Beaten on offer

Facknats

I don't think I'm even looking for advice, I'm just disappointed and want to type it out somewhere :doh:

Got an attractive AIP sorted this week, upped my offer on the house we have seen and loved, following family advice.

Advice followed: the asking price is the same as a property refurbished to a similar standard and down the same road sold for recently- except the other property has a larger driveway and a more accessible third bedroom. Family suggested sticking to a slightly lower price, so we went £180k rather than the £190k asking price- and against seller's £185k counter offer.

Well, today somebody came in and offered asking price straight off the bat. Something I may have done too, if I hadn't heeded warnings!

We can't really go into a bidding war or up the offer- as that would certainly overvalue the house.

I don't like praying for other's downfall but I suppose our only other opportunity is if their other buyer falls through. How common is that?

All other houses on the market now look hideously ugly in comparison, of course. :j

[Deleted User]

I am afraid its a chance you take. No point in blaming other 'advisors' its just a lesson in life you learn from. After all, no one has a crystal ball, the other purchaser couldn't be forseen unless its in a highly desirable area. As you say, you offered what you thought it was worth at the time.

You will find another property, usually on here after losing a much wanted purchase we hear 'so glad the other offer fell through, the new property is so much better'. If necessary, take some time off from property hunting and allow your brains to refresh.

Facknats

Somehow that coming from Trois made it so much easier to hear. Thanks!

tommyedinburgh

Trust your own judgement next time. We were in a similar position and decided to up our best offer on the morning of the closing date. It secured us the property by £221!

If we'd listened to the 'so called, family experts', we'd have missed out. We then marketed the property 20 months later and made £17,000. The so called experts said we'd make a loss.

AdrianC

Facknats wrote: »

Advice followed: the asking price is the same as a property refurbished to a similar standard and down the same road sold for recently- except the other property has a larger driveway and a more accessible third bedroom. Family suggested sticking to a slightly lower price, so we went £180k rather than the £190k asking price- and against seller's £185k counter offer.

Well, today somebody came in and offered asking price straight off the bat. Something I may have done too, if I hadn't heeded warnings!

You would have been happy to pay £190k, but you turned down shaking hands at £185k?

We can't really go into a bidding war or up the offer- as that would certainly overvalue the house.

Next time, ignore your family and go with your gut instinct. They aren't the ones who are now continuing to look for a home they want to buy...

Offer what you think it's worth. Stick with that - if somebody wants to pay more than you do, that's their choice. But - as you're finding out - it's gutting to miss out when you're within your self-imposed budget for the place.

By all means, start with an initial offer - you never know where it'll go. In this case, your £180k offer would have seen you shake hands at £185k, whereas if you'd gone straight in at £190k, you'd have paid £5k more. Low enough to get a refusal, because otherwise you'll be wondering how much lower you could have gone. But not so low that the vendor doesn't counter-offer, and simply writes you off as a comedian wasting everybody's time. You got your initial offer about right this time, by the sound, but then could have followed on and been smiling. If not for listening to family...

Skiddaw1

OP, do make sure the EA knows you're still interested in the property. Nothing to say the current offer won't fall through....

G_M

Facknats wrote: »

......
We can't really go into a bidding war or up the offer- as that would certainly overvalue the house.

Not if you think it's worth, say, £195K. If you'd be happy living there for 5, 10+ years, then what's another £5K? If you're willing (and able) to pay that, then clearly that is what it's worth.


Sounds like you have regrets and wish you'd offered more- so clearly it is worth more!

pinkteapot

In early June we offered on a house that had been on the market for over a year. Vendor said they’d just got another, higher offer (it was Purple Bricks so we were dealing direct with the vendor, not talking to an agent). We thought they were trying it on so didn’t increase, and missed out (what were the odds of two offers the same weekend after that long?!).

I was gutted but six weeks later we found a house that was just so much better. Offered on that and moved in in late November.

On the day we were moving in, I got a message from the first vendor to say their buyer had fallen through and by any chance were we still looking!

Still love the first house but the location of ours is a million times better so no regrets.

Anyway, tell the vendor or agent that it’s a shame, and to please get in touch if it doesn’t work out just in case you’re still looking. You never know!

Thrugelmir

Facknats wrote: »

All other houses on the market now look hideously ugly in comparison, of course. :j

As spring approaches there'll be more property coming onto the market. Be something that appeals to you.

Fackers

We just lost out on what seemed our dream home today.

2 offers (including us) today, Both offered full asking price and both FTB with AIP etc.

They called with their offer at 9:10am and we 9:30. The buyer wanted a quick sale and therefore no bidding (EA also couldn’t believe it as we were happy to easily give £5k more which we said when we offered as we knew it was popular). He settled by accepting the first offer on the basis that they offered first. Crazy!

AdrianC

Fackers wrote: »

We just lost out on what seemed our dream home today.

2 offers (including us) today, Both offered full asking price and both FTB with AIP etc.

They called with their offer at 9:10am and we 9:30. The buyer wanted a quick sale and therefore no bidding (EA also couldn’t believe it as we were happy to easily give £5k more which we said when we offered as we knew it was popular). He settled by accepting the first offer on the basis that they offered first. Crazy!

Why "crazy"?

They offered first.
You offered the same amount later.
Yes, you then offered more - but should they have been given the chance to out-bid you, too? And you them? And then you? No, that's the bidding war they want to avoid.

That sort of thing is just a recipe for silly offers that then get reduced at the faintest sniff of a survey or a lender's valuation.

No, cut all that silliness out - just first to put asking price on the table. <shake hands> Chances are it'll all end up at the same figure anyway, but there's less risk of it falling through with tears before bedtime.