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Bidding War
Tri_86
Posts: 3 Newbie
Hi, I'd be really grateful for any advice!
I'm currently caught up in a bit of a bidding war for a house I viewed.
The house was on sale for 190,000 and I put an offer for the asking price, The vendors have said that others have offered 192,000 and would like best and final offers by the end of the week.
I'd really like the house, but I'm a first time buyer and don't want to over bid or underbid! (I can afford to increase by bid) Any tips for how much sounds reasonable to increase by bid by?
I'm currently caught up in a bit of a bidding war for a house I viewed.
The house was on sale for 190,000 and I put an offer for the asking price, The vendors have said that others have offered 192,000 and would like best and final offers by the end of the week.
I'd really like the house, but I'm a first time buyer and don't want to over bid or underbid! (I can afford to increase by bid) Any tips for how much sounds reasonable to increase by bid by?
0
Comments
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Are the other people you're bidding against real people or has the estate agent invented them to get you to pay more for the house0
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I heard this direct from the owner as it's being sold through an online house selling company. I think it's genuine as I met the owner at the viewing and he seemed a very straightforward guy.0
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How much spare do you have in savings? If you bid £192k to get this house and then it gets valued at £190 by your bank or building society you will have to make up the difference from savings.0
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I could probably pay up to 10K more (as I have quite a bit of savings) but it's definitely not worth 10K more, I just don't know how much more to pay. I was thinking perhaps 195 ish?0
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Is it your dream house? Is it a house that you see yourself living in for 10++ years or is it just somewhere until you get some equity to buy something better? If you really love it then I would pay the extra say 194k because the decision will be emotionally based otherwise the decision has to be a more financial / sensible based then and in that case I would leave this one and look at other properties.0
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Offer what you think it is worth to you, figure out the price you would regret not paying if you missed out, and that you wouldn't regret paying if you got the house.0
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