Ask the Sales Experts
Wed 01 Jan 2014
William Hughes-Ward, Associate Director at Marsh & Parsons.
How do sealed bids work?
Properties that are perceived to be great value, inevitably attract a huge amount of intrest. When it becomes apparent early on that a property might receive multiple offers, the agent will likely recommend a 'sealed bid' to their client.
A deadline is set for all 'best and final' offers, which should be formally submitted by each prospective buyer in writing, and very often via solicitors. The offer should outline time frames, finance and anything else that may make the buyer's postion more attractive to the seller.
When the deadline is reached all offers are passed to the client, who will ultimately make the decision. Interesting, it's not always not always the highest price that wins!