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Best and final offer
newliverpudlian
Posts: 2 Newbie
Hello All,
So my tale of woe.... We put an offer on a place, at asking price, because we really loved the property. The asking price was low for the area (80k), but the property had recently been put on at auction and did not sell for a reserve of 77,500. I hypothesised that it was because the place has an odd layout and an investor would not know what to do with it, whereas we could see the potential, but it was also clear that some works are needed on it. Our offer was accepted, but then.... we were gazumped! Really annoyed with the estate agent here, because it was not clear to me that it was still on the market, in fact it had been taken off rightmove as soon as our bid was accepted. Apparently now there have been 5 bids on it, althoguh only one was higher than ours and the estate agent wants to put it in as a best and final offer auction.
Firstly, can we be gazumped in this fashion? Also, how can we be sure that the estate agent isn't fabricating the other offers to put up the price? Also, how do we set about putting a price on it? Am tempted by the treatment we've received to not budge on it, but at the same time we are really keen on the property. Btw, we have until 4 pm tomorrow, so please respond quickly! Many thanks.
So my tale of woe.... We put an offer on a place, at asking price, because we really loved the property. The asking price was low for the area (80k), but the property had recently been put on at auction and did not sell for a reserve of 77,500. I hypothesised that it was because the place has an odd layout and an investor would not know what to do with it, whereas we could see the potential, but it was also clear that some works are needed on it. Our offer was accepted, but then.... we were gazumped! Really annoyed with the estate agent here, because it was not clear to me that it was still on the market, in fact it had been taken off rightmove as soon as our bid was accepted. Apparently now there have been 5 bids on it, althoguh only one was higher than ours and the estate agent wants to put it in as a best and final offer auction.
Firstly, can we be gazumped in this fashion? Also, how can we be sure that the estate agent isn't fabricating the other offers to put up the price? Also, how do we set about putting a price on it? Am tempted by the treatment we've received to not budge on it, but at the same time we are really keen on the property. Btw, we have until 4 pm tomorrow, so please respond quickly! Many thanks.
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Comments
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you can be gazumped, it is a sad state of affairs but you are not truly out the woods until contracts are exchanged.
Nobody can value the house except you, be weary of going in too high as if you require finance then your finacier may not agree with your valuation
As for knowing if it is a fsbrication, sorry, you may never know that.Sealed pot challange no: 3390 -
This is a tough one. On the one hand, it is a buyer's market and a lot of the cheaper houses are unsold. On the other hand, gazzumping and sealed bids have returned on the cheaper more desirable properties.
Part of this is the trend where today's younger generation want a house with everything done up. You may find it a better bet to get a good house (size and location) that's a bit run down and do it up instead.
Personally, I would stay away from a bidding war, as you end up bidding above the market cap of the property, i.e. whilst £1000 is just a number when bidding on a house, work out how long you have to earn to get that £1000 back after tax for every £1000 you bid above the house's value.0 -
stay firm because where will the up your bids end..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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