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I'll be gutted to go way over what the other potential buyer offers, but also gutted to miss out on the property if I go too low.
... any wisdom to impart?Only that a sealed-bid second-price auction should be revenue-equivalent (to the sealed-bit first price version) and specifically avoids the fear of over-bidding and all the second-guessing around that.
I don't know what the odds are that estate agents are keen on auction theory, though.
useless
After many years of waiting, we've found a house we really like within budget. Yay!
Went to a viewing on Sunday, seller told us they already had an offer at full asking price, but were open to offers above asking price. We went in with an offer £10k above asking price, and the estate agent has now come back and said they'll do closed private bidding between us and the other potential buyer, and the highest wins. They've said we need to give our best offer right out, and the highest wins. Boo!
I've never made offers on a property via this method previously. My head says just say what you'd actually be happy to pay for it (and can afford), but my heart says I'll be gutted to go way over what the other potential buyer offers, but also gutted to miss out on the property if I go too low.
Does anyone have recent experience with this type of offer process, and have any wisdom to impart?