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Cash buy only - Help with bidding

Hi all, I'm new to this site and would like some advice regarding a purchase my husband and I want to do. The property is of non-construction build (chicken wire and hay!!) with bags of potential; we have been advised by the EA that a couple of offers have been placed but all under the advertised guide price of 100k; we think in the between 70-90k. this is all new to us and we want to make an offerbut don't know where to start. Does anyone have any ideas? would be greatly appreciated. Petra

Comments

  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Guide price which country, England or Scotland? Will you get a mortgage for that construction method, do you need a mortgage?
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • Hi Firefox; no we wouldn't need a mortgage and the property is in England, thanks
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    petrouski wrote: »
    no we wouldn't need a mortgage
    What is your exit strategy? Don't proceed until you are clear in your mind how to sell this property on. If it is unmortgagable, you will be limited to cash buyers. The agent will be well aware of this and I have no doubt, many agents would be tempted to invent fake interest and competition from other buyers to make it appear as though you would have no problem selling on.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • tim123456789
    tim123456789 Posts: 1,787 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If it's non standard construction no-one will get a mortgage and it's cash buyers only (including when you sell)

    From what you say the price seems widely optimitic waiting for a numpty buyer to pay over the odds without realising it. YMMV

    tim
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    petrouski wrote: »
    the advertised guide price of 100k; we think in the between 70-90k. this is all new to us and we want to make an offerbut don't know where to start. Does anyone have any ideas? would be greatly appreciated. Petra

    We don't have enough info really. If the property is a legal dwelling and it has enough land, or is in the right place, then the site alone might be worth £100k.

    Or it might be not much better than a barn in the corner of some isolated field, miles from services and worth under £50k.
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