Tips for buyers facing sealed bids
- 20th August 2013
- Property Tips
ludlowthompson’s Stephen Ludlow, on the best strategies for buyers whose dream home is sold through sealed bids.
With demand in London’s residential sales market heating up, the use of sealed bids by sellers to secure a quick sale is becoming much more common.
Buyers can give themselves the best chance to secure a dream home with a sealed bid by follow Stephen Ludlow’s guide:
- Don’t try to be too clever. Sellers use the sealed bid process in order to secure a quick sale, and will generally accept the highest of the sealed bids at the deadline. If a buyer misses out on the day, submitting additional higher bids later isn’t going to help. Making an honest bid in the first instance – the highest amount the buyer is prepared to pay for the property – will give them the best chance of getting it.
- Lay the groundwork before the open house viewing. Viewings commonly take place on Saturday, with the deadline for bids being the close of business on Monday. Having a mortgage agreement in principle prior to making a bid will save time and increase the buyer's chances of securing the property. If the buyer's mortgage is dependent on their parents, make sure they are present at the open house viewing too.
- Use a local solicitor rather than a family solicitor. Local solicitors are likely to have better local knowledge and relationships with other parties to the transaction. When a quick transaction is the ultimate goal, every opportunity to speed the process along should be taken.
- Be open and honest with the estate agent. If the buyer presents themselves as suitable, the agent will communicate that to the seller, potentially tipping the odds in their favour.
Lay the groundwork before the open house viewing.
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS