Just had our first taste of being outbid

davilown

We offered on a place that was advertised at £385k. 

It went to best and final so we thought a cash offer of £415k would do it (though that was reliant on our sale going through).

It went for £440k, but of course that buyer had their mortgage refused and eventually sold to the next bidder who offered £422k - no chain.

Looking back in it, it was a great big 1960s semi, in a outstanding primary school catchment area. Thankfully, ours kids have left home, so we eventually changed our ploy and found somewhere a lot nicer, and cheaper (though nowhere near as big). Just means more holidays and working part time till we retire. Not bad at 43.

lookstraightahead

davilown said:

We offered on a place that was advertised at £385k. 

It went to best and final so we thought a cash offer of £415k would do it (though that was reliant on our sale going through).

It went for £440k, but of course that buyer had their mortgage refused and eventually sold to the next bidder who offered £422k - no chain.

Looking back in it, it was a great big 1960s semi, in a outstanding primary school catchment area. Thankfully, ours kids have left home, so we eventually changed our ploy and found somewhere a lot nicer, and cheaper (though nowhere near as big). Just means more holidays and working part time till we retire. Not bad at 43.

Lovely story! We've done similar a few years older than you. Only need to work part time to pay our small mortgage for our modest, but gorgeous humble abode.

I can't stand this hysteria at the moment. People are throwing away tens of thousands.

MobileSaver

lookstraightahead said:

nicknameless said:

lookstraightahead said:

wait for the market to settle. 

When will that be?

Who knows, does it matter?

At least one poster here has been "waiting for the market to settle" for over a decade.

Do you think "it matters" and/or is sensible to pay your landlord's mortgage for ten years rather than your own? At what point do you decide you have waited too long or in your opinion should you pay your landlord's mortgage until the day you die if the market doesn't go the way you want?

lookstraightahead said:

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

I've asked this question before and was met with deafening silence... can you share any evidence of this "hysteria"?

Last year there were 1,000,000 property transactions.That's the same as the year before and the year before that and the year before that etc. So it looks to me as though a couple of million people just got on with their lives and bought and sold a home the same as they always did - how does that equate to hysteria?!?!

Jeepers_Creepers

MobileSaver said:

Last year there were 1,000,000 property transactions.That's the same as the year before and the year before that and the year before that etc.

I have to say, that surprised me.

nicknameless

I don't think we are joining in any hysteria.  Fact is we want to move for various reasons.  Nearly moved just pre-pandemic because of job but that fell through.  Didn't want to move during the height of the pandemic here for various reasons.

The 'hysteria' (dramatic term) that may be being induced amongst some seems to be down to a short supply of good properties and estate agents tactics atm to get throughput.  Advertise on the Tuesday, block book viewings on the Thursday, BFO on the friday.  I just don't see how this is good for buyer or seller.  Seller much more likely to get unrealistic or unfinanceable offers that fall through, and buyers much more likely to make hasty decisions.  Is it good for the estate agents?  If less sales complete perhaps not but the work they are putting in at sale point is minimal so perhaps they feel this model is good for them (and the seller)?

For this property it was 'offers over' (just state a price?).  I thought the offer we made was strong but not ridiculous looking at sold prices over the last 3 years.  I didn't want to make sure we got it and regret that down the line.  Someone else valued it higher to them.  Will be interesting to see if it completes and what it actually went for.  We are still disappointed - the property was ideal and of course I have had the thoughts of should I have offered x amount instead.  However, we both agreed on that being a fair and reasonable offer for us (now and down the line) and for the property.  Is that hysteria?

lookstraightahead

MobileSaver said:

lookstraightahead said:

nicknameless said:

lookstraightahead said:

wait for the market to settle. 

When will that be?

Who knows, does it matter?

At least one poster here has been "waiting for the market to settle" for over a decade.

Do you think "it matters" and/or is sensible to pay your landlord's mortgage for ten years rather than your own? At what point do you decide you have waited too long or in your opinion should you pay your landlord's mortgage until the day you die if the market doesn't go the way you want?

lookstraightahead said:

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

I've asked this question before and was met with deafening silence... can you share any evidence of this "hysteria"?

Last year there were 1,000,000 property transactions.That's the same as the year before and the year before that and the year before that etc. So it looks to me as though a couple of million people just got on with their lives and bought and sold a home the same as they always did - how does that equate to hysteria?!?!

I think it's how much emphasis you put on home owning. There are benefits of buying, benefits of renting. In my case when I was younger (not now) I should have rented - buying cost me so much more because of life circumstances. Looking at paying 'your landlords mortgage' is no different from 'buying Earth' that is, when it comes down to it, just a handful of soil. People find security in different ways.

I can't prove 'hysteria' except what I see on here. People essentially queuing with wads of money that isn't theirs (like your landlord situation, only they owe it to the bank). 

nicknameless

I can't prove 'hysteria' except what I see on here. People essentially queuing with wads of money that isn't theirs (like your landlord situation, only they owe it to the bank). 

Lol - that description is hysterical.  At any point in time anybody needing a mortgage to finance a property purchase falls into that description.  How many people ever buy houses with money that is theirs at that moment in time?  That makes anybody who ever buys a house 'hysterical'.  If it is your money and you still queue is that still hysteria?

Do you rent or own?  Do you owe any money to anybody on your property or elsewhere in your life?  If so was that decision made during a bout of hysteria on your part?

davilown

lookstraightahead said:

davilown said:

We offered on a place that was advertised at £385k. 

It went to best and final so we thought a cash offer of £415k would do it (though that was reliant on our sale going through).

It went for £440k, but of course that buyer had their mortgage refused and eventually sold to the next bidder who offered £422k - no chain.

Looking back in it, it was a great big 1960s semi, in a outstanding primary school catchment area. Thankfully, ours kids have left home, so we eventually changed our ploy and found somewhere a lot nicer, and cheaper (though nowhere near as big). Just means more holidays and working part time till we retire. Not bad at 43.

Lovely story! We've done similar a few years older than you. Only need to work part time to pay our small mortgage for our modest, but gorgeous humble abode.

I can't stand this hysteria at the moment. People are throwing away tens of thousands.

It takes some time to realise that most of the time, you’re just playing at ‘keeping up with the Jones’s’-or family/peer expectations.

I think that it’s a difficult lesson to understand, but when you do, it makes life so much easier!

nicknameless

davilown said:

lookstraightahead said:

davilown said:

We offered on a place that was advertised at £385k. 

It went to best and final so we thought a cash offer of £415k would do it (though that was reliant on our sale going through).

It went for £440k, but of course that buyer had their mortgage refused and eventually sold to the next bidder who offered £422k - no chain.

Looking back in it, it was a great big 1960s semi, in a outstanding primary school catchment area. Thankfully, ours kids have left home, so we eventually changed our ploy and found somewhere a lot nicer, and cheaper (though nowhere near as big). Just means more holidays and working part time till we retire. Not bad at 43.

Lovely story! We've done similar a few years older than you. Only need to work part time to pay our small mortgage for our modest, but gorgeous humble abode.

I can't stand this hysteria at the moment. People are throwing away tens of thousands.

It takes some time to realise that most of the time, you’re just playing at ‘keeping up with the Jones’s’-or family/peer expectations.

I think that it’s a difficult lesson to understand, but when you do, it makes life so much easier!

I agree with that sentiment entirely (living within means) but resent it being in my thread lol!

We have lived in a 2 bed flat accruing savings and pensions to put is in a position to retire early whilst friends and family do what you describe and question our choices.  Now we want to move for quality of life reasons.  I don't give a flying **** what my family or peers think about my choices.

There's also a significant amount of financial illiteracy amongst many who are overspending.

I have a spreadsheet to demonstrate affordability and nill impact on retirement plans.

Now can I get back to being disappointed?

davilown

nicknameless said:

davilown said:

lookstraightahead said:

davilown said:

We offered on a place that was advertised at £385k. 

It went to best and final so we thought a cash offer of £415k would do it (though that was reliant on our sale going through).

It went for £440k, but of course that buyer had their mortgage refused and eventually sold to the next bidder who offered £422k - no chain.

Looking back in it, it was a great big 1960s semi, in a outstanding primary school catchment area. Thankfully, ours kids have left home, so we eventually changed our ploy and found somewhere a lot nicer, and cheaper (though nowhere near as big). Just means more holidays and working part time till we retire. Not bad at 43.

Lovely story! We've done similar a few years older than you. Only need to work part time to pay our small mortgage for our modest, but gorgeous humble abode.

I can't stand this hysteria at the moment. People are throwing away tens of thousands.

It takes some time to realise that most of the time, you’re just playing at ‘keeping up with the Jones’s’-or family/peer expectations.

I think that it’s a difficult lesson to understand, but when you do, it makes life so much easier!

I agree with that sentiment entirely (living within means) but resent it being in my thread lol!

We have lived in a 2 bed flat accruing savings and pensions to put is in a position to retire early whilst friends and family do what you describe and question our choices.  Now we want to move for quality of life reasons.  I don't give a flying **** what my family or peers think about my choices.

There's also a significant amount of financial illiteracy amongst many who are overspending.

I have a spreadsheet to demonstrate affordability and nill impact on retirement plans.

Now can I get back to being disappointed?

Definitely- wait to be outbid on the next place and the disappointment will be back 😁