How many offers to make before top bid?

PeteW

Hiya, we're very interested in a £270k property for which I made an (unsuccessful) offer of £230k on Thursday.

The maximum we are prepared to pay is £250k.

I'm unsure how much to up my offer by and how many bids to put in before reaching our maximum (hopefully they'll accept before then!)

What I was thinking was go from 230, to 240 then to around 246 before finally 250.

Any suggestions?

Pete

m00m00

wait a couple of weeks and see what happens with your original offer, you might see a sudden change of heart from the vendor

a property listed at 270 is not going to get any offers above 250 due to the stamp duty issue, so really a 230 offer is less than 10% below what they are realistically going to get offered on this property.

PeteW

You might be right, but properties are still selling in this area, and I don't want to let it go as it seems so much better than anything else at that price.

patchwork_cat

Personally I would say that 230k on 270K ask is a bit low, have you checked other houses on houseprices.co.uk? It depends how much you want the house I have had one sale were the owner was pratting about £500 that is silly. I would have thought that 2 to 3 offers was about right. If you really want it go in at 250k now

SquatNow

Dont get involved in a "bidding" war.

Remember, you're not bidding against another bidder, just against the sellers aspirations.

In the current market sellers aspirations of their property's value are in lala land.

Give it a few weeks and the news on TV will have woken them all up and the bidding wa will be in reverse... sellers will be undercutting each other.

Treadmill

PeteW wrote: »

Hiya, we're very interested in a £270k property for which I made an (unsuccessful) offer of £230k on Thursday.

The maximum we are prepared to pay is £250k.

I'm unsure how much to up my offer by and how many bids to put in before reaching our maximum (hopefully they'll accept before then!)

What I was thinking was go from 230, to 240 then to around 246 before finally 250.

Any suggestions?

Pete

I think you'll be lucky to get it at 250K so make that your next bid and let them know its final, I think people are forgetting that there are still people out there buying houses, in the long run is it worth risking losing a house you want over a few grand ?

hostman

Treadmill wrote: »

I think you'll be lucky to get it at 250K so make that your next bid and let them know its final, I think people are forgetting that there are still people out there buying houses, in the long run is it worth risking losing a house you want over a few grand ?

Yes, because if you buy now and as prices continue to tank further, you'll be in the poo financially and wishing you waited.

Only a fool would buy now with weekly news of further deep declines!