We’ve got an offer on our house and we’ve now seen the one we want to buy. It’s a do-er upper in a nice village, it needs completely gutting and starting again from scratch. The ‘guide price’ of £300k seems reasonable given the amount of work which is required – we are fairly certain it will go well above the guide price as the location is great for families – just not sure by how much. It’s sure to be popular with people wanting a project and some investors looking to extend and add value.

Has anyone got any strategies which have worked? In particular in relation to how the estate agents might play it? I know a house is worth what someone is willing to pay for it, but I don’t want to be bidding against phantom bidders which the estate agents have created just to increase the price.
We are OK to pay over the odds as its going to be our 20year house so short term value isn’t a big issue, just don’t want to feel like we’ve been made mugs of.

Cheers.

Start low. Finish as high as you are prepared to go. Ignore what anyone else is / may be doing. It’ll just drive you mad.

Also, unless you are in a very fast moving market, don’t be afraid to leave it a while between successive offers. We made an offer that we thought was reasonable, then waited 6 weeks. Another couple of grand then clinched it. Don’t think it would have done before…

Recently in the same position.
It totally depends on the local situation.
Here in Bristol it was all about proceedability.(estate agent speak).
If you hadn’t SSTC then you wouldn’t have any offers taken seriously, at guide price or higher.
We had four offers, we want through each one, looked at their situation pro’s and cons.

We had one stand out couple who had sold theirs (SSTC) and had lost at least two houses after having offers accepted or being out-bid.

For us to buy, has been harder, lost at least three, out bid, matching bids sealed bids then coin toss, I kid you not!
Depending on the local market, bid early, bid the maximum you are comfortable to pay and chose an odd random number. Let the agent know you are a committed buyer, not a time waster.