What to bid on house?

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XMarks

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I am looking for tips/advice please. I have read the key posts on 'What to bid' but as most were written in 2009 they do not really apply to us.

We viewed a house we like on Tuesday (first to view). The house will be on open view on Saturday. Our experience thus far is that open viewings in this area are packed with around 200 people and properties go at least 10% above asking.

Should we bid below asking or go in straight away at our highest bid to hopefully put other bidders off?
 
Regardless of what you do and (there are plenty of up to date posts on this) whatever so called tactics you use, the property will go to the highest bidder in the end, or to the buyer in the best and quickest position to close quickly.
 
Hi XMarks, if there is a lot of interest in the house, you could get into a bidding war, regardless of your initial bid, so you need to decide how much the house is worth to you, whats your top value on it - if the bids go above that, then you should walk away.

What to bid first off is anyone's guess - IMO, I don't think there is a formula to follow, % below / % above the asking - just your own idea of how much you are willing to pay for it.

If you are putting in a bid, put an expiry date on that offer. There's loads on advice on AAM re dealing with EAs, so have a search though the forums. Best of luck with it all - and try to keep the emotional side out of the buying / bidding process :)
 
Im in middle of bidding. House has gone up 33K since very first bid, and is now just gone over the asking price. Depends on the house it seems. Expect waiting from EA is my experience, its total cloak and dagger/smoke and mirror stuff. Awful pain in the butt I must say.
 
XMarks said:
Should we bid below asking or go in straight away at our highest bid to hopefully put other bidders off?
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I wouldn't offer my limit right away. As has been said your approach should be based on what it is worth to you. If I wanted the house and the asking was realistic then I would bid within 10% of the asking with a view to two or three further bids before I hit the limit of what I'd pay for it. If that didn't land the house then I'd forget it and move on.
 
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