Final offers

tink_1983

Tbh I wouldn't play their games either.
Vendors like this make me distrustful and wonder what games they might play down the line! But if you want the house add 500 quid and put it to bed if it doesnt go your way.
There is always always another house 

Irishpearce26

tink_1983 said:

Tbh I wouldn't play their games either.
Vendors like this make me distrustful and wonder what games they might play down the line! But if you want the house add 500 quid and put it to bed if it doesnt go your way.
There is always always another house 

I don't think its 'games'. If the vendor has two offers that are the same and they are both proceedable this is common practice. Every seller is going to want to get maximum return on their property when there is interest.

mooncake89

I suppose what makes us irritated is that we were the only proceedable offer for almost a week, but the vendor refused to accept in favour of holding out for another offer. If they wanted more than the asking price to begin with then maybe they should have set the price at 'offers over'. If we could go back, we'd probably have put a time limit on our offer instead of waiting around at their mercy but it's done now.

There's also the fact that their legal issue with the land registry is going to cost us almost 15k in stamp duty cost but they're almost holding the delay against us by saying that us being more advanced in our sale than this new bidder won't help us because of the delay. Basically, 'we don't care if you're the better option we're just greedy and want more money from you all'. I know they've every right to eke out as much as possible from their sale, so this is coming from a bitter place, but still.

Having slept on it, we're torn between offering slightly more and just withdrawing the offer completely and continuing our search, even if that means holding out to wait and see if the market slows down any time soon. The risk is that we don't easily find another house in the right location but potentially the prices or competition might not be so crazy.

mooncake89

Little update: we lost out on the property as the other bidders offered more, despite having only just gone under offer and us almost being at the point of exchange. We did up our offer but just couldn't bring ourselves to go any higher as by the time stamp duty had been factored in, it was just getting silly.

We're not completely surprised and I still think we ultimately did the right thing. We absolutely loved the house but didn't want to throw money at it and then end up waiting in fear for the valuation to happen. The EA and sellers also came across as particularly ruthless and greedy, so in a way we're glad not to be dealing with them. However, it is really disheartening as it's been so difficult to find a) a house that we love and b) to actually get it. This will be the third house we've offered on and lost out on. I'm not sure whether we should lower our expectations and accept we'll have to go for something either not in our ideal location or lacking what we want, or continue to look but knowing we're unlikely to find anything in the same ballpark any time soon... everyone has been trying to reassure us that something will come along and we mustn't 'settle' and that was fine for the first few months, but this far along it's hard not to feel like throwing in the towel or as if we're being too unrealistic

It's also shocking how many people are going way above asking prices! I know there's something to be said for paying what it's worth to you, but even so, it is just pushing prices up and up as it seems to be the norm at the moment. It's really depressing.

[Deleted User]

mooncake89 said:

Little update: we lost out on the property as the other bidders offered more, despite having only just gone under offer and us almost being at the point of exchange. We did up our offer but just couldn't bring ourselves to go any higher as by the time stamp duty had been factored in, it was just getting silly.

We're not completely surprised and I still think we ultimately did the right thing. We absolutely loved the house but didn't want to throw money at it and then end up waiting in fear for the valuation to happen. The EA and sellers also came across as particularly ruthless and greedy, so in a way we're glad not to be dealing with them. However, it is really disheartening as it's been so difficult to find a) a house that we love and b) to actually get it. This will be the third house we've offered on and lost out on. I'm not sure whether we should lower our expectations and accept we'll have to go for something either not in our ideal location or lacking what we want, or continue to look but knowing we're unlikely to find anything in the same ballpark any time soon... everyone has been trying to reassure us that something will come along and we mustn't 'settle' and that was fine for the first few months, but this far along it's hard not to feel like throwing in the towel or as if we're being too unrealistic

It's also shocking how many people are going way above asking prices! I know there's something to be said for paying what it's worth to you, but even so, it is just pushing prices up and up as it seems to be the norm at the moment. It's really depressing.

Hi Mooncake,
Sorry to read this. I would say it's probably for the best, but it might not feel that way right now. Ultimately, it does come down to money and what is being offered and it really is a seller's market at the moment.
I am in a similar situation. Was contacted by the solicitor today - the property I was keen on had 13 viewings and one significant offer. They asked if I'd like to put in an offer, which I did but I lost out to someone who must have offered a lot more (I offered 12% over the valuation). What you said definitely rings true - people seem to be going way above asking prices in their offers. In my case, it seems that the buyers offered significantly more in order to shut down potential competition. It's upsetting because I feel like I didn't stand a chance. 
I personally am questioning whether it's a good time to buy. It's disheartening as a FTB to be up against such competition and people with presumably a lot more money. Feeling pretty deflated, as I imagine you are too.

Irishpearce26

mooncake89 said:

Little update: we lost out on the property as the other bidders offered more, despite having only just gone under offer and us almost being at the point of exchange. We did up our offer but just couldn't bring ourselves to go any higher as by the time stamp duty had been factored in, it was just getting silly.

We're not completely surprised and I still think we ultimately did the right thing. We absolutely loved the house but didn't want to throw money at it and then end up waiting in fear for the valuation to happen. The EA and sellers also came across as particularly ruthless and greedy, so in a way we're glad not to be dealing with them. However, it is really disheartening as it's been so difficult to find a) a house that we love and b) to actually get it. This will be the third house we've offered on and lost out on. I'm not sure whether we should lower our expectations and accept we'll have to go for something either not in our ideal location or lacking what we want, or continue to look but knowing we're unlikely to find anything in the same ballpark any time soon... everyone has been trying to reassure us that something will come along and we mustn't 'settle' and that was fine for the first few months, but this far along it's hard not to feel like throwing in the towel or as if we're being too unrealistic

It's also shocking how many people are going way above asking prices! I know there's something to be said for paying what it's worth to you, but even so, it is just pushing prices up and up as it seems to be the norm at the moment. It's really depressing.

I doubt you were at the point of exchange if you didn't even have an offer accepted. You bid below asking price and are surprised you didn't get the house? I think you're in for a rough ride...

mooncake89

Irishpearce26 said:

mooncake89 said:

Little update: we lost out on the property as the other bidders offered more, despite having only just gone under offer and us almost being at the point of exchange. We did up our offer but just couldn't bring ourselves to go any higher as by the time stamp duty had been factored in, it was just getting silly.

We're not completely surprised and I still think we ultimately did the right thing. We absolutely loved the house but didn't want to throw money at it and then end up waiting in fear for the valuation to happen. The EA and sellers also came across as particularly ruthless and greedy, so in a way we're glad not to be dealing with them. However, it is really disheartening as it's been so difficult to find a) a house that we love and b) to actually get it. This will be the third house we've offered on and lost out on. I'm not sure whether we should lower our expectations and accept we'll have to go for something either not in our ideal location or lacking what we want, or continue to look but knowing we're unlikely to find anything in the same ballpark any time soon... everyone has been trying to reassure us that something will come along and we mustn't 'settle' and that was fine for the first few months, but this far along it's hard not to feel like throwing in the towel or as if we're being too unrealistic

It's also shocking how many people are going way above asking prices! I know there's something to be said for paying what it's worth to you, but even so, it is just pushing prices up and up as it seems to be the norm at the moment. It's really depressing.

I doubt you were at the point of exchange if you didn't even have an offer accepted. You bid below asking price and are surprised you didn't get the house? I think you're in for a rough ride...

We didn’t bid below asking price and we also are almost at the point of exchange on our own sale? It was the other bidders who hadn’t gone under offer when they first offered on the house in question. They then phoned up the EA 4 days after we put an offer in at asking price, matching our offer. Hence the ensuing final offers situation.

Irishpearce26

mooncake89 said:

Irishpearce26 said:

mooncake89 said:

Little update: we lost out on the property as the other bidders offered more, despite having only just gone under offer and us almost being at the point of exchange. We did up our offer but just couldn't bring ourselves to go any higher as by the time stamp duty had been factored in, it was just getting silly.

We're not completely surprised and I still think we ultimately did the right thing. We absolutely loved the house but didn't want to throw money at it and then end up waiting in fear for the valuation to happen. The EA and sellers also came across as particularly ruthless and greedy, so in a way we're glad not to be dealing with them. However, it is really disheartening as it's been so difficult to find a) a house that we love and b) to actually get it. This will be the third house we've offered on and lost out on. I'm not sure whether we should lower our expectations and accept we'll have to go for something either not in our ideal location or lacking what we want, or continue to look but knowing we're unlikely to find anything in the same ballpark any time soon... everyone has been trying to reassure us that something will come along and we mustn't 'settle' and that was fine for the first few months, but this far along it's hard not to feel like throwing in the towel or as if we're being too unrealistic

It's also shocking how many people are going way above asking prices! I know there's something to be said for paying what it's worth to you, but even so, it is just pushing prices up and up as it seems to be the norm at the moment. It's really depressing.

I doubt you were at the point of exchange if you didn't even have an offer accepted. You bid below asking price and are surprised you didn't get the house? I think you're in for a rough ride...

We didn’t bid below asking price and we also are almost at the point of exchange on our own sale? It was the other bidders who hadn’t gone under offer when they first offered on the house in question. They then phoned up the EA 4 days after we put an offer in at asking price, matching our offer. Hence the ensuing final offers situation.

okay but again 4 days after offer you are no where near exchange.

mooncake89

Deleted_User 

I personally am questioning whether it's a good time to buy. It's disheartening as a FTB to be up against such competition and people with presumably a lot more money. Feeling pretty deflated, as I imagine you are too.

I think the same. It’s very manic at the moment. We are prepared to go over the asking price but not by as much as some people are. So it’s seems we’re destined to lose out in this seller’s market. If we could start again we’d probably wait another 6-12 months but it is what it is. It might just take a lot longer than we’d anticipated but I’m hoping eventually we’ll get something.

I’m really sorry to hear you had bad news as well. 12% is already a big chunk over so perhaps it’s for the best, like you say, that it didn’t work out. Everyone always says ‘theres always another house’ but it’s definitely hard when you find a particularly nice one that you can’t help but feel is exactly what you’re looking for and it ends up going for insane amounts higher than the guide price. Good luck for the future!

mooncake89

Irishpearce26 said:

mooncake89 said:

Irishpearce26 said:

mooncake89 said:

Little update: we lost out on the property as the other bidders offered more, despite having only just gone under offer and us almost being at the point of exchange. We did up our offer but just couldn't bring ourselves to go any higher as by the time stamp duty had been factored in, it was just getting silly.

We're not completely surprised and I still think we ultimately did the right thing. We absolutely loved the house but didn't want to throw money at it and then end up waiting in fear for the valuation to happen. The EA and sellers also came across as particularly ruthless and greedy, so in a way we're glad not to be dealing with them. However, it is really disheartening as it's been so difficult to find a) a house that we love and b) to actually get it. This will be the third house we've offered on and lost out on. I'm not sure whether we should lower our expectations and accept we'll have to go for something either not in our ideal location or lacking what we want, or continue to look but knowing we're unlikely to find anything in the same ballpark any time soon... everyone has been trying to reassure us that something will come along and we mustn't 'settle' and that was fine for the first few months, but this far along it's hard not to feel like throwing in the towel or as if we're being too unrealistic

It's also shocking how many people are going way above asking prices! I know there's something to be said for paying what it's worth to you, but even so, it is just pushing prices up and up as it seems to be the norm at the moment. It's really depressing.

I doubt you were at the point of exchange if you didn't even have an offer accepted. You bid below asking price and are surprised you didn't get the house? I think you're in for a rough ride...

We didn’t bid below asking price and we also are almost at the point of exchange on our own sale? It was the other bidders who hadn’t gone under offer when they first offered on the house in question. They then phoned up the EA 4 days after we put an offer in at asking price, matching our offer. Hence the ensuing final offers situation.

okay but again 4 days after offer you are no where near exchange.

It is not us who have just gone under offer, it’s the other bidders. We went under offer far longer ago and will be moving out and into a family member’s - so going through exchange with our buyers, obviously not moving into said house had we had our offer accepted, if that’s what you mean.