When to stop bidding when you’re the only bidder?

changingmyways

Hey there

So we are first time buyers and found a house we love that has been in the market at offers over £174,995.

We decided just to go straight in with a bid if £170000 thinking that was a good bid. It was rejected, offered 172, rejected. We are going to put in a bid of 175 and think that’s our very final bid.

We are the only people who are putting in a bid and there are no other notes of interest. They have also not given any indication of what they want.

My question is, when do you stop bidding when you’re esentially bidding against ourselves? Do we give them our final offer and leave it at that and hope that they either accept or wait a while and don’t get anyone else?

ProDave

Are you in Scotland (that's where offers over is more common)? If so what value does the home report say?

theartfullodger

Withdraw £172k, offer £170k again, then do nothing (NOTHING!) for 2 weeks.



And explain why you are an excellent purchaser (eg cash buyer, no chain... ).


Currently they are playing you: Turn to tables!


NB After 2 weeks drop to £169k

TamsinC

You stop bidding either when you have reached your maximum budget or when then vendors accept your offer (hopefully before you reach your maximum budget). You aren't really bidding against yourself - you are trying to match the vendors expectations of what they wish to achieve.

We sold with offers over - basically we were telling buyers we wanted £XXX and NO LESS. We got an offer over and accepted it. Had we got an offer under we would have rejected it (there was a reason we put offers over). I would imagine they will accept £175K or at least come back with a figure. If they don't' ask the EA to ask them or was away - leave the offer on the table, make sure the agent knows you will be looking at other properties and lets the vendor know and revisit it in a couple of weeks.

TamsinC

theartfullodger wrote: »

Withdraw £172k, offer £170k again, then do nothing (NOTHING!) for 2 weeks.



And explain why you are an excellent purchaser (eg cash buyer, no chain... ).


Currently they are playing you: Turn to tables!


NB After 2 weeks drop to £169k

I see your tactic but I dont agree with it - if you had been after my property that would make me feel you were a guzunder type of person and far too much hassle and I would walk away.

D_M_E

Go back to the agents and tell them it's £172k and not a penny more and wait.

Give them 2 weeks max and if they don't come back find something else - which you should be doing anyway.

Also specify that if your offer is accepted then you want it removed from marketing.

As you are the only bidder you stand a good chance of getting it but be prepared to wait.

PasturesNew

99.99% of houses advertised at "offers over" won't accept a penny less than that amount for at least six months.... maybe years.

You're over-thinking it.

You know what the minimum they've got in mind is - so either sit on your current bid, or up it to at least their minimum and wait/see.

You can't make somebody accept an offer, low, spot on, or even high. There's nowt so queer as folk - and every seller believes "the right person" is out there that will pay the price they want.

Either pay up .... or wait it out.

SG27

PasturesNew wrote: »

99.99% of houses advertised at "offers over" won't accept a penny less than that amount for at least six months.... maybe years.

You're over-thinking it.

You know what the minimum they've got in mind is - so either sit on your current bid, or up it to at least their minimum and wait/see.

You can't make somebody accept an offer, low, spot on, or even high. There's nowt so queer as folk - and every seller believes "the right person" is out there that will pay the price they want.

Either pay up .... or wait it out.

Not sure 99.99%. The house we are buying was OIEO of £340k we had £333k accepted.

FTBuyerGlasgow

The house we bought started at OO £130k, 6 months of no interest they fixed at £120k and we snapped it up.

The seller's wife had died and he was moving back in with his mum.

I think it's all about circumstances, but my rule of thumb is offers over is to be taken with a pinch of salt.

My advice would be to stick to the £172k if you genuinely believe you are the only bidder.

Going in with £175k now just makes you look desperate, and you are kind of only mugging yourself off bidding against yourself.

shortcrust

I wouldn’t mess about if I thought an extra 3k would get me the house I loved.

changingmyways

Thanks for all the replies they’ve been very helpful.

To answer the first question, yes we live in Scotland. Pretty much everything is “offers over”

We are prepared to give 175 as our final offer and we won’t go a penny over. It’s been up for 3 months and are the only interested party at present.

I hate the waiting game!

Another question, is it reasonable to tell them our final offer is only valid until a specific date? In order to put pressure on them.