Bid Wars - MOVED

[5150]

Hi there,

Just thought I'd bounce this off some of you, for a different angle / opinion.

Sold my house and conveyancing already started.

Seen a house I definitely want. Up for 'Guide Price' of £375,000, I offered £370,000, which was rejected at the weekend.

House has couple of viewings this week , so wondered what would you do?!

1. Sit tight and wait to see what offers come in (if any)?
2. Lob in another offer?
3. Stage an all-night one-man rave for the next week. . .

4. Anything else

No gazumping please.

[SS2.]

If I really wanted the place, I'd probably up the offer another £2k / £3k but attach two conditions:

1) If it's accepted, the house is taken off the market immediately, and..

2) If declined, the offer reverts back to the £370k original.

If it was declined, I also think I'd be asking the EA where they thought we needed to be on price.

[TA14]

More info is needed. e.g. how quickly do you want/need to move, how easy is the house to value, what's the going rate, what else is on the market, what did the EA say? You're already only about 1% off the guide price so it wasn't much of a guide.

[GT03ROB]

TA14 said:

You're already only about 1% off the guide price so it wasn't much of a guide.

Except there are 2 more viewing booked for the week, so they are clearly waiting for those 1st.

[hyphen]

SS2. said:

If I really wanted the place, I'd probably up the offer another £2k / £3k but attach two conditions:

1) If it's accepted, the house is taken off the market immediately, and..

2) If declined, the offer reverts back to the £370k original.

If it was declined, I also think I'd be asking the EA where they thought we needed to be on price.

Why mess about with going short by 2/3k again? If they have turned down a 5k difference, they are pretty confident of it being priced well and doing this may annoy the vendors.

I would informally ask the agent if the vendor would take it off the market if asking price is met and take it from there.

Guide price probably means they are hoping to get a few bids at asking and then use sealed bids to get as much as they can.

Edited by hyphen on Monday 3rd April 14:46

[5150]

Thanks so far:

Re: more info,

Not in any hurry to move, but my buyer is bound to start applying pressure at some point.

EA said they personally would have recommended selling with 'OIEO' £375,000, but we have this wooly/ballpark guide price instead. There's not a huge amount on the market, and only a handful in the same village for similar price.

I'm the first to view / put an offer in, so I'm guessing the seller wants to see what else come in . . . ?

[GetCarter]

Twice (in England) I've really wanted a house, and offered the asking price - got both. Never regretted the few grand I might have got off.

I got the houses I wanted and spent 20 happy years in them.

For a few grand ... really? Just offer the asking price if you want it. Life is WAY too short.

[R8Steve]

Maybe it's not the right thing to do but every time i've bought a house i've simply asked the owners what they are looking to get and made an offer of that amount.

Saves a lot of messing around IMO.

[TA14]

5150 said:

I'm the first to view / put an offer in, so I'm guessing the seller wants to see what else come in . . . ?

That's what 03 said as well but if that were the case they would have said that they were considering your offer so that if the other viewers come in with no/lower offers yours can be accepted; if they come back to you now they'll be in a weak position.

Given what the EA has said I tend to think that they won't accept below £375K in any circumstances, for a while at least, so if you want it quickly are you prepared to offer eventually up to say £400K?

[5150]

...........

Edited by 5150 on Monday 3rd April 20:09

[mike9009]

If you 'definitely' want it, why are you worrying about £5k?

If there is really nothing else on the market taking your fancy and the sellers are playing hardball then just do it. You may just regret it otherwise......

Mike

[5150]

mike9009 said:

If you 'definitely' want it, why are you worrying about £5k?

If there is really nothing else on the market taking your fancy and the sellers are playing hardball then just do it. You may just regret it otherwise......

Mike

Thanks all.

Mike, totally agree. Fully intend on going higher - was after opinions on the whole 'guide price' thing and that there are more viewings booked for this week. If you offer asking, then they've nowhere to go, but the 'guide price' blurrs the lines completely. I've obviously got a max figure in my head, but would you go there immediately? Probably not.....