etc (but apparently 2 of the others in similar position!)

Talk to other agents - what do they reckon the house would be worth a) as it is, and b) as it would be with the work completed.

As another poster said, emphasise your position - are you cash buyers, no chain etc etc. We got into sealed bids on our house and although second highest, we got the house because we had no chain and so we entered a contract race (blooming hideous but worth it!) and completed within 5 weeks.

Good luck!

x-post sorry! It does sound like you're in a good position.

Have you got much on over the next few weeks? Would you be prepared to hand-carry documents between agents/solicitors/land registry etc etc? Can you spend hours each day on the telephone making things happen? Do you know if your solicitor is going to be here for the next few weeks? What about Easter, are they/you going on holiday then as that would slow things down?

thanks, vendor not resident in property so not in any hurry to sell,inherited it so just wants best price. No we're not in a chain and have our offer in place.

my friend offered £155,000 OVER on a sealed bid!!!!

omg! whatever was the asking price?
I'm panicking now!!

£450,000 i think that was a special case!

i normally go 10 or 15 over

"normally"? Have you been unfortunate enough to have been in this situation more than once?

Elliott - the Scottish system has traditinally been "offers over" - but I personally think it is immoral to put the house on at one level and to expect such a lot over the suggested price. It would have been more honest to put it on at "offers over £400k" - then just 10% over would take it to £440k. Estate agents do it to get more people thorugh the doors.

We looked at house years ago (in a popular area of Glasgow) that was on at "offers over £140k", It surveyed at £160k plus the roof needed doing (remember, in Scoltand we also usually do the surveys before offering) and although we put in an offer, as we had gone to the expense of doing the survey, we beleive that it went for something like £230k, ie way above the valuation.

this one (in England)is for "offers in the region of".Makes me fume too as why not put a higher asking price if that's whatyouwant? Whyall the bloodymind games!

shameless bump! Any other views on % to add on?

I know I'm resurrecting an old topic but I just wanted to say how much I've appreciated this thread today as I was a complete novice as a first time buyer, let alone sealed bidding!

I read everyone's opinions and took on board all the advice and can say that we got our call from the E.A today saying we beat 10 other bids to win our dream house!! We weren't even the highest bidder either! Nor were we 2nd highest! We were 3rd and they decided to go with us because of our situation and our cover letter. I literally broke down crying and laughing from joy. Thank you.. I don't think we would have been able to do it if it wasn't for this :)