How much to bid.

Aph2016

Hi all,

Is there a general rule of thumb on how much to bid on a property? Should we go 10k under the asking or can anyone share their experiences.

listermint

There is no hard and fast guide,

Condition, location, other bidders your own finances.

Too many variables tbh, Bid as much as you are comfortable with and work from there.

Bellview

Look at property register and check if any house nearby has sold as this will help.

johnnyskeleton

How much is the property worth to you? Bid up to that, and no more.

Some properties are put on the market at teasingly low prices e.g. 200k on a street that normally costs 250k. The idea is to generate as many bids as possible. There is little benefit to underbidding on such a property as they want more than the asking price. You could if youre the first bidder, but realistically expect to be outbid fairly quickly.

Other properties are priced too high and so spend a lot of time on the market. Underbidding is useful in this scenario.

CIARAN_BOYLE

Generally for me you open bidding at somewhere around 90% of the maximum you would be willing to pay for the property (assuming that is below asking).