Bidding issue advice

trobbin

Hi all, asking this out of curiosity and for a colleague.

Anyway he and the wife have been bidding on a house, they're FTB'ers that are fully approved with sizeable deposit. So the property is advertised about six weeks and bidding has been reasonable, started low and was creeping up, in increments of €1k to €3k with 3 bidders. One bidder seemed to leave. Anyway it was currently at €15k under asking and EA has called saying new bidder has come in with a bid of asking price (which is very fare) but he told him this new bidder isn't ready and needs to sell a house..

I thought this was maybe strange. I understand people on a chain, but should my colleague be trying to compete with that? Or should he be saying, I'm ready and I'm not some pie in the sky offer saying "I'll buy yer house if I sell mine at the right price"?

I'm asking others opinions because this lad asks me for opinions and I'm very pessimistic and I feel it might be unfair of me to put him off, but I also don't want him getting done.

Thoughts please

TRS30

They need to put a value on what the house is worth to them (note the 'to them' part) and then bid up to this amount. Once they reach this amount walk away. It also depends on the EA and stress that they are not in a chain (i.e. no house to sell) are mortgage approved and ready to close straight away. Some buyers will prefer a lesser amount for a quicker, easier sale.

Parchment

As the poster above said - they need to pick their own price for it and go with that.

Also if they are interested in the house, others will be too.

spaceHopper

1K increments is wast of time it leaves room for somebody else to come in with 20K more and snap up the house, its what we did.

Figure out what the house is worth to them and bid that. They could try making an offer mid way between their offer and the asking stressing that they are not in a chain and have approval.

davindub

trobbin wrote: »

Hi all, asking this out of curiosity and for a colleague.

Anyway he and the wife have been bidding on a house, they're FTB'ers that are fully approved with sizeable deposit. So the property is advertised about six weeks and bidding has been reasonable, started low and was creeping up, in increments of €1k to €3k with 3 bidders. One bidder seemed to leave. Anyway it was currently at €15k under asking and EA has called saying new bidder has come in with a bid of asking price (which is very fare) but he told him this new bidder isn't ready and needs to sell a house..

I thought this was maybe strange. I understand people on a chain, but should my colleague be trying to compete with that? Or should he be saying, I'm ready and I'm not some pie in the sky offer saying "I'll buy yer house if I sell mine at the right price"?

I'm asking others opinions because this lad asks me for opinions and I'm very pessimistic and I feel it might be unfair of me to put him off, but I also don't want him getting done.

Thoughts please

Unfortunately there is no way of knowing, for sure, but I would see it as a strategy to get to asking price. In other words match and we sell to you...

TBH your friends should have more than 1 target and see what they can close rather than focusing on one. Even if the vendor is ready to close at a price, its not unknown for another bidder to jump in.

BeardySi

Increase by a couple of grand, stress that they're ready to close immediately with approval and make if clear they're willing to walk away if it's not accepted in x days... It's entering silly buggers territory.

Samuel T. Cogley

The no chain aspect is worth something so come in a bit under asking and see how you get on. Some people vendors will look at the bids only - everyone is different.