The Telegraph reports this
week that with the UK property market showing signs of the anticipated property
boom coming to fruition, sealed bids might be the fairest way forward for
prospective buyers.
This fingernail-biting
process functions on secrecy. It means that the interested parties write down
their offer and hand it over without any knowledge of what other interested
parties might be prepared to pay.
What are the upsides for the
purchaser?
The highest offer may not be
the one that is accepted as the bidder is given the opportunity to provide
details of their buying/financial position (speed and solidity of the offer
will play a part in the decision-making process).
Your offer should be one
that you have carefully considered to be within your reach. Sealed bids should
mean that you are making a carefully considered offer that you can afford based
on your current circumstances.
What are the downsides for
the purchaser?
Sellers don’t like any
offers that are “subject to…” so you need to be 100% sure beforehand that you
are happy to progress. It is essential that a thorough property survey is
carried out prior to the submission of a bid. Do not let the pressure over-rule
good judgment and make an offer that hasn’t considered the possible requirement
for future construction or maintenance works.
Sealed bids do involve a lot
of game-playing. You don't want to act too quickly, nor too late if you are to
get the best response.
Dawson Surveyors are
property professionals and are therefore fully qualified to provide independent
advice and valuations on your prospective property. We help you to make the
right decisions.
[source]
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