-
While everyone is saying “fuck it” there is always someone who won’t.
We did blind bids and won ours. Mortgage valuation agreed and we have lived in it happily ever after as we knew we could afford it.If you go too high you won’t get a mortgage, which is kinda a safety net anyway.
If your hearts in it I’d say go nuts, let the market (mortgage) decide.
chrisbmx116-
Yeah, we'd got similar feedback from a mortgage broker who was tasked with assessing our affordability this morning. Took 1 look at the listing and said "well that looks overpriced already, you might struggle to get a mortgage on that".
It's semi detached with a fantastic large garden in an area where there are many detached homes with less good gardens. Most people and the market value a detached with a small garden much larger, but I'm not a detached house snob. Perhaps letting the mortgage market decide is where this will go. If a mortgage provider isn't willing to lend against it at that value, then it's also clearly too big a risk for me.
I think it's just very hard to predict what a house will sell for. In my mind it's more about what you decide you want, what you can afford, and then supply and demand as well.
The EA has agreed not to force me to bid if the other buyer doesn't, so they'll give me a call if they get an offer, and then I'll give them the number I'm willing to spend.
I will update the thread when I can, as it seems to have generated some interesting debate. It has been really interesting to hear different perspectives, as always!
hazzelfrazzel
Hmmm yeah, I hadn't considered that the mortgage company's valuer may come back with a lower valuation if we were to over pay for it. Presumably in that case you just have to negotiate it down with the seller, or they then have to go back and find another buyer?
Yeah, I'm not feeling great about the process they want me to enter into. As others have said, it seems designed to do nothing other than extract the maximum money out of me.
I'm considering telling them only to come and ask for my bid if the other buyer puts in an offer higher than what we've already offered. Otherwise I'm potentially kinda just bidding against myself. The other buyer might not be able to go any higher, or may refuse to take part.