No good at this game!

Hoploz

Been wondering how you're getting on Rosie ... Don't want to hijack thread, sorry, just have been wondering!

Jhoney_2

rosie383 wrote: »

Gosh please don't say that!

Claire I'm sorry you didn't get it. I hope you do find an even better one before too long.

...with a better vendor/EA/business model.

rosie383

Hoploz wrote: »

Been wondering how you're getting on Rosie ... Don't want to hijack thread, sorry, just have been wondering!

Thanks Hoploz. I will find the original thread and update there.

claire_mc_2

Hi all, I'm back for a rant!! This process is so frustrating!

We found another house that we liked, and made a first offer £5k below asking price, expecting to go higher, as things are definitely going for asking price or above around here. We chased the EA for feedback and were then told that there had been a lot of interest and a few offers, so they were asking for best and final offers by noon on Thursday. We upped ours by £7.5k, to £2.5k over asking price, but wouldn't be willing to go any higher as the place isn't worth any more, it's quite new and a bit pokey.

We found out yesterday that we didn't get it, and it actually went to someone who offered less than us!! Apparently they were in a better position than us, although as we're in a really good position ourselves I can only see it being that they had either a huge deposit or are a cash buyer. Apparently they are also FTB.

It's just so frustrating that having been outbid by so much last time, we still don't get it, even when we're outbidding someone else :-(

Starting to consider a new build now, but I know that has plenty of it's own risks.

It just feels like we're never going to get somewhere

audigex

It sounds like the market in your area is quite strong, in that there is a lot of interest. I'd perhaps therefore consider forgetting the "game" and merely considering each house as you go along and offering the price you'd be happy to pay for it, stating that it's all you can get a mortgage for and is strictly take it or leave it.

Some areas are very offer-heavy (where I'm from, it's almost assumed you'll get a discount off the original asking price) - in others the houses go for asking every single time, and in others there are bidding wars which end up more like an auction. Yours sounds like somewhere in the middle.

You have the asking price, you know how much you can afford and how much you like the house... tell the estate agent you aren't interested in games or how much anyone else offers, that's your one and only offer.

Tell them all you want in response is to know whether the vendor accepts your offer: That way you'll never know or care if you've been outbid or if you're just offering less than the vendor's bottom price. Why? Because the reason isn't important, the fact is that you aren't able to come to a compromise price with the vendor: any extra information is just a waste of time.

You'll never even know if you could have got it cheaper, but who cares? In the end you'll get a house you want, for a price you want to pay for it, and that's all that really matters, and you can get out of this "game" that's clearly upsetting you, and you'll never be baited into more than you want to pay.

"I like this house, it's worth £x,000 to me (or £x,000 is my limit, financially), so that's my offer. If they accept, great, if not it wasn't meant to be and I'll move on"

rosie383

Aw Claire, I was wondering how you were doing. That sounds so frustrating. I wonder if the other bidder's offer was accepted because they were playing the EA's game and agreeing to use their mortgage broker/conveyancer/surveyor or all three!

I really hope the right one comes along for you soon.

Jhoney_2

Bad luck claire:(

I was thinking same as above.

They hold all the communication cards and whilst your higher bid add very little to the EAs financial outcome, a bit of up-selling can make them promote other bids!

Don't give up and leave your offer on the table just in case.

Hope you find a great house soon.

claire_mc_2

Well we've finally had an offer accepted, 4th time lucky! Thanks everyone for your help and advice.

It's a probate sale and there's still a lot that could go wrong so I'm not allowing myself to get too excited just yet

Jhoney_2

Got my fingers crossed for you! Good luck.

rosie383

I'm happy for you Claire. I really hope this one works out. You need a break! At least there is no chain!