What to offer? 1st time buyer don't want to miss out

Turnbull2000

As the others say, put forward 145K and imply that it's a serious offer.

That house was probably going for 90K or less just a few years ago and then doubled in price for no fundamental reason. So there's no reason why it can't be worth a few dozen thousand less too. The 164K is just a valuation - not what the property is worth. No different to me putting a 'value' of 15K on my kettle.

poppy10_2

sozzifer wrote: »

I was thinking of starting the bidding at £185K - would that be too cheeky?

In a buyer's market, a good rule of thumb is "if you aren't embarrassed by how low your first bid is, it isn't low enough"

sozzifer

poppy10 wrote: »

In a buyer's market, a good rule of thumb is "if you aren't embarrassed by how low your first bid is, it isn't low enough"

I offered £185K - got a phone call 5 minutes later rejecting it. Have now upped it to £193K - just waiting to hear back.

Doozergirl

sozzifer wrote: »

I offered £185K - got a phone call 5 minutes later rejecting it. Have now upped it to £193K - just waiting to hear back.

If you get first offer accepted, you're lucky! It's all a game which you have to play. Offering that much that soon makes your first offer completely pointless

Slowly, slowly catchy monkey!

I hope this one gets accepted though, of course

SquatNow

If your saying you "don't want to miss out" then you shouldn't be buying.

No-one should be buying in the current market to avoid "missing out". The only thing you are missing out on is negative equity.