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Made the bid- nerves are in!
londonlydia
Posts: 428 Forumite
Hi everyone,
I wanted to know people's opinions on our current bidding situation.
Basically, this is the 4th house we are making a bid on, and we're pleased the others didnt come through now because if we're honest, this one is the only one where we've felt it really is the one for us.
The house is up for £230k-250k, and we've placed a bid in at £240k. The reason we did this is because having seen many houses, bid on some and seen what the market is like, we havent seen many houses at all go for below asking price. Also, this house was bought 18months ago for £238500ish, and I think it would be mad if the vendor took less than he paid for it as I'm pretty certain that the interest is high on this property.
The problem is, the EA said that the owner wants £245k for it. Now, I know you need to take that with a pinch of salt, but I can kind of see that as being true, given the price he paid, the amount it costs to buy/sell, him spending *some* money on it...and not wanting to be out of pocket.
Although our bid isn't being rejected, the owner wont cancel two second viewings he has on the house unless he gets the £245k. (We knew about these 2nd viewings from the off as there has been interest in this place).
So, my question is this: Would you keep sweet and leave the bid at £240k, knowing the 2nd viewings may well come in (and first viewings probably!) and beat us...thus opening up a bidding war, or would you just put in £245k and avoid the stress?
Just to make it more interesting, we are first time buyers with a Mortgage in Principle & lasrge deposit, and the first to bid, so I'm hoping this will give some weight behind our bid? But we do love the property!!!
I wanted to know people's opinions on our current bidding situation.
Basically, this is the 4th house we are making a bid on, and we're pleased the others didnt come through now because if we're honest, this one is the only one where we've felt it really is the one for us.
The house is up for £230k-250k, and we've placed a bid in at £240k. The reason we did this is because having seen many houses, bid on some and seen what the market is like, we havent seen many houses at all go for below asking price. Also, this house was bought 18months ago for £238500ish, and I think it would be mad if the vendor took less than he paid for it as I'm pretty certain that the interest is high on this property.
The problem is, the EA said that the owner wants £245k for it. Now, I know you need to take that with a pinch of salt, but I can kind of see that as being true, given the price he paid, the amount it costs to buy/sell, him spending *some* money on it...and not wanting to be out of pocket.
Although our bid isn't being rejected, the owner wont cancel two second viewings he has on the house unless he gets the £245k. (We knew about these 2nd viewings from the off as there has been interest in this place).
So, my question is this: Would you keep sweet and leave the bid at £240k, knowing the 2nd viewings may well come in (and first viewings probably!) and beat us...thus opening up a bidding war, or would you just put in £245k and avoid the stress?
Just to make it more interesting, we are first time buyers with a Mortgage in Principle & lasrge deposit, and the first to bid, so I'm hoping this will give some weight behind our bid? But we do love the property!!!
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Comments
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If the vendor would take it off the market ie no more viewings if you offered 5 grand more I would go for it. If its the house that you truly want, then 5k is nothing. I'm in a very similar situation but vendor hasn't specified what amount he wants (just offers over 230k). I've offered 230 and he's still taking viewings. If he'd take it off the market for 5k more I'd bite his hand off.Anyway, that's my take on it. Good luck!!Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term😁😁
Balance as of Sept 2014 £165,803
Balance as of Feb 2015 £163,360
Balance end of July 2015 £159,050
Balance as of Jan 2017.... £138,033:j0 -
If it were a house I really wanted and I truly believed it was going to be a long, hard wait until something comparable came along, then I'd be offering the extra £5k to secure it for myself.
This is why this price range stuff is pointless in my opinion. Why say £230-£250k, when offers in the lower region are going to be turned down straight away and only close to the upper figure is going to be something the vendor will accept?The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
This is why this price range stuff is pointless in my opinion. Why say £230-£250k, when offers in the lower region are going to be turned down straight away and only close to the upper figure is going to be something the vendor will accept?
It's incredibly annoying...but I think what happens is that the EAs suggest putting the asking price as around £10k lower so that people looking ath that lower amount may be tempted to push themselves up a bit...
Still haven't decided what to do, I'm buying with my partner, and he thinks that if we could sit it out it would stop us chucking money at it...ah it's so tough!!!0 -
Basically, I think your logic is right as to the right place for the deal being 240.londonlydia wrote: ».... The house is up for £230k-250k, and we've placed a bid in at £240k. The reason we did this is because having seen many houses, bid on some and seen what the market is like, we havent seen many houses at all go for below asking price. Also, this house was bought 18months ago for £238500ish, and I think it would be mad if the vendor took less than he paid for it as I'm pretty certain that the interest is high on this property.
But your tactics are wrong. As a matter of principle [almost], the first offer is rejected, so it would have been better to go in at 235 and expect to settle at 240.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
He's not actually rejected the offer, he's just kept it hanging around to see if if he can better after these 2nd viewings.
My hoping was originally that if we at least offered him over what he paid for it it may tempt him to take it...but he wants that little bit more we've since discovered
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I agree that if its the house of your dreams and £5k extra will secure a deal then do it, especially if house getting lots of viewings. Otherwise I would say stop looking at the vendors expenditure and what he needs to get to make a profit on the house look at what its worth and walk away if necessary."You've been reading SOS when it's just your clock reading 5:05 "0
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Surely you should offer £240k on the basis that if accepted the house is taken off the market straight away.
Never trust information given by strangers on internet forums0 -
What you should have done was offer £240k and say offer is on table for 24 hrs. But as said above if it's the home you really want what is £5k? If you don't offer 5k more you run the risk of one of the others offering it and it being accepted and you lose out.0
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As an update, someone else came in at £245 with a chain of 2 below them. We decided to up to £245k, and the chose us because we've no chain.
SO YES! OUR OFFER HAS BEEN ACCEPTED! WHOOP!0 -
congratuations :beer: now the fun begins
hope it all runs smoothly for you 0
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