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Sealed Bids/Best and Final Offers

Because we live in an area where the houses are very much all individual and there is constant demand and scarcity over many years now properties have traditionally been offer for sale with a price guide.

A Guide to Making a Sealed Bid/Best and Final Offer
  1. Make sure you fully explain your precise buying position emphasising if possible that there is no related sale if applicable.
  2. Disclose your financial situation by giving details of your lender/broker/percentage of mortgage required or if cash purchase written letter from bank or building society.
  3. It is not always the highest offer which is successful as other factors such as speed and ability to proceed and complete can be paramount.
  4. If you have to exchange and complete in a very short time make sure you check with your solicitor he is able to comply with the timescale.
  5. It is not acceptable to make an offer based on a sum of money over the highest bid.
  6. It is advisable to make your offer an odd amount rather than a round sum as this may be the only thing differentiating to otherwise matching bids.
  7. You will only be given one opportunity to make your best offer so put the maximum that you are able to afford and then at least if you are unsuccessful you know you did your absolute best.