What happens if lots of people make similar offers, after an open house?

[Elibean]

Following my confused rant thread....we went for a 2nd viewing just now, and want to make an offer. The EA (who we actually trust, unusually ) says there have been a few in this morning already, following the open house on Saturday. I'm sure its true, because wrecks are few and far between here, and people love them.

We know our upper limit, give or take a few thousand, but should we go in near it - to 'stand out' - or start lower?

And what happens if they have several around the same mark, does it go to sealed bids or something?

I feel so clueless, been years since we bought/sold

I would imagine it would go to sealed bids. If you believe the EA then I would go in at the max you can afford.

Things like entry date, whether your mortgage is already in place and whether you're chain free may make the difference if offers are around the same mark.

Yes, thats what I was afraid of. Hope it doesn't, but think it might

We're cash buyers, about to exchange any day now - but haven't yet, frustratingly.

Its going to sealed bids

Frantically doing sums...

make it an odd figure, not an obvious round or 50/99 ending

In addition to an odd figure, do go to the maximum you can afford / would pay, because if it's sealed bids then there's no game-playing or second chances.

Good luck Elibean! Hope you get it. When have the bids to be in?

Bids to be in by Wednesday 10am.

Soo not sure how much to go for - only 2 addresses on the email list (they emailed the form to us) which is a bit odd, given they'd mentioned 'at least 3 or 4 offers so far'

We do know one of the other offers was higher than ours.

Its hard to say what we can afford, because its a wreck and it depends how much we want to spend doing it up....tricky....

Thanks for tips, and for luck!

You can still offer high and reduce when it comes to survey if the house is a worse wreck than you imagined. Don't be intimidated by what the other person might offer.

Thats true, hadn't thought of that - thanks lala.

Don't be intimidated meaning don't offer too much?

Good luck & I really hope you get it, but for what it's worth, I'd concentrate your efforts on getting your own property exchanged as if there are a number of interested parties you may find they won't even consider a bid from someone who hadn't exchanged however 'close' they were - I'm afraid bitter experience as both buyer & seller has taught me a deal isn't done until it's done.

Thanks, and yes, we are definitely putting most of our energy into the selling atm...thankfully, our buyer is not in a chain, has the money, and is in a hurry too and is doing all he can to speed things along so we're fairly optimistic. We had two deals collapse (around Nov last year, not surprisingly!) so know the burnt feeling!

Currently in 'what will be will be' mode but it may not last

Done it

Dithered over price, nearly went too high for comfort, came to our senses, found price that we'll feel ok letting it go at if it goes for more, and ok for buying if we get it. What a process!

And thanks to wise MNers who told me not to give a round figure, we actually gave the first six figures of our phone number

If we DO get it, we'll still have to negotiate the tricky waters of exchanging on ours now our neighbour is planning a basement....but thats tomorrow's problem.

Thanks for the support!