Informal tender sealed bids - FTB

CluelessFTB_2

After a bit of advice.... A property has come on the market in my area, it's for sale by informal tender asking for sealed bids. The guide price is £90,000. It's a 3 bed, grade 2 listed house in need of modernisation.

I'm a first time buyer with a 10% deposit. How would I go about making a bid? I assume I need a DIP? A survey?

This may all be a big dream and not possible at all but I'm trying to explore my options / find out as much as possible!

ValHaller

Grade 2 listed and 10% deposit? Well, you could bid. A DIP would make you a more serious contender. The survey would come after the bid was accepted.

Prepare, however to be disappointed. If it needs work, this might (or might not) affect mortgagability and you might need to find money if a retention is required. And at Grade 2, you can expect to have lots of requirements imposed on you for the modernisation.

kingstreet

I agree. This may not be a project for a limited-funds FTB I'm afraid.

CluelessFTB_2

Thanks both. My dad is in property development so he has said he will help etc. I appreciate it might need a lot of money spent on it and if it is too much I won't even go there.