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Selling You House Through Sealed Bids
If you are determined to get the best price when selling your property why not take a closer look at the ‘Sealed Bid’ approach? It’s not the answer to everyone looking to sell but for the right house in the right area it can work a dream.
To increase the odds of realising a handsome price make sure you use an agent who’s well versed in the process. The agent will advise you if your property is likely to do well or not. A house with something special about it will always bring in interest. This could mean it’s at opposite ends of the spectrum; possibly in need of restoration or in pristine condition. Either way the property will be a bit of an unknown quantity but offers great potential for the right buyer.
You need to consider the guide price which is generally lower than your eventual aim. But pitching this right can affect the level of interest you get. You’ll need to weigh up the pros and cons verses a regular sale and think about the likelihood of achieving a higher price.
More than anything it’s best to make it clear to all interested parties the terms they need to adhere to. Make it clear as to when all bids are to be presented. Accurate descriptions of what’s included in the sale should be issued so that there is no room for argument further down to line.
People will still want to view the property but this can be done by organising to open the house for several days rather than have the process elongated with individual visits. Your agent should be happy to man the fort as it’s better than having someone pop over to the property many times. If potential bidder clash this will only go to increase the feeling of competition, which can only be a good thing. You may get an offer from someone who’s keen to bypass the bidding process. It’s a nice position to be in but you will need to determine if it’s worth pursuing as it could be difficult to recreate the same level of interest if the sale falters.
Your agent should receive all bids by the specified date. To keep everything transparent you may consider opening bids at the agent’s office. Bidders will be happier knowing that a degree of formality has been followed. As you work through the bids it may be a good idea to score them on several criteria. Price is an obvious attraction but you will need to think about the bidder’s financial situation. Will the purchase be made from cash funds or mortgaged? How soon can buyers move? Your bid application form can be designed in such a way as to gather the kind of information you’ll want to consider before selecting the best bid.
Don’t forget you will need the services of a solicitor if the sale progresses so it’s worth getting this sorted well before the bid date. Removals and storage companies are also worth sorting as your successful bidder may be keen to get the sale completed as swiftly as possible. Once the sale is agreed you are no longer in the driving seat. You may need to compromise on moving and completion dates. Your buyer will inevitably have his/her own circumstances to consider but it’s best to have everything ready to go should the pressure be to do the deal quicker than you might have originally planned.