wHAT SHOULD I BID?

nilsac

Hi all,

Needs some advice, looking to bid on a home. My propblem is were should i start the bidding.
house priced at £215,000 previously bought Aug 2008 for £230,00.
the property does require some general maintance and there seems to b a ceiling value in the area of approx £215,000.
my budget is £200,000 at a push £205,000.

Were would you start?

i`m a cash buyer with no chain and a mortgage promise in place.

as always thanks for taking the time to help.:eek:

ilikewatch

Do you actually mean "bid" or "make an offer"? Is the house being sold through auction?

If you're a cash buyer why on earth have you got a mortgage promise in place?

MelaBella

wht do you mean by general maintance? what are the conditions of the bathroom, kitchen, central heating, windows, any damp, etc? most vendors seem to price their ptoperties 10% more, but again it all depends on the area, house conditions and the sutuation of the vendor, strat low and you can always move ut to your maximum of £205000

nilsac

The property needs a new kitchen and the livingroom/dinning room completely replastering.
The overall finish of the property is poor in place which i imagine is part of the low asking price.

nilsac

Sorry misused the term cash buyer. I dont have a property to sell but im not a first time buyer as i previously bought. So what would i class myself as? Keep it clean.

Fire_Fox

Research land registry sold prices for the street and area for 2011 and 2012 only, plenty of houses not just one. Asking prices are meaningless, they are often over-inflated in a recession. What do you mean by bidding, submit an offer to an estate agent or bid at auction?

You are in a chain free position with funds in place. If the place needs replastering that would suggest the electrics haven't been touched or there has been damp - get a full structural survey and trades to look at the place. Overall finish and general maintenance are too vague, haven't you written a list of what you think needs doing?

MelaBella

nilsac wrote: »

Sorry misused the term cash buyer. I dont have a property to sell but im not a first time buyer as i previously bought. So what would i class myself as? Keep it clean.

are you buying to live? i guess just present yourself as a FTB with no chain and AIP ready

MelaBella

nilsac wrote: »

The property needs a new kitchen and the livingroom/dinning room completely replastering.
The overall finish of the property is poor in place which i imagine is part of the low asking price.

is the kitchen and living room in the livable conditions?

my friend did a new kitchen (very basic) for 5k, replastering 700 per room...

poorgirl-54

how do u ......

Research land registry sold prices for the street and area for 2011 and 2012 only ?

lou34_2

Hi, Im not experienced in this area at all but thought id share our positive experience.

House we like on at £280k then £260, then £242k (on for 2 years...u didnt say how long the one u like has been on?).

We offered £193k...i was embarressed by this offer but apparently that means its low enough and partner insisted!:o

Knocked back stright away, vendors said they wanted asking price or there abouts. So we decided to give them our top offer, cards on the table etc £212. After orginally declining the offer, a few days later EA rang...would we increase to £225...we stuck to our guns and said no. EA rang again suggesting a couple of k more would seal the deal. Again we said no (even though i would of said yes at this point i was on pins - partner made of sturner stuff!). A week on and they accepted 212k.

Guess u never know the position of the other party but id say dont be afraid to go in low it could pay off....and if your nerves r like mine have someone else u trust do the negotiating!!!:)

Good luck

poorgirl-54

how do u ......

Research land registry sold prices for the street and area for 2011 and 2012 only ?