4 Quick Tips for Sealed Bids
When you participate in a sealed bid offering, be sure to consider these 4 things:
1. Get the bid packet and READ it. Understand it. Hardly any two sealed bid sales are the same. Each one will have different requirements, bid procedures,
and offer/closing documents. Be sure you understand and follow the exact requirements so you don't miss the deal on a technicality...it happens!
And don't assume that the bid sale you are planning to go to will just be like the last one.
2. Put your best foot forward. It's easy to sit around and speculate on who will bid, what a reserve may be, what other people may offer, etc. I've
seen, however, that it's best to make your best offer and just let it go. Sure, everyone wants to "steal" a deal by paying some ridiculously low
price, but it doesn't happen as often as you'd think. Do your research on the property, figure out what works for you, and make your best offer.
3. Use an "odd" number for your bid amount. I don't have any scientific data to back this one up, but I've seen it many times. Most people bid in even
amounts like $86,000 or $1500 / acre...and the one guy who has bid $86,217 or $1513 / acre gets it. It seem...