"The Easy Way to Get Your Best UK Mortgage" |
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Home Buying Guide
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Making
the offer / Negotiating the price
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Sealed Bids
If several buyers are interested in a property, the offers may have to be made through sealed bids. This is where you all put your offers in writing and they're supposed to opened at the same time.
If you get involved in a sealed bid, aim to go a little higher than your competitors. Depending on the circumstances you'd probably want to offer more than the asking price. You want to stick out to the sellers.
Just above your competitors would be fine. But beware of bidding too high as sealed bids are known to lead to people paying well over the odds.
Don't bid a rounded figure but try an odd amount, eg £100,101 will be more effective eg than a rounded £100,000. The point is to avoid a tie with the other bidders.
Don't forget to put "Subject to contract and without prejudice" at the top of any letters ie your written bid.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
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Contents of Making the Offer / Negotiating
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Making the offer / Negotiating the price
Background
Negotiating
Sealed Bids
Protecting
your offer
Gazumping
Sellers' Packs
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Please note, this information is NOT necessarily RELEVANT in Scotland
Know
your enemies
How to Find Your New Home / Property
The Valuation and Survey
Sealed bids
