Bidding strategy

[keeva00]

Help needed please!

What is the best strategy for bidding?

I currently have a bid in on my dream house a house that I have been waiting to come up for ages - Its in very bad cont and needs major work done, thing is its a great location!
House on market 3 weeks now and was stared off with a bid 50k under asking price, 2.5 weeks on and was told today it was upped now by 5k over the asking price.
Going to view it again tomorrow, to place another bid, & have been given the advice to just put in I think its called a offer by tender, where I would give in my final price on what I would be willing to pay? this has me a bit worried as this I dont want to over pay for it as its my limit if things get nasty! and by going to my limit means that there will be now money to even put into the house. but this is the house I can see myself living in for years!
My own house has just also been sold so dont want to end up renting for the next year!
anyway getting back to the point after already losing out on 3 houses this year to downsizes - I need a few tips on how to bet these downsizers at their own game!

 

[mad m]

Well you are in a good position as you are not in a chain.Ask what are the other persons situation.Also ask can you see their bidding book.Good estate agents I've read on here have such a book.

I'd call in off spec to Estate agents maybe catch them of guard and ask to see bidding book if they have one. I wouldnt go rushing into anything just yet,you have to set yourself a limit and dont go over it. Its a nervous thing bidding and waiting.

Goodluck

 

[No-one-home]

The fact that you have finances in place to make a early close, must surely be of considerable value to the vendor. If I were selling I certainly wouldn't like to be hanging around for the purchaser to sell thier house to pay me. The market is thin at the moment and cash is king. Be sure that the EA informs the vendor that you can close early. Make it a condition of your next bid that the EA informs the vendor in writing. Don't panic yourself into bidding up the price, that's exactly what the EA is trying to get you to do. Bid the same (or less) than the current verifiable bid.

If I were selling my house at the moment and had to choose between two bids one for asking price of say €500,000 subject to the sale of the purchasers house and another for €490,000 with an early close, I'd take the early close all day long. Money talks!!