Unsure about bidding

AliceBanned

Hi

A few months ago I put an offer on a SO flat in an area that I really like, and is convenient for me to commute. However as I am a FTB I am cautious and decided to shop around for a while longer and pulled out after having a survey done.

The flat stayed on the market and then went to a lower asking price (well "offers above xx" which is probably just a marketing ploy. I realised after all this time I still hadn't found anything I like as much and may have to stick with it (despite SO which I have reservations about) so phoned the estate agent - a new one. They told me someone had met the previous asking price, and so I would have to go higher if i wanted it. I'm sure I annoyed the sellers by pulling out in the early stages, so they won't give it to me below the price I originally agreed. For some reason I keep feeling attached to this flat - so many good things going for it but it means me going SO as it is an expensive area. I am surprised to be in a bidding war if I go ahead - it is making me panic a bit and think I need to buy before the market picks up and I'm priced out completely. I'm reluctant to bid over my original agreed price as I will then seem desperate for this one flat (which I am in a way:D).

Generali

I cross posted to another board that might give you some better advice, I hope you don't mind:

https://forums.moneysavingexpert.com/discussion/4611703

If you do then hit the 'Report' button at the bottom of my post.

My advice to an FTB would be to take the emotion out of it. The chances are you're buying to sell later on. If you don't plan on being carried out of the house in a wooden box feet first then think about how you can sell and how much for. NEVER FALL IN LOVE WITH AN FTB HOUSE. (Sorry to shout but I really do feel quite strongly about that).

Good luck with your future purchase, whatever it may be.

IronWolf

You could put in a bid as a 'final offer' that way you make it clear you aren't going into a bidding war, but simply offer what the house is worth to you. Of course you have to considerthe value of houses in the area too, dont overpay

Percy1983

Generali wrote: »

I cross posted to another board that might give you some better advice, I hope you don't mind:

https://forums.moneysavingexpert.com/discussion/4611703

If you do then hit the 'Report' button at the bottom of my post.

My advice to an FTB would be to take the emotion out of it. The chances are you're buying to sell later on. If you don't plan on being carried out of the house in a wooden box feet first then think about how you can sell and how much for. NEVER FALL IN LOVE WITH AN FTB HOUSE. (Sorry to shout but I really do feel quite strongly about that).

Good luck with your future purchase, whatever it may be.

I love my FTB house and could be here until very old age, with that I bought to spec so I wouldn't need to move.