I was bidding successfully on a house and got a mail this AM that I was no longer in the lead.
I got a call from the estate agent and was informed that a cash investor has now entered the bidding, so its two first time buyers(inc myself) and the investor.
Is it worth contuning once the investor has entered the bidding???? In the words of the estate agent, they have no emotional connection to the house, their just in it to make money out of it.
Set the budget and stick to it. Is this investor willing to waste money by paying more than they should? Probably not.
Is there even an investor?
Set a budget and stick to it. We were in almost identical position. Us needing to sell, another couple needing to sell and a cash buyer. The others had been going up by bids of 250 or so so we put a bid in of 2000 more and it was accepted immediately even though we weren't the strongest bidder. So just set a limit and walk away once it goes over.
There is no ghost bidder, no estate agent would risk the consequences so ignore those suggestions
I would talk to the EA and say you know what we are looking for have you anything else to show us - it makes them feel you are about to walk, which you might have to. You could suggest sealed bids? Or set a max an don't go beyond it.
Any chance the investor is the council? With so many small landlords getting out of the market I find it hard to believe there is a investor?
Very possible, its a four bed two bath semi so cound easilly be turned into a council house