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We did this for our current house. It was marketed way too low, there was a huge amount of interest and it went to closed bids.
It was the perfect house in the perfect road for us and we decided on a price that we were happy to pay. We didn't make it a round multiple of 5 or 10. In my mind that made it more likely to win if some had offered say 100k or 105k as we would have had 101 or 106k (for example).
We won and were over the moon despite paying over the odds. 6yrs on the house is worth much more than that anyway now (that may not be the case if buying now though).
eskay
cjr
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?