What to bid?

doyles11

Hi, I'm hoping someone can give me some guidance on the above! We are in a position where we have bid 365k on a house valued at 375k (or at least the price marketed for). The vendors have another bid come in at exactly the same amount (365).
We want the house as it ticks lots of our boxes and i am considering the next move? Should we up offer to 275? What typically do people bid on sealed bids and any thoughts on what level to go in at? We can only really go to 285. Would this typically be enough?

Any help or thoughts would be welcome and appreciated!!

domcastro

Do you mean 385 not 285? A lot may depend on situation - do you have a house for sale?

doyles11

Sorry typo - meant 285. We have agreed sale price on our house but as far as we understand the other bidder has also sold and as a similar chain behind them.

Thanks

hcb42

I had a home I was selling and was in this situation, both bidders had bid £15K over price, and then 1 upped it by another £5K in sealed bid to secure it.

Depends how desirable the house and area is and how much the other couple want it, there is no hard and fast rule.

FireWyrm

Quel surprise...another bidder pops up offering exactly the same as you? Seriously? That's the oldest trick in the book. I'd be surprised if there really was another buyer. If it were me, I'd tell the estate agent and extra 5K and not a penny more and to stop f****ing around or youre going to walk. It's a buyers Market, don't forget that. Personally, I'd tell them that I'm not getting into a bidding war and call the bluff. 10 to 1 the other 'buyer' disappears from the scene. Don't get rattled and whatever you do, don't go higher than you are comfortable with as I guarantee there is another house round the corner that you could just as easily find 'ticks all the boxes'

doyles11

Thanks for the info. In this day and age I didn't think that type of thing happened? I was thinking of offering asking price, but fear it will be matched and then does it automatically go to sealed bid or does bidding war potentially break out? Then there is what to bid in the sealed bid! We have been viewing houses for about 6 months and there is always something that puts us off except on this one!!

FireWyrm

Pft...bidding war? In this Market...only if you're silly. No, stick to yur guns. You'll soon find out if it's a bluff....call it and see what happens.

doyles11

Thanks, even in this market there must be properties outside of the norm? In a sealed bid anyone know if typically this has to be above the asking price or any thoughts on what would be realistic?

Thanks for all the info so far and will certainly think about a final increase and see what happens!