Sealed bids in London housing market is rapidly increasing, as sellers search for innovative ways to maximize the proposals they receive for their properties.
The boost in buyer demand these recent months has permitted more bold sellers to advertise their properties on a sealed bid basis; which generally means that each bidder presents one offer that no other bidders can glimpse. The person with the highest bid will then acquire the property at that certain value.
Sealed bids permit sellers to obtain more eye-catching selling price for their property than via usual selling method.
For instance, a two-bedroom apartment listed for £380k could be sold for £407k, by means of sealed bidding.
The benefit for utilizing sealed bids is that it encourages buyers to disclose their accurate valuation of the property, diminishing the possibility for extensive discussions over the price.
It can also draw buyers looking for immediate purchase, avoiding circumstances where the agent has to wait for other prospective buyers to choose whether they want to raise their bids.
Sellers should think about using this method to maximize their property’s prospective price, as the existing rate of demand in London are presently high enough to make it worthwhile.