Estate agent has named a time for the house sale to close

random10

There is a house we are interested in as are a number of other parties. The EA has given us all a date and time when the sale will end is this normal?

Bigcheeze

When I bought my first house, I was outbid on a Friday afternoon and told the sale was being wrapped up that day. So I went 1k higher and got a call back 5 mins later to say sale agreed.

random10

You see, we've been outbid at the minute, sale closing next Friday, don't know how to play it, how much to go up by, will it turn into cat and mouse!! GRR hate buying a house, this is our 4th house to be bidding on!!

Bigcheeze

random10 wrote: »

You see, we've been outbid at the minute, sale closing next Friday, don't know how to play it, how much to go up by, will it turn into cat and mouse!! GRR hate buying a house, this is our 4th house to be bidding on!!

If it's closing Friday, I wouldn't do anything until Friday afternoon. Decide in advance how high you're prepared to go and go up in 1k amounts on Friday afternoon. No point pushing the price up before then.

People will often decide they're out but if given the chance to sleep on it will come back with a higher bid.

random10

Was thinking that alright!! it's been going up in 5k up to this though!!

Bigcheeze

Is it underpriced?

random10

gone over asking price!!

Bigcheeze

As Friday approaches I'd say it'll be going up in smaller increments.

random10

hope so!!

the_syco

random10 wrote: »

Was thinking that alright!! it's been going up in 5k up to this though!!

Who told you this? Is it a popular location, or has it been on the market for a while? If the latter, could you have been bidding against yourself?

Victor

random10 wrote: »

gone over asking price!!

This means nothing.

random10

the_syco wrote: »

Who told you this? Is it a popular location, or has it been on the market for a while? If the latter, could you have been bidding against yourself?

Estate agent, but sure how are you ever to know

The_Conductor

Is there demand for property in the general area and a lack of supply?
Saying its gone over the asking price- really doesn't mean very much- asking price could be a pizza and a beer- but if you have a queue of people interested- they'll get their 250k ontop.......

It really depends on location, demand and suitability. Where is it. Are there similar properties in the area. How does this property compare to them. Are there a queue of people interested- or are you bidding against one other party. How suitable is the property to you. Can you see yourself there in 15-20 years time. Etc etc etc.........

random10

The_Conductor wrote: »

Is there demand for property in the general area and a lack of supply?
Saying its gone over the asking price- really doesn't mean very much- asking price could be a pizza and a beer- but if you have a queue of people interested- they'll get their 250k ontop.......

It really depends on location, demand and suitability. Where is it. Are there similar properties in the area. How does this property compare to them. Are there a queue of people interested- or are you bidding against one other party. How suitable is the property to you. Can you see yourself there in 15-20 years time. Etc etc etc.........

Yes, very desirable area, prices went for double asking in height of boom

The_Conductor

random10 wrote: »

Yes, very desirable area, prices went for double asking in height of boom

In which case- you need to decide- can you see yourself living here (forever pretty much). Is it suitable with respect of facilities and amenties as your life may change over the next 10-15 years (e.g. is there a school nearby, public transport, playgrounds, sports facilities etc etc). Just how badly do you want this property. How much can you afford to pay (and stress test this). Once you answer yes to these- and know what your stress-tested payment max might be- work out what that means for borrowing in today's terms- and if the sums add up- make sure you don't over extend yourself (regardless of what other people are doing).

handlemaster

random10 wrote: »

Yes, very desirable area, prices went for double asking in height of boom

The boom prices mean nothing . The market has no memory only now.