Sealed bids. If you won, what percentage over asking did you offer?

[Didyousaysomethingdarling]

Hello. I'm soon to be bidding on a sealed bid. The property is advertised at offers over £500k. It needs lots of work but nothing structural. Please let me know, what percentage over asking price you offered to win. Or if you weren't the highest bidder but still won, what made the vendors choose you? Thank you.

I think this really depends on the local market. If you were in Scotland then most properties are advertised at "offers over" and sold in this way but the amount they sell for over the advertised price varies considerably depending on the area and local market conditions - properties in Edinburgh have recently been going for 20-25% (over £100k) over the valuation price but in other areas you'd be looking at less than 5%. Note this is valuation price and not "offers over" price which is typically lower than the valuation price.
If you're not the highest bidder then I think your main advantage would come from being a cash buyer or chain free.

Similar thread the other day. One time we went over the asking by about 4% I think, second time we didn't go to asking price. "Won" both times. Made offers in short letters setting out our position - in rented in local area so no chain, funding in place, H was a solicitor and his firm were doing the conveyancing so could push it through, happy to work to their timescales, in one case where it was a probate sale, said they didn't need to clear the house. Wanted it as a long term family house etc.

Thanks @ emmathedilemma
@ allAfrica2go We're commuter belt, South East V desirable town. The property is probate, so will offer to empty, thanks for the tip!

Paid 725 on a 700k place. Beat off the developers too by virtue of being a family so it's not always the money that swings it

10k...I know

You have to do your research, markets are not what they maybe have been for other people in different area and time. Pressure on price is downward rather than upward so the dynamic may play for buyers a bit more than in did in 2020, saying that the house you re bidding may have been priced accordingly.

10% but it was a very unique house with many people offering on it.

We offered less than the asking price on sealed bids and won. Apparently we weren’t the lowest but not the highest. I wrote a whole explanation of our offer including what work needed to be done and the approximate cost of that work. I appreciate ours was a bit unique as it was very much a project house that had been empty for a long time. We won the bid as the seller liked that we had thought it through, not plucked a figure out the air. Unfortunately the survey uncovered something the seller genuinely wasn’t aware of and we had to pull out as it wasn’t mortgageable.

Depends on so many factors. Our first house was closed bids, it was offers over 90k we offered 110,300. We "won". I think we probably paid over the odds, but when we sold we sold for 120,000. It was offers over but we just took the 120 first offer.

We had sealed bids on two houses we sold. First one on for 190000 bid that won was 220500, next lowest bid was 212000. Next house on for 315000 winning bid was 347500. Next lowest bid was 345000.