Advice on viewing and putting in offer

relax carry on

Morning. If prior to even viewing a property you are sure you want to put a bid in, how long would you wait to put a bid in? I wish be taken as serious bidder but do not want to seem eager to point of entering a bidding war against myself and buying at any price.
Secondly as we've been informed that there is a bid in at the asking price already, is there a certain percentage or amount above this that people would generally recommend to come back with.
Thanks

Eldarion

You definitely wouldn't want to put a bid in before even viewing the place. As for outbidding the "bid at asking price" which I'm sure is 100% legitimate, EAs would never lie to you, it depends on the price. Going below 1k increments would probably not be entertained but don't feel pressured into putting in +5k bids either.

Another thing to note is small increments definitely encourage bidding wars if that asking price bid turns out to be legit.

relax carry on

Eldarion wrote: »

You definitely wouldn't want to put a bid in before even viewing the place. As for outbidding the "bid at asking price" which I'm sure is 100% legitimate, EAs would never lie to you, it depends on the price. Going below 1k increments would probably not be entertained but don't feel pressured into putting in +5k bids either.

Another thing to note is small increments definitely encourage bidding wars if that asking price bid turns out to be legit.

Thanks. Wouldn't have put in the offer before viewing but am aware of the houses in that estate so barring some major structural problem that I can't see, the property ticks all the boxes with bells on. The for sale price is ridiculously low probably to encourage interest and a possible bidding war. Or perhaps to with the fact that it is a receiver sale. Maybe a combination of both.

Think I will try increments of 2500 or so. But since the process is not open I suppose I have no guarantees that I won't end up bidding against myself.

Never been through this process so reading about it can only give you so much i suppose.

miezekatze

It depends on how much demand there is, the bid may be genuine or it may not be. I would bid up in 2k increments, make sure you set yourself a limit though.

relax carry on

miezekatze wrote: »

It depends on how much demand there is, the bid may be genuine or it may not be. I would bid up in 2k increments, make sure you set yourself a limit though.

Thanks. Have a limit based on max amount approved for + a portion of savings for deposit. Remainder of savings to be set aside for the administration associated with buying. If price goes beyond our limit then that's it, thetes nothing we can do.

relax carry on

Just an update on this. Viewed house tonight. It has been rented pretty much since built so needs a lot of care and attention re cleaning and painting. There are damp spots in a few places linked to the multiple bathrooms. Agent reckons just from overflows not actual pipe problems. The tenant agrees.

A lot of the house has a worn feeling to it but some new carpets etc could do wonders. There are cracks at joins in the house with one extending from one end of a wall to the other on the gable end.

Have told the agent that we will do another viewing with a builder/engineer in the daylight. But barring any major faults I would like to place a bid.

As there should be a lot of interest in this property and given there's a offer in already should I put an offer in tomorrow with the provision that it's subject figuring our how much all the works required is going to cost us.

P. Breathnach

Don't rush to bid. The EA should know that you are seriously interested, and that's enough for the moment. I suggest that you take the line that once your expert has seen the property and advised on how much you might need to spend on it, you propose to make a realistic bid.

I'd be very interested in the cracks, particularly the long one you describe. They might indicate structural problems, and you don't want to deal with that. Make sure they are properly investigated.

Don't take anybody's word on the source of the damp patches unless that person is an expert working for you.

Don't oversell the property to yourself. Be realistic about how much it might cost you to bring the property up to standard.

relax carry on

P. Breathnach wrote: »

Don't rush to bid. The EA should know that you are seriously interested, and that's enough for the moment. I suggest that you take the line that once your expert has seen the property and advised on how much you might need to spend on it, you propose to make a realistic bid.

I'd be very interested in the cracks, particularly the long one you describe. They might indicate structural problems, and you don't want to deal with that. Make sure they are properly investigated.

Don't take anybody's word on the source of the damp patches unless that person is an expert working for you.

Don't oversell the property to yourself. Be realistic about how much it might cost you to bring the property up to standard.

That's pretty much what I told the agent this evening. Need to view with builder and or an engineer to figure out cost of work needed.. Will hold fire on the bid but will firm up the day for second viewing tomorrow.

Unfortunately the supply of houses in our price range that fit our requirements aren't exactly plentiful in this location but we will not buy at any price.

Thanks for the reply.