Missed Out on Buying First Home - Gutted

pretamang

As LadyG says, it's a baptism of fire.
Good Luck!

MEM62

johnwb89 wrote: »

Thanks for the speedy reply. It seems that way to me too. In reality I could have gone to £220-£225, but wasn't given the option too which is what's so annoying. Yes you were, that could have made that your first offer. I figured my 1st time buyer position might strengthen my bid a little - is that naive or not? No, not really. Being a FTB usually means you can move quickly and are not going to be subject to unforeseen complications with a property sale. That should make you attractive but you still have to make a strong offer.

If she had just said - I think your offers too low and will be rejected, try the asking I would have. Nothing was actually communicated as rejected, is that normal?

Don't rely on feedback from the estate agent - they are not working for you and you are not their first consideration. Don't be deflated. Go look at some other houses, you'll find others that you'll love equally and one will work out for you. Try to make a connection with the seller as this will often pay dividends.

Nikkinakkinoo2017

Ahhh sorry you lost out on this one. Try and think that it just wasn't meant to be. We are first time buyers too and we lost out on 2 before the one currently processing. We were told by everyone that being a first time buyer you will get money off, go in low, they will always pick a first time buyer to sell to. WRONG!!! The first vendor said she wanted us to have her house and that she wanted chain free people and had been offered asking price but turned it down because that didn't matter she wanted no chain . We went in cheeky and she said no I want asking.... Anyway we didn't get that one. Next one we ended up in a bidding war and it went 15k over asking in a huge chain despite at the viewing the owner saying he just wanted rid.... Money talks at the end of the day. When this house we are buying came on we didn't mess about, we viewed the day it went on the market and put an offer in the day after at full asking price and got it. Must add though, houses around here are selling within 24 hours at the moment.. Not sure why haha. One we viewed had sold before we even got home from the viewing (purple bricks).
Good luck in your house search, your dream house is out there somewhere xx

hazyjo

I don't mind the haggling - but just be aware that it's human nature to want something others do. You've put forward an offer or two, and the EA has then prob picked up the phone to everyone else saying 'it's a feeding frenzy out there, I have offers on the table already - if you're at all interested, you really need to offer today'.


If you offer, try and get it all settled as quickly as possible. I wouldn't want to wait days inbetween. I know sometimes it can't be helped, but I always start with the fact I want to get this tied up as quickly as poss.


Jx

johnwb89

Thank you all for the honest feedback I appreciate it. It's a learning curve that's for sure. I also agree you want what you can't have. I think I've been mislead by thinking offering £1000 more each time when it's close to asking isn't a bad thing, whereas it sounds like the EA has prob used that as ammo to get the others to secure it higher.

Bit trickier too as I'm buying for me and my partner to live in who's currently down south which adds to the pressure.

Il have to keep eyes peeled, and leap at the next one. Do you guys think emotion can lead to overpaying? And does that matter?

Surrey_EA

johnwb89 wrote: »

Il have to keep eyes peeled, and leap at the next one. Do you guys think emotion can lead to overpaying? And does that matter?

Almost every buyer thinks they overpaid.

Conversely, almost every seller feels they undersold!

marliepanda

johnwb89 wrote: »

Thank you all for the honest feedback I appreciate it. It's a learning curve that's for sure. I also agree you want what you can't have. I think I've been mislead by thinking offering £1000 more each time when it's close to asking isn't a bad thing, whereas it sounds like the EA has prob used that as ammo to get the others to secure it higher.

Bit trickier too as I'm buying for me and my partner to live in who's currently down south which adds to the pressure.

Il have to keep eyes peeled, and leap at the next one. Do you guys think emotion can lead to overpaying? And does that matter?

Yup emotion can lead to overpaying. On the brink of that myself.

However, if you're going to be there for a long time and not trying to flip a profit and you're happy, it doesn't matter one jot

Pixie5740

LadyGMadameToThee wrote: »

They call that a baptism of fire, my dear. FTB here - I have quite a few hair-raising stories to tell! Good old British housing market - it's must shave years off our lives!

Don't tar the whole of the UK with the same brush. Some parts, well one part, has a much more civilised mechanism for the buying and selling of property. Not to mention better property ownership, none of that leaseholder/freeholder pish.

Gilead

It really is a baptism of fire. Before I bought my first home, I was interested a nice terrace house a couple of doors down from a relative. Asking price was a bit overpriced in my opinion, but I liked it, thought it would be a good home so put I offered the asking price. Shortly afterwards, I talked with my relatives and they have an exact mirror image house - they advised the seller was not interested one jot in selling, just seeing what they could get and if they got an outrageous offer after bidding they might consider it.

And they were right, I left my offer on the table, there was a small bidding war, went up to almost 10% over asking price and then they didn't sell.

Moral of the story - you don't know what peoples motivations are when selling or buying. Make a bid you are comfortable with, don't over extend yourself or get emotionally attached, and where possible avoid the bidding table tennis and move on.

Cakeguts

£205k is too low as a first offer on a house in an area that is likely to be popular The seller might think you were not serious.