Bid On Property

[Ric.ror]

I have just had a bid rejected on a property - its been on sale for about a week and the seller said my bid was below what they wanted and they had more viewings next week. Should I wait until next week and increase my bid or do it now? I don't want to appear too keen and get involved in a bidding war

[Gizmonster]

Only you know the answer really, 'cos the question is, how much do you want the property and how much would you be willing to pay??
Would you be disappointed if someone put in a higher offer and the property was sold??

[spathiphyllum]

I agree with Giz. How badly do you want this property? If it's one you would not liek to loose out on, then don't be afraid to seem keen.

[TonyV]

Really depends on two things, how much do you want the property, and how low was your offer, normal practice is to start with an offer at 10% below asking price. Have you spoken to estate agent, in their interest to get property sold ASAP.

[Ric.ror]

Well the price the agent got back to me with is the price I wanted to pay BUT if I go in with the price (not the on sale price BTW) - he might then say the seller still wants to show other people around and then thats when the bidding war might start

[Ric.ror]

I did offer just over 10% below the on sale price

[Ric.ror]

Right - I have just increased my offer and told them it would be my final offer - it is 6.67% off the asking price

[Ric.ror]

Okay - I bid on the property twice and said my last offer was my final one. The EA said he passed it on and the seller was reluctant to accept but would get back to me on Monday. He hasn’t been in touch yet to say yah or nay

[spathiphyllum]

well good luck! sounds like you want it, so go for it. (like you have)

House prices may lower after brexit my friend thinks, i think they'll increase

[Ric.ror]

UPDATE - still no word from the EA - despite saying he would get back to me - the EA has apologised for the delay saying the vendor seems to be taking a while to decide!

[Ric.ror]

I am thinking about booking a viewing with the same agent for a different property - that might work

[Peter Pedant]

the sellers agent almost certainly WILL want a bidding war as then his commission goes up ....

[Peter Pedant]

// House prices may lower after brexit my friend thinks, i think they'll increase//

I cant see that the uncertainty over Brexit has INCREASED prices - I think they are depressed which means they should go up once it is settled .... buy now

[Ric.ror]

I have just heard - they have not accepted my offer - never mind I can wait for something better to come along

[Bazile]

Is that 100k still burning a hole in your pocket ?

[Ric.ror]

It’s more than that but I’m whittling it away and need a B2L to supplement my income ;-))