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Why Sealed Bids Are Becoming Popular To Property Sellers

Posted by Pete Winter on May 31, 2016
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It is a great opportunity for sellers to make the finest offer while reducing the time spent to widely advertise their property.

Nowadays, sealed bids in London housing market is increasing rapidly, as most sellers search for more advanced ways to take full advantage of the proposals they get for their properties.

The increase in buyer demand these past months has enabled more daring sellers to promote their properties on a ‘sealed bid’ basis. This basically means that each bidder presents a proposal that no other bidders can take a glimpse of. In the end, the potential buyer with the highest bid will then secure the property at that specific value.

Sealed bids allow sellers to attain more remarkable selling price for their property than through the usual selling method.

For example, a two-bedroom studio apartment that’s usually listed for about £380k could be sold for up to £407k, and that’s thanks to sealed bidding.

The advantage for using these sealed bids is that it encourages prospective buyers to reveal their precise valuation of the property for sale, diminishing the likelihood of an extensive negotiation over the price.

It can also draw a lot of buyers looking for instant purchase, avoiding situations where the agent has to delay the deal for other prospective buyers to choose whether they want to raise their bids or not.

Property sellers should think about utilizing this method to make the most of their property’s potential price, as the current rate of demand in London are currently high enough to make it valuable.