Final offers

mooncake89

AnotherJoe said:

OP, it may be that your vendors were sceptical of "close to exchange" after all we all know how that can work out, you can be close one day and have it fall through the next. At least on your next purchase it will be clear cut, you will be chain free and your position may then make the difference, good luck. 

That's true. It also crossed my mind that they might have worried we'd lose patience and drop out because their house sale is going to be significantly delayed by a land registry issue. We tried our best to explain in our cover letter that we are happy to be patient because we love the house. But, money talks at the end of the day and we just didn't have enough.

Thank you, we'll keep looking and trying. Aside from us wanting to find somewhere sooner rather than later, it might be better in many ways not to buy until a few months time. The market might have calmed down by then, maybe.

eve824

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.

Maybe be a little more clearer regarding your sale and purchase. Exchange on sale yes? Exchange on purchase no! It went to final offer and the other buyer bid more than the asking taking into consideration the offer 4 days after your below offer bid?

They were crystal clear throughout. Maybe you should read things a bit more carefully next time?

OP - I am really sorry you lost out on this one. I think the vendors were silly not to choose you (and if I had been the vendor I would have taken your full price offer straightaway). However, this might be a blessing in disguise. If you are near to exchange on your place and intend to complete on that first, that will put you in a really strong position going forwards. Best of luck!

youth_leader

So sorry to see you lost out, it's very hard when you have imagined yourself living there.  My seller's solicitor  was not communicating and I felt devastated when I thought the seller might have changed her mind.  I was a cash buyer living in rented.

I viewed a bungalow last October, and told the seller I would be phoning the estate agent to offer the asking price when I left.  She said she wanted to continue with three more viewings she had booked in over the weekend and I realised I could be involved in a bidding war.  I had to wait until Monday afternoon to know what was happening.  Apparently viewer two offered full asking, viewer three offered full asking, and viewer four offered under.  Her EA rang on Monday as promised and said viewer four had come back and offered asking as well, but the seller would like to sell to me if I could offer over asking.   I offered 1% more which was accepted, and then felt very nervous I could be gazumped further along the line, I was relieved to exchange.

Sunsaru

As was said previously, it just  wasn't meant to be yours. Sorry you missed out but there will be others. One thing you must never do is throw money at chasing a dream. Stick to what you can afford and have faith. You'll get yours... with bells on!