Lost out on another house that's gone for over asking price

startingout2016

I am pregnant and hormonal but this is really starting to get me down now.

We are trying to buy in Hemel Hempstead or surrounding villages and have a max budget of 315k.

We have viewed many houses and offered on 3 that are suitable.
1 we secured for asking price but the sellers pulled out 4 weeks into the sale
The next one we offered £5k less than asking and the seller wouldn't take any less than asking price. It's still on the market and just been put up to rent at the same time as it's empty. That was over a month ago.
The last one was today. We offered asking. The seller sold it for just over asking (a few k) to someone deep in a chain.

We are chain free with mortgage agreed and solicitors already appointed.

It's starting to feel like there's something telling us not to buy.

Problem is we want to get this sorted before baby arrives as we currently live in a 2nd floor apartment.

Any useful / helpful advise?

glasgowdan

The thing to remember is not to put time pressure on yourself. Yes, moving with a baby seems like hard work, but it really won't be the end of the world, especially if you get removals people in to do the bulk of the hard work. And baby won't know/care what's going on anyway!

The housing market is genuinely buoyant in much of the UK and it's hard, but total stubbornness is needed. We've just moved in last week to our new place, after beginning our search back in January, and having just completed 8 weeks of renovations, and the work was all worth it.

You'll get something. Just put in strong offers when you find something you like and make sure the mortgage is affordable.

mije1983

Keep plugging away, but don't get drawn into a bidding war if you don't feel the property is worth it. Even though it is frustrating.

Maybe you need to reduce you top price slightly so you have a bit of wiggle room to go above asking price if you love the house.

I live about 10 miles from HH, and properties seem to go as soon as they are on Rightmove, and judging by selling prices they seem to go at asking price if not more. There is no sign of the housing market slowing down in Hertfordshire from what I can see!

Did you not get a chance to increase your offer today? Or did you just feel it wasn't worth the extra £x? If the sellers haven't yet found anywhere to move to, the fact the other party offered a few thousand more is probably a bigger pull for them than someone who has nothing to sell as there is no rush.

Cakeguts

You may need to look at cheaper properties so that you can offer more than the asking price. Only looking at properties at the maximum of your budget doesn't allow you to offer more than the asking price if you think that will secure a house. You have to remember that the asking price is only a guess by the seller's estate agent as to what a property might be worth. A house going for over the asking price means that the estate agent got the selling price wrong. A house is worth what someone will pay for it so if it sells for over the asking price then the asking price was too low. This is why you need some room for negotiation which you won't have if you always look for houses at your maximum budget.

emmatthews

Have you approached the age for the second house to see if the sellers will reconsider your offer? A month later without selling they may take a different view?

Keep at it, you will get your house!

anselld

You have to appreciate that in order to buy a property you must be prepared to pay more than anyone else is prepared to pay. As others have said, asking price is irrelevant; it is the market which decides.

Don't get obsessed with under/over asking price offers. You have viewed a lot of properties so ask yourself how much you think it is worth. If you really like it and can afford it then offer what you think it is worth even if that is a premium over asking.

You might end up a few thousand pounds poorer, but you will be richer for owning the house you really wanted.

Levs01

Where abouts in HH you looking? I've just had a look on right move for your budget and I've seen a couple
Of good ones. They need modernising but the shell is good with nice garden. Not in grove hill.

alchemist.1

I would revisit the one where you offered 5k less than the asking price. Maybe eek out the additional 5k. In the scheme of things and the lack of properties on the market ,it isnt a huge amount.

The reality is that there only a small amount of people who desperately need to sell and therefore can hang on to their prices /rent the place out.

startingout2016

emmatthews wrote: »

Have you approached the age for the second house to see if the sellers will reconsider your offer? A month later without selling they may take a different view?

Keep at it, you will get your house!

Thank you.
We actually hadn't thought about going back to the sellers for the second house.

I assumed that if they were now reconsidering our offer that they would have been in touch with us. Would it be worth while contacting the agent?

I notice they have also listed it for rent at the same time so they obviously haven't got any other offers on the cards

startingout2016

alchemist.1 wrote: »

I would revisit the one where you offered 5k less than the asking price. Maybe eek out the additional 5k. In the scheme of things and the lack of properties on the market ,it isnt a huge amount.

The reality is that there only a small amount of people who desperately need to sell and therefore can hang on to their prices /rent the place out.

Thank you. We are considering this.

Having re looked over our finances it would be a struggle to get the extra £5k to asking.
The house has been rented for the last 10 years and not in great state of repair and needs replacement flooring to lounge and a new bathroom suite due to a recent leak.
We would want to have some funds to be able to do this. We don't have a lot left over so it would have to be done cheaply to begin with and I'm slightly worried that this doesn't leave us with anything left for baby expenses / maternity fun / family car fund which is now a thought in my mind

startingout2016

Levs01 wrote: »

Where abouts in HH you looking? I've just had a look on right move for your budget and I've seen a couple
Of good ones. They need modernising but the shell is good with nice garden. Not in grove hill.

We are looking in boxmoor (two of the houses we offered on are in boxmoor) and in gadebridge. Really HP1 postcodes.
We looked at a few in Woodhall Farm next to grove Hill but it's the wrong side of town for my family and our work, plus it's not a desirable area and I'd rather have a worse house in Better area.