I'm looking at a house asking price 55,000 ish. Offers already in up to 58,000.

What do people reckon is a realistic figure to offer as a final offer, bearing in mind I'm pretty keen to get it and don't mind spending a *little* bit over what it *might* be possible to get it for?

Obviously no Estate Agents will give me a straight answer as to what they reckon!

I'm currently looking at a property with bids which are £16k over the asking price already.

A house is worth what you feel you want to pay for it.
If it's worth £60k then pay it (or bid it)... if you thinks it's only worth £58k then only offer that.

Obviously the house will need to come back as being valued as such too, or the bank wont lend the money!

Best of luck Yoda!

Can't you just go back to the cave on Dagobah?

mmm makes me angry all this over the asking price mallarcy 4 years ago to even get the asking price was brill but now its mad my mate puthis house up for 108.000 and got 132.000 iv just had an offer accepted that wasnt that bad valued at 69.950 im payin 72.000

CRAZY CRAZY COUNTRY WE LIVE IN

Originally posted by fuzbuz
iv just had an offer accepted that wasnt that bad valued at 69.950 im payin 72.000

I thought you were a student :?

the only reason (simplistically) that house prices are rising is cos people feel they have to pay more - so they do, and prices creep up.

however it appears that it is starting to become a buyers market.

http://www.guardian.co.uk/business/story/0,3604,1187585,00.html

(although not yet in yorkshire but I expect this to be the case in the next few months when people start tightening their belts)

why do people feel they have to pay more ? because it's the estate agents with the practice of undervaluing, then revealing bids and then 'final sealed bids' etc which ensures the prices keep going up and up.

Example: last week we booked to view a property on at £175K, latest bids were at £178K. When we went to view last night bids had reached £202K!!!!!!!!!!!!!

it's a mad system here, say you have a budget of 150k, anywhere else you would look at houses for 150k, here what do you look at 130, 120, 100???????

As if buying a house isn't annoying enough

Hmmm, yeah I agree with all the thoughts here, but no definite advice. Not that I'm complaining, I know its really difficult to know.
Guess I just have to offer what I can afford, without going too far over the top on what its worth.

What about any advice on what sort of percentage to go over what the final disclosed bid is on the sealed bids? Do people tend to not go a lot further over at that stage or what?

I guess its a bit of a lottery

Is it the same situation for new builds? Or are they a fixed price?

New builds are a fixed price, but on they generally go up each time a new 'phase' of houses is released.

As for bidding, I don't think there are any rules. My advice would be to set your limit for whatever you are looking for and stick to it. Then just be patient and keep as many other house options open as you can.

Of course trying to do a deal on the spot with the vendor is also an option, but they just want to get as much as possible - only natural given the market. The estate agent might also give details of sale prices of similar properties if they are wanting to help.

Well thanks everyone, I have considered all sorts of advice that I received on this thread and several others, and have put in a bid which has been accepted today.

So (touch wood) should be a proud homeowner once the mortgage and conveyancing all goes through. I possibly could have got it for a little bit less, but have heard so many horror stories of people offering for years before being accepted put in a bid maybe slightly on the high side, but not ludicrously unrealistic.

I would hate to be buying my own house at the present time.

I've got this feeling that house prices just cannot go on rising like they are doing. And I heard some expert bloke on TV agreeing with me.

He reckons that interest rates are on an upward trend and many people will not be able to pay their mortgage if interest rates go up by a few percent.

They will have to sell up = more houses on the market = house prices dropping.

It seems so tempting to increase your offer when you fall in love with a property but I would try and work out what would happen to me if interest rates doubled.

Originally posted by Yodameister



Well thanks everyone.


You're Welcome LOL.