What do you do when property has a guide price?

sterl1ng

I saw a crackin little property online yesterday and seeing it this evening, the guide price is 165-175k. It was on the market early July so figure go in less but I've learnt today that a buyer pulled out AND there will be other people viewing it with me tonight so that does kinda make me bit nervous. Who knows I may not like it but if I do not quite sure where to go in on the offer given other veiwers may take a chance too.

I know I should bid in what its worth to me so I was first going to go in at say 160k then play with that. Whilst I can afford the 175k I want to get best deal I can.

p00hsticks

I'd say that if possible you want to find out why the previous buyer pulled out, as one possibility it suggests is that perhaps there is some fault that showed up on their survey ?

witchy1066

at guide price 165 to 175 , depending on how much you like it after viewing, offer 165,

seems to me they want at least 170 but we all know what they want and what they get depends on how many people like the house , so expect to go to your limit,

Mr_Moo_2

Like all properties, you offer what its worth to you, taking into account local prices, level of competition for the house, work required, and so on. This may be inside the guide price or outside depending on how good the EA is, and what they're telling their client.

sterl1ng

p00hsticks wrote: »

I'd say that if possible you want to find out why the previous buyer pulled out, as one possibility it suggests is that perhaps there is some fault that showed up on their survey ?

But won't they sugar coat it with something else? I know a bit of work is required on property. I guess I was taken back that buyer pulled out. Perhaps once EA calls later to confirm the viewing (he's trying to still get hold of vendor) he can tell me why but I'll ask him later if I see him.

pinkteapot

I had a wonderfully honest EA last month:

EA: We've got a property that's just come back to the market.
Me: Why has it come back to the market?
EA: The previous buyer pulled out.
Me: How come?
EA: Their surveyor raised concerns about some cracks around the extension and recommended that a structural engineer's report be carried out.

Never thought I'd get an answer that honest from an EA. :rotfl:

sterl1ng

You see I don't think i'll get that kind of honesty

Conrad

In my day to day experience most EA's have no desire to waste time and so tend to be frank up front rather than put a deal together knowing full well the reason it may fall out of bed later.
No one gets paid until a sale has completed so I'd be surprised if the EA is not candid.

As to what to offer - whatever it's worth to you, but do keep in mind it's very much a sellers markets across much of the country now.

If you think it's a 'crackin little place' no doubts others will so do.

Road_Hog

sterl1ng wrote: »

I know I should bid in what its worth to me so I was first going to go in at say 160k then play with that. Whilst I can afford the 175k I want to get best deal I can.

It depends on how the EA handles it. I had 3 EAs value my property and all came in at spot on £210K - it's a terraced house in an area with lots of identical houses, so it's easy to value it.

The agent I went with, suggest at guide price of £200K (199,950) as a hook and have a Saturday open day and then push the most interested to £210K. I got my £210K offer the following Monday, although I did have some comedian offer me £180K.

TBH, Mr Moo has given you the best advice. If you like the property, then bid what you feel it is worth.

sterl1ng

Thanks all. Once I see the place I'll ask EA on buyer pulling out then decide on that. I have to admit, its not my dream home and the bathroom doesn't have window, plus living room is bit small but I think price is good. Whilst its advertised as a 1 bedder there is a small spare room of which I see as study/nursery potential for sure. Plus private garden so tickets most boxes.