Bidding dilema

tgon · 22 June 2008 at 6:03AM

I've put an opening offer of £220k on a house asking £235k. I've no chain and ready to move on it instantly. A rival offer has been placed at £229k but unsure of their position. The seller has not made his mind up on either offer yet. My budget is £230k. There is a scarcity of available houses in the area.

Do I:
1. Up my offer to my budget as final to try and secure a quick decision?
2. Reconsider my budget to the asking price go in at that figure?
3. Continue renting (which I absolutely hate) and hope market availability picks up?
4. Something else?

I feel I need to be proactive here. Advise most welcome.

Phil

bobby-boy_2 · 22 June 2008 at 7:32AM

Hi phil this is my opinion only: A lot of HPC people will say you are crazy to buy but if you want to buy as you hate renting I would stick with your original offer and re-emphasise you are chain free and can move quickly. This might be more of an advantage to the seller than the supposed higher offer ( where did it come from? Why did the EA disclose some one elses offer?) and a 6 month wait until completion etc.

tgon · 22 June 2008 at 8:17AM

Thanks. The EA only disclosed a broad range from which I took an average.

For background, I sold my house last January but didn't find another house so rented for 6 months with a plan to buy on a market losing value but have now discovered few properties coming up for sale. (I also discovered a disdain for renting!)

dander · 22 June 2008 at 8:33AM

If the seller hasn't made their mind up and there's a £9k difference in price, there must be something wrong with the other offer. Either, they're not in a position to move, or there isn't an offer, they're just trying to get you to go up. Hold your ground and emphasise your position.