Keep getting outbid any advice

paul82uk

Hi All,

over the past 9 months I’ve been viewing houses and have put 6 offers but each time been outbid.

my offers have been over asking and then it has gone to best and final on average am between £15k and £20k over asking but someone else is always higher.

Am not sure how to proceed do i
1) put in a silly way over asking knowing it be down valued but could aggravate seller

2) start say £x more than highest offer or is that too risky

i have excellent deposits over 20% for the properties am looking at, agreement in principle and no chain all to make it as quick and easy as possible.

The estate agents are even apologising and feel the pain when the speak to me.

any advice be great 

thanks

SpiderLegs

If your budget does not stretch to the type of house you are offering on then you either need to increase your budget or start looking at cheaper houses.

cattie

I'd certainly not entertain your first suggestion. Your second suggestion could work in your favour, however, you wouldn't know how much you'd be paying for the property as you wouldn't know what the highest offer was & if the price was way over the asking price, you could end up with the property being down valued when surveyed.

Really with no chain you should normally be in a good position, but these are not normal times with properties going for well over their asking price thanks to stamp duty holiday.

teachfast

Or wait a bit. It's crazy just now. Lots of people paying well over the odds.

Angela_D_3

Just wait,  a house by me came back on the market for a 3rd time this morning.  £180,000 nothing special lord knows whats going wrong there.  

I actually think some people are offering to secure the house with every intention of dropping the offer just before exchange.  

I dont want to do that personally 

paul82uk

SpiderLegs said:

If your budget does not stretch to the type of house you are offering on then you either need to increase your budget or start looking at cheaper houses.

Thanks, yep top end of my budget is £350k 

My offers have been on houses priced between £170k and £250k to give me that flex and for the right house make up the difference if it was down valued 

paul82uk

Angela_D_3 said:

Just wait,  a house by me came back on the market for a 3rd time this morning.  £180,000 nothing special lord knows whats going wrong there.  

I actually think some people are offering to secure the house with every intention of dropping the offer just before exchange.  

I dont want to do that personally 

I totally agree think people are just trying to secure pinning hopes on down value.

Seems to be the way regardless of the area. Really frustrating, stressful and giving me that ugh feeling

Redwino222

I have experienced this with first time buyers getting carried away bidding on my house, only to withdraw the offer after the bidding processes ended.  Very frustrating, totally messes with everyone involved, and wastes my time.  I nearly lost my new house as a result.

The last offer I accepted wasn’t the highest - only £5k over asking, but I went with them because they were chain free and had a large deposit.  

There are a lot of inexperienced folk in the market at the moment behaving poorly, and ignoring the pact that their actions impact others.  The whole system needs overhauled.  You should never place a bid that you are unable to honour.

paul82uk

Redwino222 said:

I have experienced this with first time buyers getting carried away bidding on my house, only to withdraw the offer after the bidding processes ended.  Very frustrating, totally messes with everyone involved, and wastes my time.  I nearly lost my new house as a result.

The last offer I accepted wasn’t the highest - only £5k over asking, but I went with them because they were chain free and had a large deposit.  

There are a lot of inexperienced folk in the market at the moment behaving poorly, and ignoring the pact that their actions impact others.  The whole system needs overhauled.  You should never place a bid that you are unable to honour.

I am next in line, i understand some people pull out for a variety of reasons.

 It’s too soon to see on land registry or property website if people renegotiated and never really know if it was down valued but buyer made up the difference 

it is a strange time - best of lucky you with house move/hunt

moneysavinghero

Unfortunately you are probably getting outbid a lot of the time by people doing 1. Not everyone has morals. In a few months time some of these properties might start appearing back on the market and who knows prices might be a bit more sensible by then.

Redwino222

I suppose everyone has their own personal values.  I would never behave like this - and to be honest even if I lose my house move I won’t be blackmailed like that.  I will walk. 

My parents had someone pull this on a house they were selling.  They said fine, they would sell it to someone else. And they did