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Bidding war- what to do next?
lemoncake2
Posts: 18 Forumite
I am stuck in a bidding war with another buyer and I am now currently deciding what to. The house is a repossession and was sold in 2007 for £110,000. The initial bid started at £115k and its current bid is now upto £123k
Next door's house was owned by the same person again a repossession and it sold for £125k in July this year.
Is this house a lost cause? Would i be paying too much? I can go higher because i do like it, but at the same time i don't want to get ripped off. Any advice is welcome!
Next door's house was owned by the same person again a repossession and it sold for £125k in July this year.
Is this house a lost cause? Would i be paying too much? I can go higher because i do like it, but at the same time i don't want to get ripped off. Any advice is welcome!
0
Comments
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If you know what the full market value is, bid up to what you think it is worth based on what you'd offer if it weren't a repossession and advertised as a normal house sale. You only pay too much if you go above market value. Whilst it is nice to bag a bargain repossession they tend to only go for bottom dollar if the previous owner has wrecked them. A good house in good order with good decoration will fetch fairly close to market value if there's more than one party interested.0
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