Missed Out on Buying First Home - Gutted

debtisnotme

Not much to add but its really a sellers market in Sheffield at the moment, I live in a street where four houses have gone up for sale in the last six weeks or so, all have had Sold subject to contract signs up within 24 hours.

alchemist.1

You will need to get over the "first time buyer" being in a strong position.

There are so many FTBs at the level you are looking to pay that it's not an advantage.

elephantrosie

this estate agent is very rude. she is in no position to say it is near the top of your budget, therefore no point informing you.

budget is budget. some people have more money sitting around and has a low budget.
when situation changes, then the budget can be altered.

you should call up the estate agent and let them know about this employee of theirs.

elephantrosie

OP, how much money have you wasted on this property before you commit to bid on it?

ie. surveyor fees, valuation, etc.

hazyjo

johnwb89 wrote: »

To be fair to her, I said I was hoping to buy around £200,000 and £210,000 was final offer, but it's a bloody mind game! You surely can't say you have £20,000 extra if needed.

elephantrosie wrote: »

this estate agent is very rude. she is in no position to say it is near the top of your budget, therefore no point informing you.

budget is budget. some people have more money sitting around and has a low budget.
when situation changes, then the budget can be altered.

you should call up the estate agent and let them know about this employee of theirs.

See the first quote. The EA did nothing wrong. £20k is a huge amount of money. If I said the top of my budget was £20k less, I'd mean it, or tell them I'd spend more on the right property. I certainly wouldn't say 'final offer' unless I meant it. The EA is not psychic, nor should she keep pushing. If someone says final offer, they tend to mean it. It's not Who Wants to be a Millionaire with 'now is that your final answer' 100 times.

elephantrosie wrote: »

OP, how much money have you wasted on this property before you commit to bid on it?

ie. surveyor fees, valuation, etc.

It's not Scotland. It costs nothing to offer - unless it was an auction property, which it certainly doesn't appear to be.

jimbog

elephantrosie wrote: »

OP, how much money have you wasted on this property before you commit to bid on it?

ie. surveyor fees, valuation, etc.

It wasn't an auction property.
Valuations and surveys are usually undertaken after an offer has been accepted.

Davesnave

elephantrosie wrote: »

this estate agent is very rude....

you should call up the estate agent and let them know about this employee of theirs.

Yes, especially if you don't want to buy any houses they might have on their books in the future!

Harryp_24

from my point of view, if your offering low and then increasing by the £1k every day you sound like someone who will find faults come the survey to knock money back off. Id always say, no your max offer, offer slightly lower, if refused, offer max. Max doesnt mean how much you can afford, it means how much your willing to pay.

Pixie5740

hazyjo wrote: »

It's not Scotland. It costs nothing to offer - unless it was an auction property, which it certainly doesn't appear to be.

It doesn't cost anything to make an offer in Scotland either. Yes the offer is put in through your solicitor but I've never been charged per offer and as the vendor pays for the Home Report which the buyer is free to view buyers already have a very good idea of what value the mortgage lender will place on the property.

johnwb89

Thanks all for the replies it's all good learning

My increasements of £1000 wasn't meant to annoy the vendor, it was more that I was told at £210,000 she was considering my offer alongside another which was higher. Might sound stupid to you, but at this point I thought the others must be in a chain or have some disadvantage, or she would take rejected mine. I was quite eager to call and offer asking the day before it went, but my dad said something along the lines of, she's not actually rejected £210,000 yet, add another £1000 on and it might sway her possible. I believe though if the EA had gone 'John - You're out the race. Offers been rejected for a higher one' I'd have stumped up the asking there & then. Silly not to have done it at the time I know, I personally wanted to but it is a Mexican stand off buying a house. At the time, it was also only between myself & 1 other bidder.

Tricky process, but I've learnt to leap at one more now if I love it. There's obviously not much room for fannying around in Sheffield currently, seems to be asking price minimum you'll get it for.