should I under bid first?

K

keeva00

Guest
Hi everyone,
I have my own house up for sale for the last 2 months, I have already had a 2 offers in the first 2 weeks of sale of 25k under the asking price (reason for this is that there is a new develoment same style as my house selling for 25k under my asking price) I basically can't afford to sell it for anything less!
I am hoping to move back to the town I have grown up in. At the moment I have my eye on a lovely house price is a extra 130k on top of my house, now to afford this I would have to live poverty stricken for the next 5 years or more but it will be close to family and in a ok location!
to cut a long story short its has been on the market for the last 6 weeks had plenty of viewings but NO Bids?? according to the E.A its because of a opstruction at the back & side of the house which is stopping any light getting through! its turning people off! the property was a rental and has been for the last couple of years so in back need of a makeover! have viewed it already and have make a appointment for another viewing!
The problem is I want to put in a offer this time! if I put in the asking price that basically pushing the boat out and is all I can afford! or will I put in a under offer of say 10-15k less and hope for the best?
thanks for your help!
 
I would never bid the asking price straight away, especially in a market that is softening more every day. I'd bid 90% of the asking price if I felt I was prepared to buy at the asking price. But no harm in bidding a bit less than your absolute maximum even if that maximum is under the asking price. The EA is obliged to take your bid to the seller.

The house you describe sounds like it has serious problems though and they may be willing to be flexible, if you're willing to take on the problems.

Good luck with it.
 
The market is very slow at the moment and getting slower. It's a buyers market so bid low as you can alawys up it later. Don't be rushed or pressured by the E.A as its its their job to get the best price possible. Have a look at other properties in the area, are they selling for asking price? etc....
Also consider location, houses away from main towns will be the first to drop in asking price (I daren't say value as people will have a go!:rolleyes: )

best of luck:D
 
keeva00 said:
Hi everyone,
I have my own house up for sale for the last 2 months, I have already had a 2 offers in the first 2 weeks of sale of 25k under the asking price (reason for this is that there is a new develoment same style as my house selling for 25k under my asking price)
Click to expand...
Bear in mind that a new house will have no flooring, lighting or developed garden. Your house should be worth more than an empty house of the same style.
 
But also bear in mind that that a new house is not liable for stamp duty for an owner occupier whereas a second hand one is.

I have my house for sale for 10% less than an identical New house for sale in the next phase of the development.

I have fitted the house out like a showhouse (i signed on it new 4 months ago) its in a great position, bigger back garden than the new development , better aspect, facing a landscaped green and guess what?? Buyers still seem to prefer new!!
 
HI batty
your in the same boat as myself, my house is maked way under the stamp duty, also decked out like a showhouse! have 3 people sitting on the fence regarding offers made, but will still only offer 3k extra then what a new house is costing in the same location? now I have brand new decking + slab patio the works that cost me a couple of grand alone!
keeva00
 
I'd underbid if I were you. Coming from a sellers point of view if someone offered me 10K less for our house in the morning I'd take it. Though we had an offer of our asking price and accepted it a few weeks ago, it fell though and we're actually lowering the asking price on our house by 10K on Tuesday morning in the hope of a quick sale!

So you never know, if the vendors are in a hurry to sell you may be in luck!

best of luck

Deb
 
keeva00 said:
HI batty
your in the same boat as myself, my house is maked way under the stamp duty, also decked out like a showhouse! have 3 people sitting on the fence regarding offers made, but will still only offer 3k extra then what a new house is costing in the same location? now I have brand new decking + slab patio the works that cost me a couple of grand alone!
keeva00
Click to expand...

Hi Keeva,

My House + Stamp duty = 20K less than the cost of the new house.

I have bids that I would be happy to take but they all have houses to sell. Given the current market I would want a potential buyer to have signed contracts in place before I'd accept their offer.
 
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