closed bids on a house

number9

Well-Known Forumite
are they a common thing now when wanting to buy a house?
youngest son and gf viewed a house, put an offer in, but was told its closed bids, and will be notified later if successful.

I just thought its the estate agent trying it on, but i'm out of touch on the housing market.
 

Jonah

Spouting nonsense since the day I learned to talk
I think it's a way of getting people to spend more and put in a bid at the top of their range.
 

number9

Well-Known Forumite
there was no mention of it on the lealet/web site so i'm thinking its the agent trying to get them to up the offer. I guess we'll see soon enough
 

Wormella

Well-Known Forumite
It makes sense from a house seller perspective, quicker then playing people off of each other as happened to us and your guarenteed a sale - from a buyer perspective too it makes more sense - you know your budget and how much you want a specific property.
 

Withnail

Well-Known Forumite
I believe it is also more like the norm in Scotland.

It probably leads to less 'fannying around' - i'm not overly surprised to see it creeping in.
 

tek-monkey

wanna see my snake?
Does the seller see the bids, or just the estate agent? Do the other buyers get told what it sold for?
 

Cue

Well-Known Forumite
I believe it is also more like the norm in Scotland.

Probably because gazumping isn't really that viable up there, so need another way to get the highest price possible.

I think a friend of mine put an offer in on a closed bid house a while back. It seems to be fairly common in places with very competitive markets, where houses are in high demand and usually sell for higher than the asking price (Royston, fairly close to London, so a popular commuter town). Can't imagine it's very common up here though, Stafford doesn't have a housing market inside the London bubble.
 

Wormella

Well-Known Forumite
Probably because gazumping isn't really that viable up there, so need another way to get the highest price possible.

I think a friend of mine put an offer in on a closed bid house a while back. It seems to be fairly common in places with very competitive markets, where houses are in high demand and usually sell for higher than the asking price (Royston, fairly close to London, so a popular commuter town). Can't imagine it's very common up here though, Stafford doesn't have a housing market inside the London bubble.

I'm not sure, I've seen some houses around our bit of town sell mighty quick (same week, or indeed same day) - especially 3 bed terraces. I suspect it depends on where the house is.
 

number9

Well-Known Forumite
from what i know, the house came up onto the market, there was an open day within days. they went to put their offer in a couple of days later to be told it was sealed bids and decision would be made by the end of the week.
offer ACCEPTED :bananafunk:

it sounds like it was taken as part ex for one of the new houses built in Stafford, so the developer just gives the estate agent instructions.
 
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