Had enough!

AdrianC

pieroabcd said:

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.

How are you defining "real market value", as opposed to what they're "worth"?

RoseGold2021

GDB2222 said:

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.

I appreciate your suggestion, thank you. I am looking at all sorts of properties at the moment. I have a plan b in place for when my property eventually goes through. Just would have been nice to have a property to go from A to B, but hey ho 

pieroabcd

AdrianC said:

pieroabcd said:

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.

How are you defining "real market value", as opposed to what they're "worth"?

I should have written "50k-100k less than they paid".
By real market value I mean what is the most likely reasonable price agreed by buyer and seller to complete the transaction without intervening special circumstances (like a forced sale or a desperate need for immediate cash).
It's true that in this period it means more "how much people are willing to spend to buy it", but it's granted that we are not living ordinary times.

AdrianC

pieroabcd said:

AdrianC said:

pieroabcd said:

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.

How are you defining "real market value", as opposed to what they're "worth"?

I should have written "50k-100k less than they paid".

That, of course, is a very different thing.

And, yes - prices go up, prices go down. Nobody complains too much when their house is worth £50-100k more than they paid for it.

Whoever promised them prices would only ever go one way was lying.

Long-term, yes. Short-term? Less so...

arrows123

I'm hoping you may be able to take some positive out of what happened with me. I lost out on three houses which all went to best and final and went for thousands over the asking price. Twice I was told by the agents you're in pole position, you're no chain, big deposit etc ony for some more buyers to suddenly come out of nowhere. I realised in this market some people are bidding so they don't lose, it's about ego and I think there will be a lot of buyers remorse. I got so sick of it I resigned myself to having to rent once my current rental finished (I've been given notice to move out as my landlady is selling - it's not sold in two months but thats another story!). The same day I lost out on the third house I had one more viewing already booked.

After losing the third one I said to myself no more I'm not going to be involved and play this game anymore. I went to the viewing I had booked, spoke honestly to the agent who showed me round, told them I was sick of the current situation that I liked the house, expected it to go fast and above asking like the others. When they phoned me from the office for feedback I said I loved the house wanted to put an offer in but if the sellers were just looking to play people off against each other and get the most amount of money they could then I wasn't the buyer for them, but if they wanted someone serious in a great position and who was commited then to let me know. I held off from putting an offer in for a few days and even managed to have a second viewing. By pure chance the agents phoned me up again and encouraged me to put an offer in. I did... it was accepted and currently going through the process to buy. 

I know you will have heard this lots recently, I did and it really annoyed me "everything happens for a reason" - don't give up, stick to your guns and maybe even be honest like I was, the right agents just want to sell houses at the end of the day and sometimes they do try a bit on the buyers behalf as well.  

RoseGold2021

arrows123 said:

I'm hoping you may be able to take some positive out of what happened with me. I lost out on three houses which all went to best and final and went for thousands over the asking price. Twice I was told by the agents you're in pole position, you're no chain, big deposit etc ony for some more buyers to suddenly come out of nowhere. I realised in this market some people are bidding so they don't lose, it's about ego and I think there will be a lot of buyers remorse. I got so sick of it I resigned myself to having to rent once my current rental finished (I've been given notice to move out as my landlady is selling - it's not sold in two months but thats another story!). The same day I lost out on the third house I had one more viewing already booked.

After losing the third one I said to myself no more I'm not going to be involved and play this game anymore. I went to the viewing I had booked, spoke honestly to the agent who showed me round, told them I was sick of the current situation that I liked the house, expected it to go fast and above asking like the others. When they phoned me from the office for feedback I said I loved the house wanted to put an offer in but if the sellers were just looking to play people off against each other and get the most amount of money they could then I wasn't the buyer for them, but if they wanted someone serious in a great position and who was commited then to let me know. I held off from putting an offer in for a few days and even managed to have a second viewing. By pure chance the agents phoned me up again and encouraged me to put an offer in. I did... it was accepted and currently going through the process to buy. 

I know you will have heard this lots recently, I did and it really annoyed me "everything happens for a reason" - don't give up, stick to your guns and maybe even be honest like I was, the right agents just want to sell houses at the end of the day and sometimes they do try a bit on the buyers behalf as well.  

Oh wow, that's an amazing ending to what is a bonkers and frustrating situation. I wish you well with the process of your purchase. This has given me some comfort that a positive ending is possible. Thank you for sharing. 

RoseGold2021

RatInACage said:

Things are nuts. I've had to stop looking at things to buy because I'm not convinced the offers people are making on the one I'm selling are actually going to make it to exchange. We've just lost the first one and I'm fairly certain the next one doesn't actually have the money. It's like people are picking numbers out of thin air to get you to agree to sell to them. We priced it reasonably and would have happily accepted a fair price, but people are losing their minds and completely wasting everyone's time in the process.

Yes, lots of properties returning to the market because people cannot secure mortgages due to their plucking of random figures out of the air to ''secure'' properties! I do hope your property sells, and the buyer is not a time waster. 

RoseGold2021

RatInACage said:

You'd think too much interest is a good problem to have, but it's like being in the middle of feeding frenzy. I can understand why your buyer might have just said "sod it" and accepted the first offer they liked after the previous one fell through. We went back to everyone for final offers and ended up with a load of nonsense offers that no-one actually intends to follow through on. We've only been at it a couple of weeks and I've already had enough.

I always thought lots of interest was a good thing, but hearing more and more stories of people selling their homes with multiple offers, it seems like an absolute nightmare. 

Good luck with the process as it is nuts, (I've been on it for 9 months), but hopefully your process isn't as lengthy as mine. 

andy444

I sympathise with the original poster. When I was looking, anything half decent had viewings immediately booked up and had bids the next day that were above the asking price that I couldn't compete with. It did get me down.

I did secure somewhere and hopefully my move will happen soon but the process has been far from plain sailing. But keep in there.

Emzlyz

I know how you feel. We have offered on a number of properties in the last 6 months, all except 1 we offered over the asking price, 1 we offered the asking price as we couldn't go any higher and it needed completely renovating. None of our offers have been accepted. One pf our offers was 8.5k over asking price. I have said a few times that I can't do this anymore. 
Most of the houses we have viewed had been new to the market (I booked viewings the day they were listed or the day after) this week we viewed one that had been on for about 10 days when I booked the viewing. I asked the estate agent if there were any offers yet, there weren't. He explained the sellers want a quick sale. We offered 5k under asking price. Tonight they accepted our offer. 
The market is awful right now but keep going, it will pay off.