Just had our first taste of being outbid

nicknameless

It really sucks doesn't it.  Put 2.5% above asking price offer in and in very strong position to buy but told it had gone higher.  First house we've actually offered on in a 3 month search. Think we probably need thicker skins!!

Another place we viewed last week which we thought was tragically bad upon viewing also went SSTC which we really can't understand (of course we don't know how much it went for).

Just have to wait for the next bus to come along I suppose.

youth_leader

So sorry to read this as it was your first offer, are your buyers getting impatient?

nicknameless

youth_leader said:

So sorry to read this as it was your first offer, are your buyers getting impatient?

We have no buyers.  Own a flat and can afford to buy a house and then move the flat on after we have moved.  We have significant cash deposit and AIP far in excess of what we are looking to spend.  Hence why I thought this was a decent offer and in a strong situation.  Not much for sale in the area we are looking in though.

Sunsaru

All you can do is laugh and reload. This may be the first of many....

lookstraightahead

If I were you I wouldn't even contemplate 'bidding'.

wait for the market to settle. 

nicknameless

lookstraightahead said:

If I were you I wouldn't even contemplate 'bidding'.

wait for the market to settle. 

When will that be?

lookstraightahead

nicknameless said:

lookstraightahead said:

If I were you I wouldn't even contemplate 'bidding'.

wait for the market to settle. 

When will that be?

Who knows, does it matter? 

it's not very good practice to rush into these things just because of the hysteria.

TDPIX

It's never fun is it We had the same recently - ended up bidding 10% over asking (a price we were more than happy to pay), then the seller chose a lower offer from FTBers. Ah well!

Weird market, weird times.

Brie

Rather than thinking it sucks consider it as a lucky escape.  We've bought 2 houses in the last 20 years and neither time was it the first one we offered on.  We always ended up somewhere better.

lookstraightahead

Brie said:

Rather than thinking it sucks consider it as a lucky escape.  We've bought 2 houses in the last 20 years and neither time was it the first one we offered on.  We always ended up somewhere better.

Sounds like us.

we've just bought for 10% below asking in an area deemed to be "selling like hot cakes". 

We were turned down on another property which is still on the market.

Jeepers_Creepers

Yes, it sucks.

Did you actually place that offer - is the EA clear you are willing to pay it? There is a chance - a chance, only - that the higher offer will fall through for all sorts of reasons, so you might just possibly get a call from the EA at some point.

Meanwhile, forget about it.  

Many folk who place well-above-asking-price bids will feel a bit shaky about it, and will be extra-critical and intolerant of any issues that may appear - especially if the market does start showing signs of levelling off. I mean, they can hardly claim to have found a 'bargain', so would not have that level of acceptance of any issues.

But, move on, and find somewhere better. We've been in Brie's situation too - offer was accepted, and then called up by EA to say we'd been gazumped. Through sheer fortuity, we found a much better place in, as it happened, Sheer, and shortly after having our offer accepted for that place (and being vetted by the neighbs...), had the double-delight of the first EA calling us up to ask if we still wanted the other place - their sale had fallen through.

Nope, we didn't.

My mantra to others has since been - it's hellish, but put it behind you and almost certainly you will find a better place.