Advice on buying a house

Citychick50

Hi, can anyone advise me on how to progress in my current situation. We have found the house we want to buy and after 2 weeks on the market there were no offers on the house. We decided to put in a really low offer but were told by the auctioneer that the price listed is a minimum price. We want the house and if it went to a bidding war would go to the asking but not if we're the only bidders. We are willing to increase our offer to 20/25k under the asking but don't know if that would be accepted either or if it would be used to force us up.

I was going to wait until it was on the market a month and then ring the auctioneer and offer to negotiate with them. Would this be the best thing to do. My fears are that we'd be pushed up to the asking, when obviously there is no interest in the house bar us, or they'd pull the house from the market. They are divorcing but don't know if they really have to sell (though it looks like they aren't living there now).

What's the best way to progress. We don't want to lose the house by playing games but don't want to over pay for the house.

MarkAnthony

This is asked at least 3 times a week. You'll get as many opinions as posts. There's a million and one books on the subject it all comes down to humans are idiots and they'll do what they're gonna do.

Various EAs have various little ploys with pricing. Have a look at the PP register and see if there are any comparable houses. Try and play as coy as you can, don't get invested into one house, keep your options open.

The best piece of advice I was given is set a top price and stick to it.

CBFi

Agreed, what are YOU willing to pay for it? That's the only thing that matters. In my experience, don't bid against yourself.