The bidding war in fact revealed the true value of the house!The bidding war definitely raised the price beyond the true current value of the house,
Its early days yet.The house has been up for 2 weeks. The EA was showing the house again at the weekend
Bear in mind to get the asking price offered straight off the bat will encourage the seller to wait and see.have offered the asking price.
Well you may have to be gutted if someone comes along and outbids you. Ask the auctioneer how much the seller will take to confirm a sale and take it off the market. If you want to. Can't advise whether that will work or not. But it's a seller's market. Otherwise set your max and let the dices roll.we'll be gutted if another bidder comes along and it turns into a bidding war again.
The true value is what you paid for it. Congratulations on getting your offer accepted. And you were correct to set your max and stick to it.he bidding war definitely raised the price beyond the true current value of the house,
Marvellous when the EA is working against you. When we sold our home last year the auctioneer advised us to go with the lower bid and that it was a good bid and to accept it. But we didn't, leveraged an extra 20K by asking for 25K based on the higher bid. The EA had only an interest in the sale as we were at asking price and the EA has no more interest as their % is not going to make a whit of difference to them on 20K more. But it makes a difference to us. The EA was excellent but one has to not always listen to them. But I did take his advice on the purchasers as the higher bidder had to sell one property and I wanted the deal done.EA was telling us not to up our offer, that the seller needs to "get real".
that the seller needs to "get real
Using the advertised sale price to "get them in the door" has got to be so disheartening for anyone trying to get on the property ladder, only to see that price shoot away.
There has to be a better way,
I found when buying and selling in the UK, albeit a few years ago, properties were realistically priced and the variance was pretty much there abouts the advertised price.
The UK, may do a lot of things wrong, but, in the residential property market, the lead the field compared to the games we play here.
Id love to see a fairer system here. You advertise a property, and the sale has a percentage plus or minus 1-2%
In both cases the top bidder pulled out and the vendor came back, accepting a lower price (albeit higher than my top bid.) The very same thing happened my daughter on a 2nd hand apartment sale last year.
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