How to commence bidding on a property - where to start

dialemma

Hi, we've been looking at properties for a while but so far have placed no bids. We have now viewed a property which we are interested in and feel at the current asking price is both something we can afford but is at the top of our budget. The last similar property in this estate sold approximately a year ago for 55K less than the current asking price on this property. My question is how would people normally proceed e.g. wait for someone else to place a first bid and then counter that or enter with a lower bid than the asking price and if so how much lower is the normal acceptable range to begin with. I don't want to appear completely like I'm wasting time by entering a bid 50K below the asking but also don't want to show my hand too soon and want to leave some wiggle room if we end up in a bidding war.

L1011

If the first bid doesn't make them wince, you've gone too high. Sales have slowed with the new lending rules so don't afraid to start quite low.

Waiting for someone else to start will cost you more