Just had our first taste of being outbid

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?

And it wasn’t directed at you - just people in general, so please don’t take offence!

greensalad

I know it's the old maxim, but they always say the house you actually end up with will be better and you'll be thinking "wow, I really can't believe we were almost buying that one!"

We lost a bid and were so heartbroken, only for something round the corner and far better in many ways to appear on the market. And now I can't imagine buying what we originally bid!

Hope something even better shows up for you!

MobileSaver

lookstraightahead said:

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.

Sorry, you've lost me, I've never heard the phrase 'buying Earth' before; do you mean buying your own home?

lookstraightahead said:

I can't prove 'hysteria' except what I see on here. People essentially queuing with wads of money that isn't theirs

As others have already noted, two thirds of all homes are bought with "wads of money that isn't theirs" and it's been that way for for decades; that's not remotely hysteria, it's just the natural way things are.

Greymug

nicknameless said:

lookstraightahead said:

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

wait for the market to settle. 

When will that be?

Well, the millions of economists and real estate market experts in this country have been saying it's due to happen for the past 15-20 years, so I'm sure it's going to happen soon!!!

Emzlyz

We had been actively looking since for about 6 months. In the time we offered on 6 properties. Most of the offers went over the asking price. One of the properties really hurt when we found out we didn't get it, marketed for 160k, we viewed it less than 24 hours after it went online, no other viewings booked, we offered the asking price straight away and the next day they asked if we would up the offer by 3k if they left some furniture and appliances. We agreed about 12 hours later to be told they had a 2nd offer at 165k and had decided to do best and final offers. We offered £168500 but someone else bid higher. We were absolutely devastated. 
2 months on and we offered 5k below asking price on another house, we only went under asking price because we thought it would go to best and final like every other house we have offered on so we wanted the seller to know we are interested. They accepted our offer even though they got a 2nd offer higher than ours. 
It doesn't help you right now but the moral of my story is that when you get the right house, you will be glad you didn't get this one. 
Yes the other house we wanted was beautiful but this one is more likely to be a forever house and more suited to us and our needs. 
It's not going to stop you being disappointed now but one day it will make sense! Good luck