How much is not being in a chain worth?

B

bazwaldo

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If there is an offer of say 370K amount on a house you want to bid on has been placed already but the party are selling in other to fund purchase, how much lower of a bid is it worth putting in where we have no house to sell? Not being in a chain should be worth something.
 
I would have thought that the auctioneer would ignore any offers coming from someone who is selling their house. So ignore their bid.
 
Thanks Brendan, thats interesting!

The lack of transparancy when buying a house puts so many doubts in your mind. There were other bids of 20K less than the biggest offer and supposed to be from people not in a chain. Yet the EA is saying that the bid to beat or match is the one from the people in the chain.

I have big doubts on whether any bids are genuine. Its probably best to put in a bid we are ok with and they can say no.
 
It depends on what stage they are at- have they sold the other property, have they contracts signed etc. If they have signed unconditional contracts, they are in as good a position as any other prospective buyer.
 
bazwaldo said:
how much lower of a bid is it worth putting in where we have no house to sell? Not being in a chain should be worth something.
Click to expand...

It depends on so much more factors than just being in a chain.
Are the people in a chain up or down sizing? Have contracts been exchanged by them and another party etc.
I would ignore the EA's spouting (his job is to maximise the sales price-so believe nothing). Put in your best and final offer, based on what you can afford and what you think the property is worth. Forget about trying to beat other bids. Its just a house and there will always be more 'ideal' houses.
Good luck with it.
 
Thanks Luternau. Thats great advice. I do like the house and its a reasonable rare type for the area and that is why I'm more determined to get it. I think I need to detach myself a little from it and try be objective. i.e pick a max and don't go beyond it.
 
to be a bit clearer I would always advise that you put a timeframe on your offer thereby focusing the EA. If they reject and as happens come back to you at a later stage I would look at reducing the offer as they have clearly called your bluff and lost....

House purchasing is a game and you have to play the game to win
 
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