Sealed bids are a device used when demand significantly exceeds supply, especially for 'special' property. Agents don't only use sealed bids for the top dollar property; it's a method of sale used across all price brackets. And they inevitably produce a feeling of despair in a buyer's heart.

Rachel Johnston of Stacks Property Search says, "For vendors who have a great deal of interest in their property, sealed bids are a good way of allowing the property to reach its true value. Interested buyers are invited to submit their best and final offer by letter, email or fax by a particular time and date. We are seeing a growing trend for sealed bids in 2013, and  - for buyers -  it's hard to see many benefits.

"It's a daunting situation for a buyer, and it can be difficult to know how to progress. The first thing  you need to know is that the highest bidder won't necessarily win the property; the vendor and agent will weigh up all the information and make a choice on the basis of the size of the offer AND the situation of the buyer. Bear in mind too that the agent/vendor are free to do anything at a later date - it's not a legally binding decision, so if someone else comes in with a higher or better offer, it may all change. It can be a good thing for a buyer - it allows you to see the property at something approaching leisure, then you can work out how much you're prepared to pay and what your bid should be."

How can you best approach a sealed bid situation? Stacks Property Search & Acquisition's advice is:

- Read the 'rules' that will be issued by the estate agent carefully, and adhere to them
- Try and get the vendor to accept an offer before it goes to sealed bids
- Your bid needs to be the top price you would be comfortable paying. Base it on this, rather than on what you think you need to pay to secure the property.
- The bid itself is important, but equally important is the dressing of your offer, demonstrating your commitment, proceedability, ability to exchange quickly, flexibility of terms. Your bid won't only be judged on the amount; it will also be judged on how easy you're going to make it for the vendor. The more information you have about the vendor, their motivation and needs, the better, then tailor your presentation to fit.
- Get a survey done before the date for sealed bids, so your offer doesn't have to be subject to survey. Again, this will make your bid very attractive.
- Attach a list of advisors (solicitors, finance providers etc) which will further reassure the vendor;

- Quiz and badger the agent to get information. It helps to know how many other bidders there are, where they come from, what else they've been looking at. Agents cannot discuss bids — but they can reveal how many bidders there are, and what offers were made before the auction. All this may help you assess how the bids are likely to turn out

- Don't miss the deadline, but equally, don't get it in too early. We recommend driving your offer to the agents office just before the deadline, obtain a receipt and if possible sit there while they open it
- You will be at an advantage if you're using a buying agent. Buyers who use an agent to represent them will already have parted with a retainer, so vendors and estate agents know they are definitely serious. They also realise that the deal is more likely to reach completion, because the search agent will be overseeing everything for his client.
- Don't expect an immediate result - you may well not hear the outcome for three or four days, so spare yourself the pacing and stressing.

Stacks Property Search & Acquisition

Head office: 01594 842880 / www.stacks.co.uk

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For press information, contact:

Amanda MacCaw, 01386 701287 or 07977 238175 / amanda@wildmaccaw.co.uk