Sealed bids increasingly popular in London
- 16th July 2013
- Selling Property News
Opportunity for sellers to maximise offers and minimise time to sell their home.
The use of sealed bids in the London housing market is growing, as sellers seek new ways to maximise the offers they receive for their properties.
The increase in buyer demand in recent months has allowed more adventurous sellers to market their properties on a sealed bid basis, meaning each bidder makes one offer that no other bidders can see. The person with the highest bid purchases the property at that value.
ludlowthompson’s experience has been that sealed bids allow sellers to get a more attractive selling price for their property than using conventional selling techniques.
For example, ludlowthompson recently sold a 2 bedroom apartment listed for £380k for £407k, by using sealed bidding.
Stephen Ludlow, Chairman, ludlowthompson, says: "The plus for sellers using sealed bids is that it pushes buyers to reveal their true valuation of the property, reducing the scope for lengthy negotiations over the price. It can also attract buyers looking to make a quick purchase, avoiding situations where the agent has to wait for other potential buyers to decide whether they want to increase their offer."
"Sellers should strongly consider using this process to maximise their property’s price potential, as current levels of demand in London are certainly high enough to make it worthwhile."
The plus for sellers using sealed bids is that it pushes buyers to reveal their true valuation of the property, reducing the scope for lengthy negotiations over the price.
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS