Had enough!

GDB2222

I don't think it was all that fair, as the OP didn't know she was in an auction. However, the seller can sell to whomever they please, for whatever price. 

If you've sold your present home cheaply in order to be in a strong buying position, it hasn't worked. So, pull out of the sale, and think again.

Skiddaw1

I agree- if you don't know you're in an auction how can it be fair? In any case, the OP is- as she says- posting to vent and I for one feel for her and everyone else in her situation. It's clearly animal out there and I'm so thankful we bought and sold when we did.

OP, I really hope that things work themselves out for you. I'm sure the house with your name on is just around the corner...

RoseGold2021

GDB2222 said:

I don't think it was all that fair, as the OP didn't know she was in an auction. However, the seller can sell to whomever they please, for whatever price. 

If you've sold your present home cheaply in order to be in a strong buying position, it hasn't worked. So, pull out of the sale, and think again.

Thank you! Someone who understands. I had no idea it was on an auction basis. All I was asked today was why I want the property (dumb question), & am I aware work needs doing to the property. That was it. At no point did EA say if my offer was my final. Had he done that I would have offered more but wasn’t given the opportunity. 

It took 9 months to sell my property, 1 FTB withdrawing, and I finally secured a buyer. Whilst not sold at desired priced, it sold. That was stressful so I’m not going back to square 1. So I’ll just sit and hold out, and *hope* something else comes along. 

m4x1ne

This sucks, sorry OP. If you do decide to keep looking I wonder whether it'd work out better to make your absolute best and final offer from the outset? It's all so brutal atm, so maybe it's better to offer whatever you think it's worth to you than to offer less than you'd be happy paying and regret later. Hope you find something soon - there's every chance that some nice homes will be coming back onto the market after stamp duty holiday ends

RoseGold2021

Skiddaw1 said:

I agree- if you don't know you're in an auction how can it be fair? In any case, the OP is- as she says- posting to vent and I for one feel for her and everyone else in her situation. It's clearly animal out there and I'm so thankful we bought and sold when we did.

OP, I really hope that things work themselves out for you. I'm sure the house with your name on is just around the corner...

Thank you. 

Tomorrow is a new day, so I will get over it and move on. But it is infuriating, and I know there are thousands more people in the same situation. 

Something will crop up, and I will secure it, it is just a matter of time  

pieroabcd

I can't buy, either, because in spite of offering more than the asking price i'm always surclassed by someone else.

What i find infuriating is the behaviour of the EAs.
It's already the second time that they tell me "since we don't want this to become a bidding war make your best and final offer once and for all".
This is a method that they use to push people to offer the top of their budget to secure a house. If people follow the "advice" they end up paying for the house more than its real value.

To those EAs I've replied: it's not only the seller that must be happy with the transaction. This situation is even worse than  a real auction because in an auction there's transaparency: you can bid a bit more than the highest bid, not the top of your budget as you are enticing me to do.

RoseGold2021

m4x1ne said:

This sucks, sorry OP. If you do decide to keep looking I wonder whether it'd work out better to make your absolute best and final offer from the outset? It's all so brutal atm, so maybe it's better to offer whatever you think it's worth to you than to offer less than you'd be happy paying and regret later. Hope you find something soon - there's every chance that some nice homes will be coming back onto the market after stamp duty holiday ends

Sucks indeed.

I am wondering that as well, from the get go, go in with the best and final offer, and seeing if that makes a difference? Will try it on the next property, and see how I get on.

Thank you. Something will crop up, it's just a case of waiting until the 'madness' dies down.

RoseGold2021

pieroabcd said:

I can't buy, either, because in spite of offering more than the asking price i'm always surclassed by someone else.

What i find infuriating is the behaviour of the EAs.
It's already the second time that they tell me "since we don't want this to become a bidding war make your best and final offer once and for all".
This is a method that they use to push people to offer the top of their budget to secure a house. If people follow the "advice" they end up paying for the house more than its real value.

To those EAs I've replied: it's not only the seller that must be happy with the transaction. This situation is even worse than  a real auction because in an auction there's transaparency: you can bid a bit more than the highest bid, not the top of your budget as you are enticing me to do.

It is actually bonkers, isn't it? Friend told me about a house in Dorset that sold for £100k more than the asking price!!!! Crazy!!!!

YES - The EAs behaviour are driving me mad too. Majority don't listen, and instead they use all kinds of stupid tactics to force people into overpaying on properties no way near worth its value. Madness. 

GDB2222

RoseGold2021 said:

GDB2222 said:

I don't think it was all that fair, as the OP didn't know she was in an auction. However, the seller can sell to whomever they please, for whatever price. 

If you've sold your present home cheaply in order to be in a strong buying position, it hasn't worked. So, pull out of the sale, and think again.

Thank you! Someone who understands. I had no idea it was on an auction basis. All I was asked today was why I want the property (dumb question), & am I aware work needs doing to the property. That was it. At no point did EA say if my offer was my final. Had he done that I would have offered more but wasn’t given the opportunity. 

It took 9 months to sell my property, 1 FTB withdrawing, and I finally secured a buyer. Whilst not sold at desired priced, it sold. That was stressful so I’m not going back to square 1. So I’ll just sit and hold out, and *hope* something else comes along. 

With due respect, what you want to do is *buy a new home*, not just sell your present home and move into rented for GK how long. It's quite a risk to take, if house prices keep shooting up. It's great if they collapse, of course.

pieroabcd

At the end of this insane panic buying we'll have thousands of people with houses that are worth 50k-100k  less than their real market value.
Just as an example: 2 months ago I did an offer for a house that had been on the market for 1 month, with no offers.
I started with 15% less than the asking price and over the months I've gradually increased to 10% less.
As of today (3 months on the market) my offer is still the only offer, and the buyer doesn't budge.