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Original poster

Sealed bids

17 replies

Allbymyselfagain · 18/04/2016 19:55

I'm a ftb and have just sent off my sealed bid. I don't think I will be the highest offer but have everything ready to go. Would you accept it or go for the highest offer but in a chain?

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anotherBadAvatar · 18/04/2016 20:31

Are you in rented or living with someone? 2 friends of mine have lost out to houses where they were the highest bidders but hadn't yet sold their own homes. In our area, being "ready to go" is worth about 10k to a seller. (Ie, you can offer 10k less than the highest bid and still get the house).

Original poster
Allbymyselfagain · 18/04/2016 20:34

Living with parents. That's encouraging, I've offered 5k over asking price and I think it will go for about 5-10k over that. I was the youngest at the open house by about 20 years so I think everyone else was downsizing, likely to be in a chain.

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anotherBadAvatar · 18/04/2016 20:44

Always a bonus being chain free yourself. Good luck!

listsandbudgets · 18/04/2016 20:45

We went to sealed bids on a house and chose someone who bid slightly less but was not in a chain so you've got a chance :) Good luck

Palomb · 18/04/2016 21:08

Good luck :)

namechangedtoday15 · 18/04/2016 21:37

Have "won" sealed bid auctions twice and weren't the highest bidder on either occasion.

Original poster
Allbymyselfagain · 18/04/2016 21:37

Oooh I feel more positive now. It's such an amazing quirky house, I can see myself living there forever!

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TheTeaFairy · 19/04/2016 08:22

Did you get it Allbymyselfagain? Hope so Smile

Original poster
Allbymyselfagain · 19/04/2016 09:17

I won't hear until Friday teafairy (awesome name btw) I'll let you all know as soon as I do!

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LizzieMacQueen · 19/04/2016 10:55

I've sold a few times under sealed bid (in Scotland) and I always thought I might take the best placed buyer or the better move in date. I always took the highest offer......... the appeal of cash was too much, but, as I said, this was Scotland so offers => completed sales wasn't the risk it is in the rest of the UK.

kirinm · 19/04/2016 13:26

My recent experience is that the highest bidder wins every time. I'm in London where some people are offering £60k over asking prices and vendors are, unsurprisingly l, not that bothered about chains when they're receiving offers like that.

Good luck.

strongswans · 19/04/2016 13:34

I worked in an agency last year (south east) for our vendors the buyers situation was normally taken into consideration unless there was a huge difference in price. If it was a small gap we would have vendors take the lower offer if it meant no chain, cash purchase etc...

Cacofonix · 19/04/2016 13:42

Well it really depends on the price difference. If you are chain free and a small amount under the top bid (£5K say) then you will be in a very good position. If its a larger gap (£20K) then the higher bidder will be successful. Anyway I am a firm believer of if it is meant to be your house, it will happen. Good luck.

namechangedtoday15 · 19/04/2016 13:53

I think as others have said, it depends. Certainly in London I'd have expected that some vendors (developers etc) would want a transaction completed as soon as soon as possible so they can invest the proceeds of sale in The Next Big thing. Accepting an offer, then being tied up in a chain for 6 months say is absolutely not attractive to a vendor in a rising market.

Of course, vendors are not stupid and won't throw money away, but if you are in rented for instance (as we've been both times), have a solicitor's firm on tap (my husband's!) and can move as soon as a vendor wants, that is more valuable to some vendors than a nominal difference in bids.

kirinm · 19/04/2016 14:47

I'm a solicitor, in rented, have aip, big deposit in the bank and have made offers of £30k over the asking price. It literally makes no difference when there are large sums of money at play - but that's my experience of east and south east London. Also am seeing some of the places we lost out on coming back on the market because, presumably, sales are falling through when the banks don't value the places at the same ludicrous prices people are offering to secure the sale.

London is a nightmare.

TheTeaFairy · 19/04/2016 15:08

Thank you Smile
Love the sound of the 'amazing, quirky house'. Tell us more!

Original poster
Allbymyselfagain · 19/04/2016 17:16

I gues without knowing anyone else's situation including the sellers I just have to cross my fingers and hope. Only a few more days to wait and I have a couple of cute cottages booked finest weekend so if it's for me it won't go by me.

kirin I'm exactly the same, big deposit, everything ready to go and the last house I offered on went for 20% over asking price. It's very disheartening having spent so long saving. But I'm also seeing these houses coming back onto the market. It's not just London I'm in the south east and an EA told me the other day they have so many Londoners on their books who can't afford London anymore. If I didn't have to stay here for work id be moving

teafairy It's a split level house with panoramic windows at each level. Gardens at the front and back were also tiered, I just loved it, it felt so light and airy and really different to anything I've viewed.

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