bidding war

oneeye1

found the house we want asking the right amount but its a repo and has been reduced greatly from original asking price and is much much less than sold 5 years.most important apart from it being a great asking price is we love it and its location.heres the problem ,since its reduction theres been great interest and already an offer (yesterday) i dont want to seem to keen but dont want to loose it dont want to get into a bidding war either, do i offer low or go for or near the asking as its a good price although this wouldnt leave me much movement .sorry for prattling on just aprehensiff

siliconbits

Was in the same position as yours... I decided to put an offer and found out... Went all the way actually. Look at the number of good houses on the market.. Not many where I wanted to go. Better get what you want or end up regretting, even if you pay a few thousand more than you'd expect.

Archlever

Hi,

Ive never personally bid on a repo, but have friends who lost out on an excellent buying oppurtunity by being too conservative. Youve said that the price is good, the area is great, there's lots of interest and you like the property. I'd bid near or at the asking price to try and head off any competition (though for some properties even that is not enough). At the same time keep a sense of perspective and not get carried away.With a repo speed of completion is very important...so if you're a FTB?Cashbuyer/nothing to sell you're in a good position.

all the best...hope you get the house.

Beardmidget

oneeye1 wrote: »

i dont want to seem to keen but dont want to loose it dont want to get into a bidding war either

You don't need to play these kind of games in this situation. If you want this house, bid what you can afford- and if you don't get it then put it down to experience. The asking price will have been set to generate a lot of interest, so be prepared!

LilacPixie

Bid what it is worth to you. I went after a repo a few months back. I made an offer based on what the property was worth to me considering the amount of work needing done to it and the agents refused. It is still on the market with no interest but my bid was my final one.

themanbearpig

Yep, do lots of research and don't get carried away and pay even a few thousand extra, its not worth it in a falling market. Come winter, and things will slow down again, and prices will start going down again. Don't think too short term because prices you see now aren't going to be the same in 6 months.

There is also no such thing as a perfect house. They come and go with time, and given enough time, something else just good or better will come along, so dont start thinking irrationally.