Are we mad to be paying over the asking price via sealed bid?

[blushbabybambu]

Given the current market and the general concensus that prices are dodgy going forward are we mad to even think about participating in a sealed bid now that offers have reached the asking price?

no but be aware someone may pay well over the asking price just to get it - don't let it be you!

Bid what you think it is worth, don't forget you may also be the only participant, it could be a ploy to get more money out of you.

Yes, offer what you think it's worth.

We offered on a house last year via sealed bids, and offered a couple of thousand over the suggested price of £150,000. We didn't get it, and the people who did paid a lot more. Although we were sad we missed out, and could have offered more, the house wasn't worth it to us.

We bid over the asking price on a (under priced, in our opinion at the time) house last year. We struggled to decide on a figure, but did feel good about what we offered in the end - didn't get it, because we were in a chain.

We bid again in a sealed bids situation last November, over the asking price (but not much) and got it

tbh, its about deciding what you can afford, and what you think the house is worth, and then being brave enough to stick with that....I found it v stressful, so did dh, but it was worth it. Good luck!

agree with elibean. also remember the situation and location of the property. is going to sealed bids because i it is genuinely unique in someway different, meaning it is difficult for an agend to price, or because the seller wants shot of it quickly? in the former, yes prob worth paying over, in the latter, prob not.

My friend did this a few years ago and yes, they paid over the odds but they love the house and don't plan to move for the long term so doesn't matter! If it is your dream home and you are in it for the long term then offer what you think it is worth to you. Good luck

If its in Scotland you can still make the offer subject to survey - so could come back and negotiate later?

As an ex-estate agent I've dealt with many sealed bid sales over the years. Bear in mind that the property doesn't always go to the highest bidder - your 'position' will also be taken into account ie. whether your finances are in place, whether you are 'chain free' etc. etc.

Humbug, we lost quite a few houses despite being cash buyers, they went for crazy offers from chained people all times. One was over 50K the asking price!

I wonder if they have any money left to do these houses up as they weren't in good conditions...