Bidding war going ABOVE asking price

wondergroove

I agree there will be others, however if you have set your heart on a place its hard to just let it go. From my experience (very recent) EA are not my favorite people in the world, however I still dont know if I was bidding against anyone, maybe I was and so might you be.......

NickDurham

wondergroove wrote: »

I agree there will be others, however if you have set your heart on a place its hard to just let it go. From my experience (very recent) EA are not my favorite people in the world, however I still dont know if I was bidding against anyone, maybe I was and so might you be.......

And that's the problem... after a year of looking and then seeing several decent properties go within a month of being put on, it's hard just to let go of this one. Although some have an issue with it, I feel that the safety net of the bank's valuation is our best way of making sure that if we are being played, we're not being played for a lot above the value of the house.

Oh, and the other thing is that the EA doesn't have the HIP pack ready - NONE of it is available to look at, which, I've discovered, is worth a 200 quid fine... I won't say anything, but it does sort of reinforce my view of this EA.

SandC

There may or may not be another bidder, but whether there is or isn't I wouldn't be so sure that the vendor is aware that bids being made will not stand after valuation. Why on earth would they bother with all this if they knew that?

NickDurham

SandC wrote: »

There may or may not be another bidder, but whether there is or isn't I wouldn't be so sure that the vendor is aware that bids being made will not stand after valuation. Why on earth would they bother with all this if they knew that?

That's exactly what's got me puzzled - as I said above it can only be so that they are in a stronger position when negotiating a meeting point between valuation and offer.

From what the EA said they HAVE made the vendor aware... whether they REALLY have is another matter I guess...

hearts

I cant understand why you think the price you offer isn't what you are going to pay? If you have no intention of paying this then don't offer it.
Many people, even in these times, will pay over valuation to get the property they want.
You are wasting everybody's time by putting in an offer you have no intention of completing on.

The likey oucome of this is, the house has to be readvertised and the whole process starts again. Or when you back out they go back to the other bidder.

NickDurham

hearts wrote: »

I cant understand why you think the price you offer isn't what you are going to pay? If you have no intention of paying this then don't offer it.
Many people, even in these times, will pay over valuation to get the property they want.
You are wasting everybody's time by putting in an offer you have no intention of completing on.

If the bank values the property at what we offer, then we'd pay it.

If it doesn't, then we wouldn't, as we haven't got the money to make up the difference.

How is this different from 1000s of other sales? I don't see how I'm wasting anyone's time. I'm making an offer we can afford. I DOUBT the bank will value it at that, but if it does, then we will pay without a problem. I'm just being realistic about what the bank's valuation would be and - and here's the thing you're missing - playing the game that the EA has set up, despite their knowing that it is likely the bank won't value the house at these sorts of amounts.

jamtart6

I never saw a HIP for my house, bought it in December, is there really a fine for not giving it to people?? I would love to get them fined as harshly as possible, they were atrocious. " Have you got a back door key for the house?" ..."no you'll have to get your own cut", "how do we go on about getting electricty connected again?" "no idea" "haven't you ever sold a repossessed house before" "yes of course, but no one has ever asked for a back door key, or how the electricity gets reconnected" .....err what??? LOSERS!

edit: and yes I am bitter about how badly we were treated from start to finish!

NickDurham

jamtart6 wrote: »

I never saw a HIP for my house, bought it in December, is there really a fine for not giving it to people?? I would love to get them fined as harshly as possible, they were atrocious. " Have you got a back door key for the house?" ..."no you'll have to get your own cut", "how do we go on about getting electricty connected again?" "no idea" "haven't you ever sold a repossessed house before" "yes of course, but no one has ever asked for a back door key, or how the electricity gets reconnected" .....err what??? LOSERS!

From 6 April a house cannot be marketed without the basics of the HIP available for prospective buyers to see (they get 28 days to produce the searches). Prior to 6 April they were required to have ORDERED the HIP before marketing it. Apparently it's 200 quid now and then a further 200 quid for every day they continue to market it without the HIP. :eek:

SandC

NickDurham wrote: »

If the bank values the property at what we offer, then we'd pay it.

If it doesn't, then we wouldn't, as we haven't got the money to make up the difference.

How is this different from 1000s of other sales? I don't see how I'm wasting anyone's time. I'm making an offer we can afford. I DOUBT the bank will value it at that, but if it does, then we will pay without a problem. I'm just being realistic about what the bank's valuation would be and - and here's the thing you're missing - playing the game that the EA has set up, despite their knowing that it is likely the bank won't value the house at these sorts of amounts.

It's very different to other sales. I've never heard of anyone doing this before, honestly.

jamtart6

ah, was December boo..

when do you find out about if the offer has been accepted?