Likely property+land price in sealed-bid auction?

[G]

Been looking at houses around here.
Our budget could have extended to the 'guide price' for this and a bit above if we really tried to find extra money from any place possible:
https://www.sarabatting.co.uk/house.aspx?h=257 (click photo gallery for an idea of other bits.)
I'd love to have somewhere with an out-building that big and seeing it in person, it would make an ideal bike and car workshop with plenty of space for everything.

However, when we turned up for an 'open house' viewing, there was a hell of a lot of other people there.
Location is near M4 j11, just outside Reading.

For various reasons, think it's not going to be worth us even considering it any further... but does anyone have any ideas what they think bids are likely to go up to?

House needs a fair bit of work, and the land would need a lot of clearing up generally, but obviously also offers massive potential (I'm guessing it'd be a fair bit easier to get planning permission to build more houses there for a start.

[Ste]

Don't really know what bidding on that is likely to go up to, but places at auction I looked at went for a fair bit more than the guide prices. Making the guide prices somewhat pointless, but I guess that's not really very surprising as there's unhelpful estate agents involved.

[G]

It's not technically an auction, but it does seem they've put this 'guide price' (they actually say 'offers in excess of) on to encourage people to look at it (and those such us all excited, only to be disappointed .)

Think when you were looking was more the point places were often going for more than asking prices too?

Another house being sold with a normal-offers process that had a 'guide price' on it actually sold before we could even get a viewing (I had arranged the day after it came on the market for a week later.)
However, some other houses definitely do seem to be a bit over-valued, to my mind .

[Trixie]

If it's with Sara Batting then you already know it'll be big money! It's difficult to predict round that area because there's nothing really hugely similar, is there (apart from the odd bit of farmland)?

From my time in estate agency, it's absolutely true that a property is only worth what someone is willing to pay for it. I would normally say that it could possibly go as high as 550k but in the present climate it could possibly got to about 500k. However, I've been out of agency for some years now so that is a very rough guess indeed.

The property is in a very good location and it's maybe worth a look on other local agency websites to see if you can get comparables (Davis Tate, for example?).
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Dead nobodies in company cars...

[G]

Cheers for the thoughts.

There's only one even slightly similar property around at the moment and that has 9 acres, 3 of which are 'paddock' as an 'equestrian' property I believe. It currently has a 4/5 bed semi, but has planning permission to rebuild as a larger detached house. Up for £750k, but that doesn't really tell me much (apart from I quite like that, too ) in relative value.

Those are the sort of figures I was expecting. Unfortunately we don't really have the disposable income to justify trying to go that high and wouldn't have the cash to use it as an 'investment' property for some time (I'd be happy to just have a big shed, but lots more money in would need some money back out too).
I'll kick myself if it does go for £400k and we don't bid, however as it's 'cash buyers', I presume the only way we could do it was to get a pre-approved mortgage first, which would be putting some money at risk on a rather long shot as we definitely can't be sticking offers in at the levels you suggest.

[Trixie]

If you can afford the guide price (or a bit higher) then why not put a sealed bid in anyway? As you say, you might kick yourself if it does go for £400k, and in the present financial climate, there's no knowing what it will actually sell for.
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Dead nobodies in company cars...

[G]

Problem is the deadline is over a month's time and another house we're interested in will be gone then, we're pretty sure.
Also, we'll have to pay out to get mortgage surveys - possibly worth the expenditure even on fairly low odds, though.

Just to check; could you confirm that 'cash buyers only' would still allow us to do it if we had a pre-arranged mortgage accepted?
If they actually want us to hand over a wad of fifties that day, we're out anyway. But from what I've read a pre-arranged mortgage would be ok, but arranging one at that time would not.

[Trixie]

When you say "pre-arranged mortgage" I guess you mean a mortgage agreed in principle?

You can get a mortgage agreed in principle and that will be good for 3 months. However, a cash buyer and a buyer requiring a mortgage are two different things, despite getting a mortgage arranged beforehand. The vendor might want cash buyers from the POV that there would be no survey, whereas with a mortgage there will be.
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Dead nobodies in company cars...

[G]

Yea, that'd be the one. I'm pretty sure there wouldn't be a problem getting a survey, providing it was done beforehand. There's no one in there at the moment, so it'd just be a case of opening the door, or giving them a key.

[Trixie]

You'd best check with the lender first where the survey is concerned; the usual process would be to get the mortgage agreed in principle, get an offer accepted on a property and it's after that stage that the survey is done (mortgage, homebuyers or full structural - ascending in detail and price). The results of the survey depend on whether the lender will make you the formal mortgage offer or not.

The good news on sealed bids, though, is unlike auction, you don't have to exchange there and then if your offer is accepted, so you don't have to come up with the deposit straight away.

I've found this: https://www.independent.co.uk/life-style/house-and-home/property/do-sealed-offers-for-a-house-push-the-envelope-for-you-458199.html which might help in explaining the sealed bid process because it's still not very widely used or known about. I can only remember 1 or 2 instances when a property went to sealed bids, and that was only as a last resort.
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Dead nobodies in company cars...

[G]

Cheers for all the thoughts.
We've decided it's not worth the risk, so have put an offer in on another house instead, that has (kinda) been accepted.

[MarJay]

[Trixie]

"Kinda" been accepted? Either way, good luck, and I hope it works out! If you want any pointers or advice along the way to completion just PM me.
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Dead nobodies in company cars...

[Ste]

kinda been accepted.... no comment

No celebrating 'til contracts have been exchanged, it means very little until then. As my catalogue of house buying failures showed.

Which estate agent is it with?

[G]

Kinda as in the vendor wants a quick completion and their solicitor said that they'll take two weeks.
Talked to various legal people and they said "well, of course it'll take two weeks for them, but we have to wait for various other third parties, so it'll take four to six weeks for us". Haven't heard back from the seller if this will be 'acceptable' for them - they were, apparently, looking to take it off the market before (I believe this to actually be true), as it didn't look like they were going to get a quick sale.

It's with Romans, which are in my experience so far, the worst Reading has to offer .

[WildGoose]

If you have the time, hassle, hassle and hassle some more, don't be fobbed off by shit, because most of the time it is just that, such that they can work at the sedate pace they have become accustomed to.

Initial inquiry to completion is possible within a week if everyone gets their shit in order just for buying, 2 weeks isnt unreasonable if buying and selling.

Anne can offer you advice on hassle techniques if needed
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So in other words, he stopped you for being flagrantly in posession of a motorcycle in direct contravention of the Hippies, Darkies and People Whose Face I Don't Like The Look of (Police Powers) Act. 1976

[Ste]

Had one failure with Romans.

Take it that its got a home information pack thingy, two weeks completion is pushing it.

[G]

I've already had a buying-fail with Romans and their lack of following my instructions (we offered more than the house sold for in the end, but too late.) Also, had a Romans woman question if we could afford the house I was asking to view (I was actually in another viewing as she hassled me a fair bit) because apparently she didn't want to waste the vendors time. Turns out she'd got the listing wrong and the double garage not being included in the sale meant it was a waste of time thanks to her.

[Clanger]

Reading is really quite steep in the housing/renting stakes, isn't it? My friend lives there, and has a teeny tiny room in a shared house for £100 per week (and says it's standard), where as down here I pay £69 a week, yet my accommodation is quite plush in comparison.
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Be who you are and say what you feel, because those who mind don't matter, and those who matter won't mind - Dr. Seuss

[G]

Yea, not great for house prices unfortunately.
The place we quite liked that sold before our viewing had definite possibilities for renting rooms out - it was a 'three bedroom', but all were decent doubles and had several extra large rooms down stairs. Was right outside the Hospital and close to the Uni which is ideal for making some money back (as someone else thought, I'm sure.)

The house we're going for now is pretty close to my work, which is right between the Microsoft and Oracle UK headquarters, as well as a fair few other tech buildings dotted around, so prices are raised even more from that. Does mean a mile cycle to ride to work, though, which is nice.