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  #21  
Old 16.05.2011, 13:24
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Re: House project #2

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Phil, is it 'highest bidder' but in the normal sense of you start one-to-one verbal negotiations with the agent/seller and proceed from there, or is it 'highest bidder' as in a sort of sealed bid auction?
It's more like a sealed bid auction. We all have to give our bids together with evidence of financing by a certain date. Then the seller will come back with the winner a few weeks later!
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  #22  
Old 16.05.2011, 14:15
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Re: House project #2

Very old houses .... are dicey subjects to delve into, and can become very scary, and pricey, once walls and floors are looked into! You never know what surprises could be in store for you.

Houses here, built anything up to about 50 years ago .... well ..... some can have some very strange "filler" stuff hidden behind respectable facades.

We also got caught up in the "highest bidder" story with our house. We lost. Then the winner pulled out. The price was slightly reduced to re-entice us. If only we had gotten the bank valuation - could have saved ourselves another 50k! (probably - seller was really keen to sell)

But the size of the land ... and the Kächeloffen .... left a very cheap basic house .. which still has it`s mouth wide open to receive cash offerings!

Hahaa ... the heating system now has to be replaced, it`s over 25yrs old.
Cellar needs insulating. Roof needs insulating. Windows need replacing.

Luckily we are able to mostly d.i.y. Otherwise it would all be out of our price range! But it`s all still long range planning and going at snail pace.

A local small builder could be a good guide to the practicalities of renovations, they usually know all the ins and outs of local practices, and maybe also the history of the house and what will be your priorities of neccessary modifications....ie, electrical, sanitary, heating, insulation, etc.
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  #23  
Old 16.05.2011, 14:31
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Re: House project #2

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If only we had gotten the bank valuation - could have saved ourselves another 50k! (probably - seller was really keen to sell)
Excellent point.

When we get to the 'interested' point, the next conversation is with the bank, before we think of making an offer. Your banker should already have generic information on house price trends for the area including price per qm for various type houses - this is a good starting point towards valuation, and should give you an idea about the price range you might offer.

With the info in the sales prospect your banker should then be able to give you a very broad don't-hold-me-to-it indication of 'run away, as fast and far as you can' or 'grab it - now!'.

A real valuation is far more involved, but do speak with the bank before putting in an offer. If the sale price is way out of orbit, your banker will tell you - because they will only lend up 80% to their valuation of the property.

The only advice on a sealed-bid auction is: put all details and caveats into your bid, include an expiration date for the offer. We chickened out of the one sealed-bid auction we considered - our unease with the process was a factor.

You want to include an expiry date for your offer because you don't want the seller dithering about for months - and in the meantime something else comes up, you are unable to move on it because you have a potential pending commitment to the first property.

So - go talk to your banker, then follow Smoky's suggestion to speak to a local builder for renovation cost ideas.

The only other advice I have towards bidding: it is best not to let your heart rule your head. Keep those feet planted firmly on the ground.
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  #24  
Old 16.05.2011, 18:32
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Re: House project #2

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As an aside, the house is being sold on a "give me your highest offer" basis. Does anyone have experience of these? From the wording it sounds as if it is binding on me, but not necessarily on the seller to accept the highest offer (or even accept any offer). I guess if you're the seller, why not rig it in your favour.

I guess the difficulty is to understand how much I need to offer to be the winning bid while paying as little as possible...
Nope. I avoid those like the plague. I'd say keep looking. Seriously, it took us a long time to find our house, but it was so worth it in the end. (I think. I'm starting to forget what my little house looks like. LOL.)
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Old 16.05.2011, 18:38
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Re: House project #2

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Nope. I avoid those like the plague. I'd say keep looking. Seriously, it took us a long time to find our house, but it was so worth it in the end. (I think. I'm starting to forget what my little house looks like. LOL.)
unfortunately not much comes up and it seems many houses are sold this way here. this house is available only because the previous owner was cooperative enough to die at a convenient time for me. ditto for the flat i'm currently in.
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  #26  
Old 16.05.2011, 19:10
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Re: House project #2

Really? I guess it must depend on where you are. Where are you looking? In my years of looking for a house I saw maybe one or two like this.

I know that not much comes up but it only takes one! We found and made an offer on ours & it had been on the market exactly two weeks.

Well, unless you really like this one. But it doesn't' sound that way to me. Maybe I'm reading it wrong.

Either way, good luck!
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  #27  
Old 24.05.2011, 17:39
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Re: House project #2

OK. After mulling this over for a while, I finally cracked and just stuck in an offer for the property. The sealed bid is a bit of a bugger since I have no idea if I'm the only bidder and just raising the price against myself.

Anyway, I figured I would stick in the maximum I was prepared to pay and if I don't get it, I would not regret not having bid enough. And if I do get it, I will have too much to do to worry about if I could have got it cheaper.

Just fingers crossed now...
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  #28  
Old 24.05.2011, 17:41
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Re: House project #2

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OK. After mulling this over for a while, I finally cracked and just stuck in an offer for the property. The sealed bid is a bit of a bugger since I have no idea if I'm the only bidder and just raising the price against myself.

Anyway, I figured I would stick in the maximum I was prepared to pay and if I don't get it, I would not regret not having bid enough. And if I do get it, I will have too much to do to worry about if I could have got it cheaper.

Just fingers crossed now...
Sealed bids...

Good luck.
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  #29  
Old 25.05.2011, 01:02
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Re: House project #2

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Just fingers crossed now...
And thumbs pressed.
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  #30  
Old 26.05.2011, 17:34
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Re: House project #2

ok. agent called and said i had a very good chance of winning.

actually he repeated that several times which echoed in my brain as "you idiot, you offered waaaaayyy too much" but anyway, look's like the official decision will be on monday, so i might be quite busy very soon....

fckkkk. i don't even know where to start with insurance, etc. etc. got to cancel the existing flat, hire a moving truck. argh. why did i do this???

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Old 26.05.2011, 17:40
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Re: House project #2

When we were looking for a place, we saw a house that was up for sale with a sealed bid. We got there a little too late to bid (it was not advertised online) but a discreet enquiry with the estate agent after the sale showed us that what we had been prepared to offer was actually a lot more than the final offer that was accepted.

I guess you needed this kind of information a few days ago.
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  #32  
Old 26.05.2011, 17:47
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Re: House project #2

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ok. agent called and said i had a very good chance of winning.

actually he repeated that several times which echoed in my brain as "you idiot, you offered waaaaayyy too much".
We probably paid too much for our apartment too, but we love it and could afford it. Just.
If you offered what you could afford and are happy, isn't that all that matters?
I've also just heard of an apartment where the sealed bid turned out to be considerably more than the original asking price.

Last edited by Longbyt; 26.05.2011 at 18:09. Reason: Please leave square brackets and their contents in place when you shorten quotes.
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  #33  
Old 26.05.2011, 21:32
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Re: House project #2

hmm. numbness wearing off and now just shtting myself as the scale of the financial commitment i made starts to sink in.
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Old 26.05.2011, 21:45
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Re: House project #2

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hmm. numbness wearing off and now just shtting myself as the scale of the financial commitment i made starts to sink in.
Don't over think it. Any case, having property in Switzerland.... Doesn't get much cooler than that
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Old 27.05.2011, 01:18
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Re: House project #2

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hmm. numbness wearing off and now just shtting myself as the scale of the financial commitment i made starts to sink in.
Don't worry about it. You have your own home in switzerland now.
That has to be worth all the hassle.

Cheers and good luck setting up your new home.
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Old 27.05.2011, 07:47
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We also just bought and had to do the whole insurance thing and stuff. PM me if you have any questions, I'm happy to help.
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Old 27.05.2011, 09:47
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Re: House project #2

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hmm. numbness wearing off and now just shtting myself as the scale of the financial commitment i made starts to sink in.
I don't know much about housing or the house you're buying but I know a thing or two about instincts and from where I'm sitting you do NOT sound like you are 100% happy with your decision to buy at the price you bid... And that feeling of dissatisfaction will come back to haunt you if you don't address it early IMHO. Can you still pull out?

In terms of the bidding process you said that you bid the maximum you are prepared to pay... I would say that generally for any type of purchase where there is competition I would pay as close as possible to the minimum I'm prepared to pay rather than the opposite.

Good luck with the project whichever way you decide to go in the end.

Cheers

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Old 27.05.2011, 09:57
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Re: House project #2

You're looking for a place in Schaffhausen Phil or are you coming closer to civilisation? We have to meet up for a beer and some biking either way!
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  #39  
Old 27.05.2011, 10:01
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Re: House project #2

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actually he repeated that several times which echoed in my brain as "you idiot, you offered waaaaayyy too much" but anyway, look's like the official decision will be on monday, so i might be quite busy very soon....
Phil, what you are feeling now is normal - every buyer goes through the 'What was I thinking? What have I done?' panic upon making a commitment. It's natural. So when you break out in the cold sweats, remember what you wrote here:

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Anyway, I figured I would stick in the maximum I was prepared to pay and if I don't get it, I would not regret not having bid enough. And if I do get it, I will have too much to do to worry about if I could have got it cheaper.
You made a decision based on sound logic. Remember that - because your logic is still sound.

Those 'should have, could have' thoughts are neither helpful nor healthy. All that is important is that you made a decision based on your needs and wants.

Have I over paid against the competition? Probably. Did I over-pay against my budget, weighing in my desire for the property, the enjoyment I expected to get out of it? Absolutely not. After all, a home is more than just an entry on one's portfolio.

If the news is good on Monday, pop the cork on a very good bottle of champagne and congratulate yourself. You've taken a big step, started to put down solid roots.

Then roll up your sleeves, get the necessary stuff organized for the move out of your flat... and get ready to dive into the next phase, feet first.

This is an exciting time!
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Old 27.05.2011, 10:12
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Re: House project #2

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Phil, what you are feeling now is normal - every buyer goes through the 'What was I thinking? What have I done?' panic upon making a commitment. It's natural. So when you break out in the cold sweats, remember what you wrote here:

You made a decision based on sound logic. Remember that - because your logic is still sound.

Those 'should have, could have' thoughts are neither helpful nor healthy. All that is important is that you made a decision based on your needs and wants.

Have I over paid against the competition? Probably. Did I over-pay against my budget, weighing in my desire for the property, the enjoyment I expected to get out of it? Absolutely not. After all, a home is more than just an entry on one's portfolio.

If the news is good on Monday, pop the cork on a very good bottle of champagne and congratulate yourself. You've taken a big step, started to put down solid roots.

Then roll up your sleeves, get the necessary stuff organized for the move out of your flat... and get ready to dive into the next phase, feet first.

This is an exciting time!
Thanks for this! I feel much better today now that I had time to digest it all and sleep on it. I'm just reminding myself that I got the location I wanted, and the house type I wanted (detached) and that I couldn't afford any other place in that area anyway so I should be happy that I got it.

There's just so much to do right now and quite a compressed timeline. Proposed take over date is by the end of June.

Last edited by Phil_MCR; 27.05.2011 at 10:48.
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