Advice on bid

Indecisivebuyer

Hi all
Currently considering bidding on a ex council semi detached 2 bedrooms, boxroom, Small kitchen (no units) Small Bathroom (no sanitary ware) Living room (gasfire ripped out) Heating half in. But big drive/garden good area.
All house looks like bodged DIY job. Repossession. Hence offers over 48K. Home report value at 50k. Sold in 2008 at 75K
Lots of vewings.
My dilemma is, should I bid just over 50k or go well over to try and ensure purchase?
My money saving instincts say just over, also the housing market at the moment appears to be that houses are going below valuations?

Closing date soon. closed bidding highest wins.


Any advice appreciated
Thanks!

Bigmoney2

How much can you afford? Presumably you know it is unmortgageable in is current state.
Are you planning to live in it or renovate for profit. What are current houses in same road going for and how much will it cost renovate. Take renovation costs of price similar houses are going for and offer no more than the difference, unless it's the house of your dreams and your going to live there long term.

Indecisivebuyer

Bigmoney2 wrote: »

How much can you afford? Presumably you know it is unmortgageable in is current state.
Are you planning to live in it or renovate for profit. What are current houses in same road going for and how much will it cost renovate. Take renovation costs of price similar houses are going for and offer no more than the difference, unless it's the house of your dreams and your going to live there long term.

Hi thanks for reply.
According to the home report which I know is pretty worthless, it is morgagable. It is for my son, at moment renting about 100m away.
Probably 10k to renovate with us doing a lot of the work. he does like it! But it does appear to popular? with 4 notes of interest lodged with estate agent. It just seems to me that to get it. would mean paying 3-4 k over valuation when all others are paying less than home report value.
I know at end of day we will have to decide buy do not want to be silly and pay £k to much.
many thanks!