Buying a house using sealed bids – make sure you are the winner!

In one short moment that feeling of elation is shattered. Your phone is ringing. It’s the estate agent’s number flashing wildly before your eyes. You dare to hope, for just a minute, that you have finally secured that house of your dreams.

But no. It turns out that half a dozen other people believe that it is the house of their dreams too. So your estate agent isn’t calling with the news you had hoped and he is now actually muttering those dreaded words: “It is going to sealed bids”.

Your heart sinks and a thousand thoughts flood your mind as you try to quickly calculate the absolute maximum amount you can possibly afford. Three meals a day is so out of fashion these days – just breakfast is required to keep you going, and the mortgage paid, surely?

With the housing market apparently improving, you could find sealed bids becoming increasingly common. But it needn’t be as daunting as you think. Here Quick Move Now offers some top tips to ensure you give yourself the best chance of winning if you find you have to put in your ‘best and final offer’.

Don’t assume that the highest bid will win

Sellers will look at a buyer’s circumstances and be keen on the people most likely to be able to proceed the quickest.

Go into detail

Include all the information you can to convince the seller you are serious about their home. Show them that you have your solicitor ready and waiting and enclose your ‘mortgage in principle’. If you have already sold your home, shout about it from the rooftops – and include your agent’s contact details.

If you have sold your home through a home buyer for example, and are now a cash buyer, make sure you show proof of the available funds so the seller knows you can proceed immediately.

Tailor your bid to the seller’s circumstances

Find out as much as you can about the seller’s reasons for moving and you can highlight all the reasons why you will make the sale as easy as possible for them if they choose you. Make your bid personal to you too. Selling a home is one of the most emotive things a person does, so hearing that a young family want to build their life in the house that you raised your children in could be the decisive factor.

Make your ‘best and final offer’ one that they won’t forget

Choose an unusual number, so you can guarantee your bid won’t be exactly the same as someone else’s. Adding that extra £93 to your £250,000 bid could make all the difference.

Don’t miss the deadline!

It may sound simple but many people miss out as they deliver the bid just that little bit late. You will be given an exact time, so make sure that your written bid is delivered well before then.

This content was written by Quick Move Now
Published on 17th January 2014
Last updated on 19th April 2017

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