Hi All,
We put in a bid on a property, with great potential, that is 40k below asking price currently. This property requires extension to make it into a family home.
If we lose out on this house, there are no alternatives, at this moment in time.
The EA rang us on holiday to say that a first bid had been placed. We placed our first bid, the following week (5k more) following architect consultation. We haven’t heard anything in 3 weeks, but I know there are ongoing viewings.
We have mortgage approval in principal.
Very keen to understand what worked for people? Should I sit tight, or place a higher bid, in a more acceptable range to seller, in the hope that it keeps further people from entering. I would think 20k below asking to still be around market value, for the square footage on offer.
The seller doesn’t appear to be in urgent need of sale, & is waiting to entice further bids, but if it’s a unique property, with unique development potential, should I be more aggressive, & bidding again, even when I got not formal rejection on initial bid?
Would love to get your thoughts please?
We put in a bid on a property, with great potential, that is 40k below asking price currently. This property requires extension to make it into a family home.
If we lose out on this house, there are no alternatives, at this moment in time.
The EA rang us on holiday to say that a first bid had been placed. We placed our first bid, the following week (5k more) following architect consultation. We haven’t heard anything in 3 weeks, but I know there are ongoing viewings.
We have mortgage approval in principal.
Very keen to understand what worked for people? Should I sit tight, or place a higher bid, in a more acceptable range to seller, in the hope that it keeps further people from entering. I would think 20k below asking to still be around market value, for the square footage on offer.
The seller doesn’t appear to be in urgent need of sale, & is waiting to entice further bids, but if it’s a unique property, with unique development potential, should I be more aggressive, & bidding again, even when I got not formal rejection on initial bid?
Would love to get your thoughts please?
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