Making an offer with a sealed bid, where the price offered is secret, is normal practice in Scotland but not so common elsewhere.
Sealed bids are not legally binding.
Outside Scotland sealed bids are usually only asked for when there is competition for a property.
Potential buyers will be given a guide price, and it’s expected their sealed bid will be higher than this.
- Feel free to ask the estate agent for advice on what to bid, but remember they are working for the seller, not you.
- Avoid rounding the figure you offer. For instance, if you think the property is worth £250,000, you could put in a sealed bid for £251,500.
- Let them know how quickly you can move.
A date is set for sealed bids to be received, either by the estate agent or seller’s solicitor – they’re usually opened at the same time.
The successful buyer will then be told they have the winning offer.