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What are sealed bids exactly?

When offering a sealed bid what should I offer except of the money? What do we write in a sealed bid and what is it exactly?

Asked on Apr 13 2013, General in London | Report content

Answers (1)

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  • Hi korinou, A sealed bid auction is normally brought about by a seller when it comes time to sell and they have a number of different interested parties, so are looking to get as much as they can for the property. It means that the agent will set a closing date, at which point those who want to make a bid will have to submit their bid in writing. The seller will then select the bid that is best for them, normally the most preferable will be both high in value and the bidder will be ready to proceed. There are some things to be aware of as a buyer, such as the temptation to bid too much because of the desire to secure the home. This can lead to the lender valuing the house a lot lower, and may mean you have insufficient funds to move forward with the purchase. Other things to include in the bid, other than the money you are offering will be proof that you have the available funds to proceed, a projected timescale for when you could exchange contracts, and details of your solicitor. Many thanks, Scott

    Answered on Apr 15 2013, Report content

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