Thanks
@LS400
I would hope to be at sale agree, much sooner than the 3 month estimate, but have estimated 3 to 4 months, to conclude the overall sale. This is based on EA advise, and what he has sold in recent weeks in the area. It's a slow time of year, mind, but trying to think positively on this.
If we're not successful with our bid, then we'll have to take it back off the market sadly, as we're not prepared to move out of the area, and in terms of affordability, we can't afford the turn key option. We only want to move if a better option comes along.
I don't feel (but hope) that the square footage on offer will suit a wide range of buyer profiles, and while there might be cash buyers out there who can afford the property shell, i think there's an additional 100-150k extra that needs to pump into it, that may push it further out of reach for cash buyers. I can only assume / hope, but i do think the seller of the house we're bidding for, is also realistically thinking that it will be a 3 to 4 month process on their side, so my hope is that both timelines can marry up.
But again - thanks for all comments and feedback on this thread. I've never been good at negotiating in general day to day, and find it a stressful, when i do let the mind wander off, in terms of not being successful on bidding.
There are conflicting views on this thread. One person is saying, to not lose out on a dream move, by trying to save a few bob, & offering what you can afford, but the general consensus seems to be slow down, get your own ducks in a row.
Whether i'm too late or not, I do feel our own ducks are finally in a row, as best as we can control at this point. House now live on market. Solicitor is engaged, but we can't help feeling anxious that we should be doing more on the bidding side. My gut instinct is to make a second bid, halfway between current bid, and asking price, so that we get into a more acceptable range to seller, and then sit tight and buy time on this.
If there are other parties, who are getting professional advice on plans and estimates, then i think that they'd also be hoping that a bid of around 10/15k under asking could secure it, allowing contingency in the budget for the construction side of things, that would still keep final sum under market value.