Aghhh - why do people bid if they can’t buy

RelievedSheff

Crashy_Time said:

People view, get carried away and make silly offers, or they don`t want to offend a buyer straight off the bat, then their bank tells them they are not buying at that price? Just going to get more and more commonplace IMO.

We all know where your opinions have got you! 

GJB1954

From our prospective, it appears no matter what checks are done by EA. About buyer being proceed able, to even view house has been passed by them. The buyer has an advantage. It is not against the law to view and offer on other houses. So if then potential buyer decides not to contact / proceed . There is nothing vendor can do but then give date for proof going to proceed or house is back on market. 

justworriedabit

Redwino222 said:

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Exactly why everyone i know never sell to a anyone that is in a chain or do not have money ready.
Another warning sign though not always is those that do a 5 min viewing and give you the best/full asking price.
We always tell the EA what we expect from a purchaser and a seller it is our criteria other we are not interested.
OP, it is frustrating but it happens a lot but can be mitigated to an extent if you are able to do in a position to do what we do..

A sibling bought a property a lovey structure ready to do up to their taste a lovely area and thankfully no chain as sells were moving to the EU. However, come completion as both exchange dates were only going to be a few days apart as this is what my sibling and we do - last moment a third party had their names on the deeds ie the couples estranged son. EA apologised and stated they were never advised we are not sure who was telling the truth the completion was only delayed by a day. But it just shows what people can do.

Worse than above is jokers that threaten to pull out last min ie on exchange or when buying/selling wanting to sell for more or take money off. For all of the above reasons, we steer clear of chains, and those not ready to move, saves a lot of hassel.

Good luck and IMO you've been lucky as these people could have pulled out weeks down the road.

Slinky

Could say the same about people who list their house for sale and aren't in a position to sell. A friend has just gone through this. Offered asking price of £235K which was accepted. Then the vendor said they needed £240K to be able to buy their onward purchase. Reluctantly, she agreed. Then he decided he couldn't get a mortgage for his onward purchase until after 5th April to be able to prove his self employed income. By this point she gave up and he took the house off the market. It was a house where the vendors were splitting up, he probably doesn't want to actually move.  She's been stuck in an airBNB for 5 months now after her previous home completed and whilst she waited for her flaky vendor. Hopefully exchanging this week on another property.

AnotherJoe

justworriedabit said:

Redwino222 said:

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Exactly why everyone i know never sell to a anyone that is in a chain or do not have money ready.
Another warning sign though not always is those that do a 5 min viewing and give you the best/full asking price.
We always tell the EA what we expect from a purchaser and a seller it is our criteria other we are not interested.
OP, it is frustrating but it happens a lot but can be mitigated to an extent if you are able to do in a position to do what we do..

A sibling bought a property a lovey structure ready to do up to their taste a lovely area and thankfully no chain as sells were moving to the EU. However, come completion as both exchange dates were only going to be a few days apart as this is what my sibling and we do - last moment a third party had their names on the deeds ie the couples estranged son. EA apologised and stated they were never advised we are not sure who was telling the truth the completion was only delayed by a day. But it just shows what people can do.

Worse than above is jokers that threaten to pull out last min ie on exchange or when buying/selling wanting to sell for more or take money off. For all of the above reasons, we steer clear of chains, and those not ready to move, saves a lot of hassel.

Good luck and IMO you've been lucky as these people could have pulled out weeks down the road.

Can work the other way round. Someone is a chain is more invested in making things happen because they have their onward purchase to lose, whereas a cash buyer can pull out or gazunder last minute with no harm to them. 

gettingtheresometime

justworriedabit said:

Redwino222 said:

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Worse than above is jokers that threaten to pull out last min ie on exchange or when buying/selling wanting to sell for more or take money off. For all of the above reasons, we steer clear of chains, and those not ready to move, saves a lot of hassel.

Isn't that severely limiting your market though? 

Redwino222

House is going back on the market tomorrow with a different estate agent.  Had a long conversation with my agent this morning and she wasn’t particularly helpful.  I don’t have any confidence in her anymore.  She said her office had struggled to cope with the volume of calls for my house, and implied that was my fault😂😂

So going with a bigger outfit.  She actually agreed hat seemed sensible.

AnotherJoe

gettingtheresometime said:

justworriedabit said:

Redwino222 said:

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Worse than above is jokers that threaten to pull out last min ie on exchange or when buying/selling wanting to sell for more or take money off. For all of the above reasons, we steer clear of chains, and those not ready to move, saves a lot of hassel.

Isn't that severely limiting your market though? 

Indeed, just to those who can pull out on a whim with little if any financial damage to themselves (and the same for gazundering threats). Very short sighted IMO

NaughtiusMaximus

justworriedabit said:

Redwino222 said:

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Exactly why everyone i know never sell to a anyone that is in a chain or do not have money ready.

So instantly discounting the majority of the market, instead virtually guaranteeing your buyer will be one of the 2 groups most inclined to mess you around, namely FTBs and investors.

Very sensible.

moneysavinghero

AnotherJoe said:

gettingtheresometime said:

justworriedabit said:

Redwino222 said:

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Worse than above is jokers that threaten to pull out last min ie on exchange or when buying/selling wanting to sell for more or take money off. For all of the above reasons, we steer clear of chains, and those not ready to move, saves a lot of hassel.

Isn't that severely limiting your market though? 

Indeed, just to those who can pull out on a whim with little if any financial damage to themselves (and the same for gazundering threats). Very short sighted IMO

No more financial damage for someone in or out of a chain.