FOR SALE BY INFORMAL TENDER
Any estate agents on here ( or people who are involved in property ) ? ? ?
We have seen a house that we like the look of, needs work but the location is great and the plot size is outstanding ( just under 1/2 of a acre ) its down a country lane and well out of the way,
now they are asking for sealed bids in the region of £400 K , I am thinking with the house extended ( its now 3 bed ) to maybe 5 or 6 bed with a double ( or triple ) garage the house would be worth maybe 650 K ( which having searched looks reasonable ) who would have thought a boy from barry living in a 650 K house :hehe::hehe::hehe:
anyways, what is the norm when doing these sealed bids, do you bid upto the in the region of price ? ? ? go much over it ? ? ? chance it with a low ball figure ? ??
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
blue matt
Any estate agents on here ( or people who are involved in property ) ? ? ?
We have seen a house that we like the look of, needs work but the location is great and the plot size is outstanding ( just under 1/2 of a acre ) its down a country lane and well out of the way,
now they are asking for sealed bids in the region of £400 K , I am thinking with the house extended ( its now 3 bed ) to maybe 5 or 6 bed with a double ( or triple ) garage the house would be worth maybe 650 K ( which having searched looks reasonable ) who would have thought a boy from barry living in a 650 K house :hehe::hehe::hehe:
anyways, what is the norm when doing these sealed bids, do you bid upto the in the region of price ? ? ? go much over it ? ? ? chance it with a low ball figure ? ??
If your budget is £650k I’d find a plot and build. You’ll get more acreage and a better home. Alternatively just buy a bigger house with a 3 car garage that’s already finished.
An even better option would be to move to Florida. Been there all week working. Colleague of mine there just bought a huge home on the Gulf Coast with its own beach access for a lot less than you’re paying. He also gets Disney all access annual passes for less than £50 each/year. Imagine what you’d save
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
StraightOuttaCanton
If your budget is £650k I’d find a plot and build. You’ll get more acreage and a better home. Alternatively just buy a bigger house with a 3 car garage that’s already finished.
An even better option would be to move to Florida. Been there all week working. Colleague of mine there just bought a huge home on the Gulf Coast with its own beach access for a lot less than you’re paying. He also gets Disney all access annual passes for less than £50 each/year. Imagine what you’d save
my budget isnt 650 though, its closer to 400 K i wish it was though :thumbup: we somewhat want a project to do, something to look back on and say " we did that " a new build just wouldnt give us that
the Florida residence annual pass is a cracking buy, we have often looked at property in Fla, but always decide against it, as we like someone to come and make our beds every day LOL Oh and its a bit of a trip for the school run :hehe:
Re: FOR SALE BY INFORMAL TENDER
If you move to Florida, great though it is, you will have visa problems meaning the longest you can stay is up to 6 months. And you have to think about healthcare where the costs of medical treatment are exorbitant.
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
Vindec
If you move to Florida, great though it is, you will have visa problems meaning the longest you can stay is up to 6 months. And you have to think about healthcare where the costs of medical treatment are exorbitant.
Income tax is tiny.
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
StraightOuttaCanton
Income tax is tiny.
It really isn't. Especially considering what you don't get back in return.
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
NYCBlue
It really isn't. Especially considering what you don't get back in return.
Your experience is very different to mine then.
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
Vindec
If you move to Florida, great though it is, you will have visa problems meaning the longest you can stay is up to 6 months. And you have to think about healthcare where the costs of medical treatment are exorbitant.
The ex landlord of my pub sold up and moved to Florida the next week. That was 2 years ago and he is still there. Thinking of opening a British Pub. Mind you his married daughter already lives there so I don't know if that would make any difference. She is not his only family, the rest are still in UK
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
blue matt
Any estate agents on here ( or people who are involved in property ) ? ? ?
We have seen a house that we like the look of, needs work but the location is great and the plot size is outstanding ( just under 1/2 of a acre ) its down a country lane and well out of the way,
now they are asking for sealed bids in the region of £400 K , I am thinking with the house extended ( its now 3 bed ) to maybe 5 or 6 bed with a double ( or triple ) garage the house would be worth maybe 650 K ( which having searched looks reasonable ) who would have thought a boy from barry living in a 650 K house :hehe::hehe::hehe:
anyways, what is the norm when doing these sealed bids, do you bid upto the in the region of price ? ? ? go much over it ? ? ? chance it with a low ball figure ? ??
Sealed bids are a nightmare. There is no guarantee that you will get it, no matter what you bid but you just have to take a bit of a chance. Think of a figure that you are happy with but dont offer a level number. If you would be happy to pay £400000, offer £400251 or something like that i.e, an odd number just over. You are almost certainly going to have to offer over the guide price to get it, especially if there has been a lot of interest. Ask the Estate Agent selling it what interest they have had and that will give you a rough idea. You could also pay to get it valued by another Valuer before you offer anything if you wanted. Have the agents stated that they will definitely accept the highest bid ? If not, that might give another opportunity to bid again after, if you lose out the first time. It might not be the highest bid that wins either, it will probably be the position of the buyer to proceed the quickest that ultimately wins the day.
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
dml1954
Sealed bids are a nightmare. There is no guarantee that you will get it, no matter what you bid but you just have to take a bit of a chance. Think of a figure that you are happy with but dont offer a level number. If you would be happy to pay £400000, offer £400251 or something like that i.e, an odd number just over. You are almost certainly going to have to offer over the guide price to get it, especially if there has been a lot of interest. Ask the Estate Agent selling it what interest they have had and that will give you a rough idea. You could also pay to get it valued by another Valuer before you offer anything if you wanted. Have the agents stated that they will definitely accept the highest bid ? If not, that might give another opportunity to bid again after, if you lose out the first time. It might not be the highest bid that wins either, it will probably be the position of the buyer to proceed the quickest that ultimately wins the day.
I like the idea of sealed bids. You work out what you are willing to pay and bid that much. It should avoid you getting caught up in an emotional bidding war.
The problem I find is that sellers/agents get greedy and don't decide on a winner after receiving sealed bids. When we bought in London it was not uncommon for houses to be sold by sealed bids, but then for the agent to call the day after the bids were received and say "well done, you are one of 3 through to the final round - you were not the highest of the sealed bids so let me have your best and final bid tomorrow" or whatever. And then after offering a bit more - "the other guy really wants it and has bid higher - do you want to up your bid?" We must have had this happen half a dozen times, until I realised the best thing to do is withdraw your bid as soon as the agent/seller starts playing silly buggers.
That was a few years ago and in a different city, but I would bid the value you put on the house, but emphasising all of the other positive factors in your favour (financing sorted; solicitor instructed; house sold; can move in x weeks etc etc). Even if you lose and they do honour the process you can still make a revised offer- it's not a legally binding process or anything. I don't really see much point in low-balling though. It only really makes sense for a seller to use sealed bids if there are plenty of people interested. It's not like an ebay auction where you might snag it at a low price if nobody else bids - if all of the bids are less than the house is worth, I don't imagine the seller will sell.
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
dml1954
Sealed bids are a nightmare. There is no guarantee that you will get it, no matter what you bid but you just have to take a bit of a chance. Think of a figure that you are happy with but dont offer a level number. If you would be happy to pay £400000, offer £400251 or something like that i.e, an odd number just over. You are almost certainly going to have to offer over the guide price to get it, especially if there has been a lot of interest. Ask the Estate Agent selling it what interest they have had and that will give you a rough idea. You could also pay to get it valued by another Valuer before you offer anything if you wanted. Have the agents stated that they will definitely accept the highest bid ? If not, that might give another opportunity to bid again after, if you lose out the first time. It might not be the highest bid that wins either, it will probably be the position of the buyer to proceed the quickest that ultimately wins the day.
thanks, i was going to bid over the amount we are willing to pay by a few hundred quid to maybe separate our bid, the down side is that we havent even put ours on the market, it will sell quickly i think, due to the school access, but who knows
Quote:
Originally Posted by
Optimistic Nick
I like the idea of sealed bids. You work out what you are willing to pay and bid that much. It should avoid you getting caught up in an emotional bidding war.
The problem I find is that sellers/agents get greedy and don't decide on a winner after receiving sealed bids. When we bought in London it was not uncommon for houses to be sold by sealed bids, but then for the agent to call the day after the bids were received and say "well done, you are one of 3 through to the final round - you were not the highest of the sealed bids so let me have your best and final bid tomorrow" or whatever. And then after offering a bit more - "the other guy really wants it and has bid higher - do you want to up your bid?" We must have had this happen half a dozen times, until I realised the best thing to do is withdraw your bid as soon as the agent/seller starts playing silly buggers.
That was a few years ago and in a different city, but I would bid the value you put on the house, but emphasising all of the other positive factors in your favour (financing sorted; solicitor instructed; house sold; can move in x weeks etc etc). Even if you lose and they do honour the process you can still make a revised offer- it's not a legally binding process or anything. I don't really see much point in low-balling though. It only really makes sense for a seller to use sealed bids if there are plenty of people interested. It's not like an ebay auction where you might snag it at a low price if nobody else bids - if all of the bids are less than the house is worth, I don't imagine the seller will sell.
cheers
i suspect a builder would have the funds ready to go and be in the driving seat
really dont want to go too much over £400 K as that is pushing silly money imho
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
blue matt
thanks, i was going to bid over the amount we are willing to pay by a few hundred quid to maybe separate our bid, the down side is that we havent even put ours on the market, it will sell quickly i think, due to the school access, but who knows
cheers
i suspect a builder would have the funds ready to go and be in the driving seat
really dont want to go too much over £400 K as that is pushing silly money imho
When are bids due and how many are interested? could you have your house marketed and offers in by then?
If you are not even on the market or otherwise in a position to move, your bid may not be taken seriously. I was in a bidding war on the house we live in now. The highest bid came from someone who hadn't even put their house on the market. I was asked to match it and I told the agent where to go, as I was unwilling to bid against someone not in a position to buy. We got the house at my original bid. (that other bid was actually pretty genuine too - it came from the builder who we used to do a lot of the work on the house!).
Re: FOR SALE BY INFORMAL TENDER
Quote:
Originally Posted by
Optimistic Nick
When are bids due and how many are interested? could you have your house marketed and offers in by then?
If you are not even on the market or otherwise in a position to move, your bid may not be taken seriously. I was in a bidding war on the house we live in now. The highest bid came from someone who hadn't even put their house on the market. I was asked to match it and I told the agent where to go, as I was unwilling to bid against someone not in a position to buy. We got the house at my original bid. (that other bid was actually pretty genuine too - it came from the builder who we used to do a lot of the work on the house!).
got to chuck up new fence panels in the garden and paint the porch, will be done next weekend, but going to put it on the market mid week, they normally sell before the pics are taken, as about 5 mins from a very good and in demand school, we have even had people in the past put letters through the door asking if we wanted to sell
