How to win sealed bids
By Jo Eccles
Sealed bids are back in full swing unfortunately, with nearly half of all properties we’re buying for clients being tied up this way. If you are going to sealed bids, or indeed bidding on a property where there is lots of interest, there are ways to make yourself stand out, aside from how much you’re willing to pay.
Firstly, write an offer letter and send it via email. This gives you the opportunity to put down all the information and terms, and to sell yourself as much as you can. You should state your offer amount, as well as stating what is to be included within your offer. For example, curtains, blinds, the fridge/freezer, window boxes, and so on. All of these items add up, and it’s better to be clear from the outset, rather than wrangling with the seller later on over how much they’ll charge to leave the washing machine.
Secondly, state who you are. Some sellers place a lot of importance on who they’re selling to, so add personal detail such as who you are, the reason you’re buying the property, or if you’re renting in the area and know it very well – anything you think will help your case.
It’s also important to outline your position, for example, do you have anything to sell, or are you renting and chain free? Give details on your finances by outlining how much cash you will be paying, and say you have a mortgage arranged for the remaining amount. Provide your mortgage broker or lender details to show that you are organised, as well as your solicitor. Again, this demonstrates that you have your team of professionals assembled and ready to go.
If you have details about the seller’s preferred time scales and you can fit in with them, then say so. Time scales can often be a big sticking point so if you can accommodate the seller, they may well choose you over a higher bidder who isn’t as flexible.
If you have a question you’d like Jo or the team at SP Property Group to answer please email email@example.com or tweet her @joeccles.