How much should we bid?

[butlerk93]

Tomorrow we are going to view a house that appears to be our dream house. We missed out on one a fortnight ago as the seller opted to go with someone who had no chain behind them. With very little coming up we can’t believe how perfect this one appears to be for us. Obviously we are going to view it to make sure, but unless anything major comes up, we would like to make an offer on the spot.

For context we are in the north west. The asking price is 455k, we are able to go up to 495k but we are thinking our max bid is 470k.

We have sold our house and are waiting for that to all go through so will be in a chain. We will have a 20% deposit. Providing all goes well with the viewing, we are really keen and don’t want to lose it. We also don’t want to let our hearts rule our heads. It’s not made it onto Rightmove yet and already has a day of viewings tomorrow.

What do you think we should go in at? We were thinking around 462k initially. We envisage a bidding war. Please can you share your thoughts on this? We’ve been in our current property 11 years and bought it from new bidding for a property is still new to us.

Id put your max down if it really is your dream house. Don't want to be outbid by anyone!

Do you need to bid? I’d just offer the asking price and go from there,

no need to prematurely start a bidding war if you do t need to by bidding against yourself

I’d also put your letter in writing and pop it through the actual post box that evening. I don’t trust estate agents, so in the letter just say that you will be doing through the correct channels but just wanted to let them know how much you want it and that you will be safe and reliable buyers.

Obviously £462,977.

I really don’t know how you can expect anyone one here to tell you. I’m sure you have done your market research so will know how much it is worth in your local market, and then you will need to weigh that against how much you want the house.

The last house we bought we went in at £10k the ‘offers over’ value because we knew we really wanted it and wanted to put ourselves in the best position. However, an earlier house we liked (but not loved) went to ‘best and final’ - we weren’t prepared to go over so we stuck with asking but didn’t get it. I think once you have viewed it in person you’ll know how much you want it.

If you desperately want it I would just go in at the price you are actually willing to pay for it. We lost a house because we thought the vendor would negotiate, but actually they just went with the person who bid higher than us, and didn’t give us the opportunity to up our price. It was a bitter lesson to learn.

How long has it been on the market?

I would offer the asking price. If it goes to a bidding war, surely the EA will tell all interested parties to submit their best and final offers.

Why wouldn't you just offer asking on the basis it's removed from the market? Sales are relatively flat at the moment surely they've put it up for what they need to get for it probably with a bit of wiggle room if people offer under

It is massively area dependent. We have lost out on 2 houses recently with offers from us 30k over asking, we have our buyer secured and in a rental so we are a ‘good buyer’ but still lost out. Finally secured one we really really wanted with an offer £55k over asking. Still going through conveyancing though so anything could still happen if the seller doesn’t find something they want to buy. South Wales. Other houses we didn’t like so much seem to be really sticking so clearly everyone else agrees with us from the fact no one else has bought them either yet.

It’s been on the estate agents website since Tuesday. They’ve been ‘teasing’ it on their socials since Saturday. It hasn’t gone onto Rightmove, I’m guessing as they’re expecting a sale from tomorrow perhaps.

Your area must be bucking the trend then, because in this area houses are being reduced left, right and centre.

It’s early days but I’d go in at £440k unless it’s a hot market in your location!

Thanks everyone, lots of food for thought here!

Many areas are seeing falling demand and prices dropping now I believe.

I think I’d offer £460k at first. It’s well above the asking price so shows you’re serious. If it goes to a bidding war, you can offer more. The only thing not in your favour is that you’re in a chain. They might have an equally good offer from a first time buyer.

Can you link it? Otherwise we have no idea!

By bid do you mean offer?

Thank you everyone for your responses. We didn’t get it. We just went for it and offered 16k over asking price and were still outbid. We’re gutted as it was perfect but we’d be being silly to go any higher.

Offer under asking price and an odd number.

Sorry you didn’t get the house. It’s gutting when that helps. Hopefully another house will come on sale. Maybe let the estate agent know you would
ike to be contacted if it falls through.