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Closed and Final Bids

(4 Posts)
ChilliBeanSauce Fri 21-Aug-20 16:05:13

Ex-council house semi, done to a nice standard by the current owners, just came on the market in the area I want to move too with kids. Close to a sought after secondary that I would like to send my children too. Decent sized garden. The bid process is closed and final, so you submit your final bid and the best offer gets chosen. I am chain free and a cash buyer, but dont want to spend all my money on purchasing the house as it does need (in my view) a bigger kitchen (its tiny!) and a loft extension to give it 3 double bedrooms. I also need to move pretty quickly (need to be in by November/December). EA states that he has had loads of interest in the property and 25 viewings are all on Saturday, bids to be submitted by Monday eve. Its on at 10 K below what the EA has valued it at. I know this is a bit of a how long is a piece of string question, but, have any of you done something similar and how much percentage wise over the EA's estimated market value would you go in my position ?

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JoJoSM2 Fri 21-Aug-20 17:04:16

It really depends. I’ve seen some houses end up at asking price or even below but I’ve also seen some go for insane amounts more.

Just work out what you’re willing to pay for it so that if someone outbids you, you won’t regret it. You’re in a great position too so it’s possible that your offer gets chosen even if it’s a little lower than some others.

Maryfloppins Fri 21-Aug-20 17:10:07

If it’s helpful, I’m just about to complete and starting bids very quickly went up to 15k more than asking price before going to sealed bids.
( I’m terrible though, I sold it to the sweetest young couple who were FTB even though I could of gone for more with other purchasers, they looked like they needed the break)
You needing a place for secondary school would of won me over too 🤣

ChilliBeanSauce Fri 21-Aug-20 17:41:10

@Maryfloppins that’s really helpful ! I’m also divorcing so trying to make everything as smooth as possible for children. The vendors won’t be on site but I think you’ve inspired me to add a little note and photo of kids & our dog alongside my bid smile

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