| Comment | You need to offer a lot more than that to stop someone going to closing (because they can be fairly sure you're going to offer the same amount at closing, and others might offer more)
That doesn't necessarily mean it'll get more at closing, though
As an example, I offered 10% over for a west end flat a few years back, and the seller turned it down and went to closing. We weren't that dead set on it, and found somewhere else we were interested in, so didn't bother submitting our bid for closing. It sold for slightly less than we'd offered.
So the answer is there is no way of knowing what it'll go for at closing, it entirely depends on how much of a dream home it is to other buyers and what their cash reserves are, but you'd need to be doing *at least* 10-20% over to stop it going to closing in the first place.
Remember that you only find out what the successful bid was, not what the others were. So, bluntly, if it's your dream home, what is the highest number you can afford that you wouldn't regret having paid for it? Bid that, and live in blissful ignorance of how much higher you were than 2nd place.
(or, as I did for another place, bid a ridiculously high number you can barely afford, then still come in £50k lower than several other bids) |
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