Sealed bids. What % over asking price do flats usually go over asking in london?

Question

We are going in to a sealed bid situation. What should we bid over the asking price . . .what other things should we consider in creating our offer

Answer 1

I don't think anybody knows the percentage over the asking price which properties eventually go for, because few people would divulge the amount of the successful bid.

Anyway, you and your partner will already have a good idea of what the property is worth. You will already have looked at various properties, in the paper, on the net and physical inspections, so you know approximately what its market value is today.

You need to sit down together and decide what it is worth to you at this time. One thing would be each to write on a piece of paper the max you would pay, then each read each others' paper, and take the median (average) figure halfway between.

Anything for sale is only worth what someone is willing to pay for it. It's pointless worrying and wondering what others will bid, you'll never know. Just go with the maximum it is worth in your own judgement.

Good Luck - I think the sealed bid system is pernicious and I don't envy you

Answer 2

The highest bidder!

All the best!/