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Can anyone give me tips on buying a home by sealed bidding?
I am interested in buying an old home (built in 1930) with a 10+ acre farm land, but this house is sold by sealed bidding. I have never done this before. What is the procedure and what cautions should I take? What is your experience? This property is located in Virginia, USA.
Public Comments
- wow that is rare. You submit your best and final offer at one time and the highest and best gets the property.
- sealed bid that really does bode well for you the buyer do your homework on property values in the area and be reasonable with your offer cuz the other bidders will
- Make sure you have done your due diligence first. No liens against title, any inspections you want to have done, check with the tax office to be sure everything is current, those sorts of things. Although most executors want to see clean offers, you can put in some contingencies. If the house is not available for inspections before the bids are revealed, you can include an inspection contingency (that means you can have the house inspected and reject without penalty the results of the inspection). But check the announcement to see if there is a clause that addresses contingencies. You will want a contingency that says you will receive clear title at closing. To strengthen your offer, include a pre-qualification letter from a lender, hopefully you have or can get one before bidding closes. Or if you are not bringing financing, state this is a cash offer. Most house sales through sealed bids have some required forms, make sure you include those with any initials or signatures needed.
