Sellers bidding against each other, room for a better deal?

ReadingTim

MobileSaver said:

So how long should renters looking to buy stay away from the market for? Does 10 years paying their landlord's mortgage instead of their own sound like the best plan to you?

Exactly.  And you don't think landlords will swallow interest rate rises themselves will they?  Hell no, they'll pass those straight onto the tenant.... 

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

mi-key said:

theoretica said:

For many people looking to buy a house there will be more than one property they could be interested in - this situation is not really unusual- just the properties are a bit closer together than often.

Being interested in a couple of houses in an area is quite normal, but you don't play the sellers off against each other by making an offer then going back and forth between them and reducing your offer each time

it is best to just stay away from the market just now until interest rates find their upper limit

How will you know when interest rates "find their upper limit", whatever that might be?

In the early '70s interest rates were roughly where they are now and took something like 10 years to to find their upper limit of 17%. Amongst younger households, the ones more typically looking to buy just now, around half are currently renting.

So how long should renters looking to buy stay away from the market for? Does 10 years paying their landlord's mortgage instead of their own sound like the best plan to you?

My advice would be not to compare now to the 1970`s, because there is no comparison and to take internet advice with a pinch of salt. We have not taken long to get from near zero to 4% so ten years to wait for a clearer picture seems pretty unlikely.

fackers_2

Spoken to the EAs for each property - It’s a total coincidence, that 3 properties are up for sale within 20 meters apart. 2 moving to be closer to family and one can’t afford to keep the house. There aren’t any new building applications for the area, no flood risks, nothing that’s off putting. They did all reference the other houses and each EA representing said they’re each happy to consider offers below asking price. 

mi-key

fackers_2 said:

Spoken to the EAs for each property - It’s a total coincidence, that 3 properties are up for sale within 20 meters apart. 2 moving to be closer to family and one can’t afford to keep the house. There aren’t any new building applications for the area, no flood risks, nothing that’s off putting. They did all reference the other houses and each EA representing said they’re each happy to consider offers below asking price. 

We will expect to hear you have played them off against each other and had a very low offer accepted in the next few days then...

jimbog

fackers_2 said:

Spoken to the EAs for each property - It’s a total coincidence, that 3 properties are up for sale within 20 meters apart. 2 moving to be closer to family and one can’t afford to keep the house. There aren’t any new building applications for the area, no flood risks, nothing that’s off putting. They did all reference the other houses and each EA representing said they’re each happy to consider offers below asking price. 

Let's call them property A, property B and property C. What are the asking prices for each at the moment?

Keep us updated

Let the games begin!

Sarah1Mitty2

fackers_2 said:

Spoken to the EAs for each property - It’s a total coincidence, that 3 properties are up for sale within 20 meters apart. 2 moving to be closer to family and one can’t afford to keep the house. There aren’t any new building applications for the area, no flood risks, nothing that’s off putting. They did all reference the other houses and each EA representing said they’re each happy to consider offers below asking price. 

Sensible, they want to get on with their lives rather than wait years to break even or get a price that they plucked out of thin air from watching property shows on telly, very sensible sellers here, looking good for your purchase going well now.

MobileSaver

fackers_2 said:

2 moving to be closer to family ... they’re each happy to consider offers below asking price. 

Depending on the specifics reasons why, this could turn out to be your silver lining.

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

It was the perfect deal, a win:win situation. Yes, I picked up a bargain and they received a lot less for their home than they would have liked but at the time money wasn't their priority, they just wanted to move closer to and focus on the family member and my completing the purchase quickly allowed them to do that.

Sarah1Mitty2

MobileSaver said:

fackers_2 said:

2 moving to be closer to family ... they’re each happy to consider offers below asking price. 

Depending on the specifics reasons why, this could turn out to be your silver lining.

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

It was the perfect deal, a win:win situation. Yes, I picked up a bargain and they received a lot less for their home than they would have liked but at the time money wasn't their priority, they just wanted to move closer to and focus on the family member and my completing the purchase quickly allowed them to do that.

Good move for both of you, in this case the seller who can`t afford their house any more is going to be more open to low offers.

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

fackers_2 said:

2 moving to be closer to family ... they’re each happy to consider offers below asking price. 

Depending on the specifics reasons why, this could turn out to be your silver lining.

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

It was the perfect deal, a win:win situation. Yes, I picked up a bargain and they received a lot less for their home than they would have liked but at the time money wasn't their priority, they just wanted to move closer to and focus on the family member and my completing the purchase quickly allowed them to do that.

Good move for both of you, in this case the seller who can`t afford their house any more is going to be more open to low offers.

Agreed. As I've said in another thread, most sellers aren't desperate in that way but if you're lucky enough to be interested in a property where the seller is desperate then you may well pick up a bargain regardless of what the housing market is doing.

jimbog

fackers_2 said:

Spoken to the EAs for each property - It’s a total coincidence, that 3 properties are up for sale within 20 meters apart. 2 moving to be closer to family and one can’t afford to keep the house. There aren’t any new building applications for the area, no flood risks, nothing that’s off putting. They did all reference the other houses and each EA representing said they’re each happy to consider offers below asking price. 

Any updates on the bidding war?