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  • FIRST POST
    • johnwb89
    • By johnwb89 25th May 17, 1:42 PM
    • 28Posts
    • 15Thanks
    johnwb89
    Missed Out on Buying First Home - Gutted
    • #1
    • 25th May 17, 1:42 PM
    Missed Out on Buying First Home - Gutted 25th May 17 at 1:42 PM
    I was just wondering if anyone has any general advice going forward & to tell me if the estate agent as been as useless as I think in this scenario.

    The property was up at £215,000 in Sheffield which is popular at present, and I opened with £205,000 - big deposit, first time buyer, ready to go straight away & considering they've already bought it's an okay opening move. The agent rings me 5 days later and says, why not meet in the middle at £210,000 - you're the only person in at the moment so should do it. Knowing I'm the only one in, I increased to £207.500. Heard nothing. The next day I call up, chuck another £1000 in as I hear there's a bit more interest now. Hear nothing.

    I call later that day and say, spoken to my dad, lets get it over the line - give her the £210,000 and take it off the market today & its a deal. Heard nothing. So I call up yesterday, I'm told there's a higher offer than mine, but she's not made any moves or rejected mine yet, So I say chuck in £1000 more and see if that sways it. I hear nothing.

    So I call up today, she tells me that it's been sold above asking, and she didn't even feel it was worth informing me of this as I was near the top of of my budget. To be fair to her, I said I was hoping to buy around £200,000 and £210,000 was final offer, but it's a bloody mind game! You surely can't say you have £20,000 extra if needed.

    Just VERY VERY deflated as I lovd the house, and looking back the market is obviously more cut throat here than I thought
Page 3
    • hazyjo
    • By hazyjo 26th May 17, 11:31 AM
    • 9,801 Posts
    • 12,422 Thanks
    hazyjo
    Thanks for this.

    Last question! As I'm still a newbie to this. After a house goes to STC - Are you allowed to put in an offer or 'gazump' as it's known? I wouldn't actually like to do this as it seems shady, but I'm wondering what the rules of STC are?
    Originally posted by johnwb89
    Well there's no law to say you can't, but I'd never do it as a vendor or buyer. And if I did go in higher and the vendor accepted, I'm not particularly sure I'd trust them or want to deal with them. Would you?


    Each to their own though, we all have different, erm, 'opinions'.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • johnwb89
    • By johnwb89 26th May 17, 11:35 AM
    • 28 Posts
    • 15 Thanks
    johnwb89
    No no I totally agree, I'm not doing that. I'm just trying to learn about worst case scenarios for myself in the future.

    Glad I posted on here though,got some great advice. Sounds to me like the best bet with offering is to just offer what you can afford, but don't play games too much. Give your highest bid, or close to it, be honest - and then take it from there.
    • Surrey_EA
    • By Surrey_EA 26th May 17, 11:43 AM
    • 1,241 Posts
    • 1,458 Thanks
    Surrey_EA
    Thanks for this.

    Last question! As I'm still a newbie to this. After a house goes to STC - Are you allowed to put in an offer or 'gazump' as it's known? I wouldn't actually like to do this as it seems shady, but I'm wondering what the rules of STC are?
    Originally posted by johnwb89
    Up until exchange of contracts legally you're free to do what you want, as is the seller, irrespective of whether they've previously accepted an offer.

    However, morally it's a different question!
    • Davesnave
    • By Davesnave 26th May 17, 12:57 PM
    • 23,562 Posts
    • 89,419 Thanks
    Davesnave
    Up until exchange of contracts legally you're free to do what you want, as is the seller, irrespective of whether they've previously accepted an offer.

    However, morally it's a different question!
    Originally posted by Surrey_EA
    Depends. If it's not a run-of-the-mill property,and it's only been on for a short time, the agent or vendor might not have pitched it correctly. In that case, I'd argue that the market should determine the final value, as in sealed bids, perhaps. That's how I bought my first house.

    I missed out on a property by being distracted literally just for a few days. The agent omitted to mark it as sale agreed on his web site and I phoned to ask for a viewing. The agent explained and I backed off, but if the same situation arose again, I wouldn't.

    When one searches for a particularly rare property, spending hundreds of £ and hours on the task, it's quite a moral ask to walk away from it like that.

    It certainly didn't make me feel wonderful, and the vendor probably missed out to the tune of £10 - 20k.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • pinkpiglit
    • By pinkpiglit 26th May 17, 1:05 PM
    • 225 Posts
    • 78 Thanks
    pinkpiglit
    I'm on RM like a hawk at the moment haha
    Originally posted by johnwb89
    Don't wait for them to appear on Right Move. By that stage the EAs will most likely have telephoned all the buyers they have in their books to tell them about the new property they are in the process of listing!

    Go in and see the EAs, call them up regularly, maybe even weekly, make sure they know who you are and that THEY call YOU when they get a new property.
    • jimbog
    • By jimbog 26th May 17, 1:08 PM
    • 615 Posts
    • 979 Thanks
    jimbog
    Go in and see the EAs, call them up regularly, maybe even weekly, make sure they know who you are and that THEY call YOU when they get a new property.
    Originally posted by pinkpiglit
    Excellent advice. Wander in every week or so and chat to them about what could be coming up/what does the market's like/be on first name terms etc. so that they get to know you and are the first person they think of when something comes up
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
    • johnwb89
    • By johnwb89 26th May 17, 2:36 PM
    • 28 Posts
    • 15 Thanks
    johnwb89
    I've called a few and they were a bit like RM is the first port of call but I doubt that is the case. I have given them a very specific run down of requirements and price etc so fingers crossed.

    Thanks for the help everyone, I'm still a bit down I completely messed up the last negotiation still though!
    • hazyjo
    • By hazyjo 26th May 17, 3:36 PM
    • 9,801 Posts
    • 12,422 Thanks
    hazyjo
    I've called a few and they were a bit like RM is the first port of call but I doubt that is the case. I have given them a very specific run down of requirements and price etc so fingers crossed.
    Originally posted by johnwb89
    Unless you're 'friends' with them, they'll not take a blind bit of notice of your details on file. They never really match properties and get in touch any more as everyone just looks on RM. If you're 'best buddies' with them and are maybe looking in specific roads and pop in all the time to see what's on the horizon, they may remember you. All you'll prob get now is just a load of emails with completely unsuitable properties sent through.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Muscle750
    • By Muscle750 26th May 17, 7:56 PM
    • 895 Posts
    • 272 Thanks
    Muscle750
    worst experience we had was buying a repo house the estate agent "advised" the figure to bid, we won it when i went to get the keys i had them thrown at me transpired after the estate agent was trying to buy it under another name which is illegal and i discovered i bid £30k over his bid. Not long after they folded.
    • elephantrosie
    • By elephantrosie 27th May 17, 7:27 AM
    • 372 Posts
    • 102 Thanks
    elephantrosie
    It doesn't cost anything to make an offer in Scotland either. Yes the offer is put in through your solicitor but I've never been charged per offer and as the vendor pays for the Home Report which the buyer is free to view buyers already have a very good idea of what value the mortgage lender will place on the property.
    Originally posted by Pixie5740
    therefore in england, buyer makes an offer and dont pay any deposit until surveyor etc completed?
    Another night of thankfulness.
    • johnwb89
    • By johnwb89 6th Jun 17, 4:54 PM
    • 28 Posts
    • 15 Thanks
    johnwb89
    * UPDATE *

    Just to let people know, I rang the agent on an absolute whim last week with no hope, and just asked if there had been any movements at all - I had asked her to contact me immediately if anything changed so I had less than 1% hope.

    Anyway! She tells me the buyer that went over asking has pulled out, and it was to go back on the market. I had a very strange mixture of euphoria and anger. I knew she wasn't keen on me for whatever reason, but not telling me seemed very harsh. Either way, I immediately offered asking price and it was accepted the same day. VERY lucky, but it shows that you just have to keep trying and remember to CHASE THE AGENT!

    Now I'm having a mini mare getting an agreement in principal aha but none the less, looks okay at the moment.
    • ReadingTim
    • By ReadingTim 6th Jun 17, 5:36 PM
    • 2,154 Posts
    • 3,053 Thanks
    ReadingTim
    Anyway! She tells me the buyer that went over asking has pulled out, and it was to go back on the market. I had a very strange mixture of euphoria and anger. I knew she wasn't keen on me for whatever reason, but not telling me seemed very harsh. Either way, I immediately offered asking price and it was accepted the same day. VERY lucky, but it shows that you just have to keep trying and remember to CHASE THE AGENT!
    Originally posted by johnwb89
    Glad it worked out for you and that a chance phone call at the right time paid off, but let's face it - you were d@amned lucky to call at just the right time. A day or two later, and you might have missed out again.

    I think what it really shows is that regardless of how deluded, rude, objectionable etc you think the seller, and how duplicitous, deceitful, unprofessional etc you think their agent; it pays to keep on their good side, so that if a sale does break down, the agent is calling you, rather than the other way around.
    • hazyjo
    • By hazyjo 6th Jun 17, 5:40 PM
    • 9,801 Posts
    • 12,422 Thanks
    hazyjo
    * UPDATE *

    Just to let people know, I rang the agent on an absolute whim last week with no hope, and just asked if there had been any movements at all - I had asked her to contact me immediately if anything changed so I had less than 1% hope.

    Anyway! She tells me the buyer that went over asking has pulled out, and it was to go back on the market. I had a very strange mixture of euphoria and anger. I knew she wasn't keen on me for whatever reason, but not telling me seemed very harsh. Either way, I immediately offered asking price and it was accepted the same day. VERY lucky, but it shows that you just have to keep trying and remember to CHASE THE AGENT!

    Now I'm having a mini mare getting an agreement in principal aha but none the less, looks okay at the moment.
    Originally posted by johnwb89
    Don't take it personally - EAs rarely remember who you are or which properties you were interested in.


    Why do you need an AIP now? Just apply. Is the chain complete?


    Jx
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Glover1862
    • By Glover1862 7th Jun 17, 11:53 AM
    • 212 Posts
    • 118 Thanks
    Glover1862
    You got luck, the estate agent gave you a big clue when he said offer £210k, he would of had the discussion with the vendor already and that was the figure they'd likely come to. I would have just agreed to £210k and said fine take it off the market. I'd base this on, I liked the house, you still got £5k off, the market is fast moving, and £5k over the 25 odd years you'll pay for it is nothing.

    I've purchased 3 buy to lets, I'll always try to close the deal on the counter offer, it's always worked so far, never get involved with offers back and forth in a hot market.
    • Cirias
    • By Cirias 7th Jun 17, 1:40 PM
    • 64 Posts
    • 21 Thanks
    Cirias
    I had this experience recently with my first ever offer on a house (also first time buyer). We really wanted it, but had read everywhere to be "cheeky" so we went in £20K under the asking. This was rejected outright. So over the next few days I kept calling back and increasing our offer by a small amount each time until we were finally offering just £2K under asking. I didn't hear back for about a week. When I phoned them I was told it had been sold for asking and taken off the market.

    That was a few months ago - now I am about to exchange on a house that I like even more with a bigger garden and tucked away from the main road, so it was for the best in my mind. I was a silly first time buyer trying to play the "game" that Kirsty & Phil make you believe exists.

    To get the house I'm buying now I was very upfront and told the EA, look this is as much as I can afford. I went in £5K under asking, the vendor came back with a counter offer which met us in the middle and I accepted it. The good thing about this house is that the vendor isn't playing silly !!!!!!s. We've both been honest with each other and he's being thoroughly decent to us in return.
    • sheff6107
    • By sheff6107 7th Jun 17, 4:49 PM
    • 442 Posts
    • 293 Thanks
    sheff6107
    Try selling your house and the sale falling through after months of work. That's what you would call gutting.

    Dust yourself off and get back out there. There is always a better house out there somewhere
    • streetlovin
    • By streetlovin 7th Jun 17, 7:44 PM
    • 78 Posts
    • 39 Thanks
    streetlovin
    What's meant to be for you won't go by you!

    I am sure there will be a better house out there. When I was looking for a property I didn't even have 10% deposit and it was incredibly sad because I kept seeing the houses I wanted but I couldn't buy. Now I end up with a really nice place with superb view. Good things are yet to come! Don't waste time and be gutted about it.
    • Ragtimeplayer
    • By Ragtimeplayer 8th Jun 17, 6:56 PM
    • 1,200 Posts
    • 1,249 Thanks
    Ragtimeplayer
    Almost every buyer thinks they overpaid.

    Conversely, almost every seller feels they undersold!
    Originally posted by Surrey_EA
    I don't!

    The one we offered on was on at £127,500, I asked her what she would accept, and she said she would like in the region of £120,000. We originally were going to offer her £122,000 so very pleased!

    After the survey, which highlighted quite a few things, we then managed to get a further £3.500 off so we really feel we got value for money on our house
    Stopped smoking Jan 2007 after 23 years!

    Cigarettes NOT smoked = 190,945
    Smoke free days = 9 Years
    Cash saved so far = £19745,11
    • Davesnave
    • By Davesnave 8th Jun 17, 9:46 PM
    • 23,562 Posts
    • 89,419 Thanks
    Davesnave
    Try selling your house and the sale falling through after months of work. That's what you would call gutting.

    Dust yourself off and get back out there. There is always a better house out there somewhere
    Originally posted by sheff6107
    What's meant to be for you won't go by you!

    I am sure there will be a better house out there. When I was looking for a property I didn't even have 10% deposit and it was incredibly sad because I kept seeing the houses I wanted but I couldn't buy. Now I end up with a really nice place with superb view. Good things are yet to come! Don't waste time and be gutted about it.
    Originally posted by streetlovin
    I love the way people answer without reading the whole thread, but at least these two are being very positive!
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • johnwb89
    • By johnwb89 9th Jun 17, 7:23 PM
    • 28 Posts
    • 15 Thanks
    johnwb89
    It was verrrrry lucky I understand that! But I suppose it was hopefully meant to be. Not seen anything I like since so very glad it's going through.

    Got rejected once via Nationwide for a mortgage though, but looks to be fine with Halifax. Warning - mortgage companies don't like gambling. I'm not sure why they are allowed to judge if you don't even go near overdraft! But whatever!

    I only needed 32% of the property as a mortgage too so it wasn't a HUGE amount but oh well!
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