advice on being outbid

afooksy

Hi,


I need some advice on my current situation.


12/02 - viewed house with asking price of £160k. Loved the house - to beat the current offer we put £163 & offer was accepted.
12/02 - sorted solicitors & advised MA of offer. Meeting booked to organise valuation 22/02.


Fast forward to yesterday. Get a call from the EA to say that a couple who viewed the house before us have offered £165. Vendor said no. However, they then increased to £167. Vendor said she couldn't turn that down.


We loved the house, it has a brand new kitchen & bathroom, double garage, big garden and requires minimal work when we move in. We have a DIP up to £170k so were decided to up their offer to £168k. Vendor has accepted our offer so its back with us again.


The EA said the other couple have now backed down and won't be offering any more- however they said that last week. I am now really unsettled. Its not about paying more - we don't mind that as we loved the house and felt it was worth it. We won't be going any higher than that though.


btw, I should of said earlier we are FTB. I know nothing is guaranteed and we still haven't had our valuation yet which could change everything (houses have been sold for similar in the same rd) but I am now so worried this other couple will wait another week whereby we have paid for a valuation and further solicitors fees and then put a higher offer in. It sounds like they have much more disposable cash than us.


I know that this is probably the highs & lows of buying a house but does anybody have any advice on this. We are going to view the house again tonight and will be meeting the seller so will have a good chance to gage her thoughts. She did turn down an extra £2k originally to stick with us but if they keep offering more what can she do.


Any advice would be much appreciated.

AnotherJoe

This is the problem of how the English system of house buying works and it's tough dilemma. When my daughter was buying a place and doing the second viewing after a round of bidding and she was top bidder, I had her go round with her baby so she was in the sellers minds as a "real person" and not just an anonymous bidder on an item on eBay, if you see what I mean.

All you can do really is look them in the eye and tell them how much you love the house, how this is your top limit, ask them face to face if they will stick with you, but ultimately if they are going to gazump you there is little or nothing you can do.

How extended will you be on this? Suppose the valuation comes in at say 5k lower than what you are now bidding. Do you have that money ? If not you can perhaps be a bit more sanguine about this anyway, eg you may not be able to buy it in any case.not that I'm trying to depress you.

afooksy

Hi AnotherJoe - thanks for your advice its very helpful. I agree about meeting the seller and that's kind of our plan tonight to try and win her over emotionally as much as possible. But money's money at the end of the day so without knowing if this other couple are going to come in with another high offer we just don't have any guarantees.


When we met with our MA we looked at borrowing £162k. As it stands we will be borrowing £160. So in terms of our deposit & affordability nothing changes which is why we felt comfortable offering the extra.


and not to worry- I have already prepared myself for the worst - if the valuation comes in lower we wouldn't have the extra so would back down if the seller didn't lower the price. Thing is - I'm very much of the 'what will be will be' mentality and if we lose the house then its just one of those things - however much we love it unfortunately it is out of our control at this point. What I don't like is the not knowing stage. Thanks again for your advice!