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Cash buy only - Help with bidding
petrouski
Posts: 3 Newbie
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
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Comments
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Guide price which country, England or Scotland? Will you get a mortgage for that construction method, do you need a mortgage?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Hi Firefox; no we wouldn't need a mortgage and the property is in England, thanks0
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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.no we wouldn't need a mortgageYou 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'0 -
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
tim0 -
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.0
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