Sellers bidding against each other, room for a better deal?

lookstraightahead

No I never have done and I never would. Same as I hate buyer bidding wars and would never buy from a seller who wanted to go down this route. 

Sarah1Mitty2

RelievedSheff said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

fackers_2 said:

2 moving to be closer to family ... they’re each happy to consider offers below asking price. 

Depending on the specifics reasons why, this could turn out to be your silver lining.

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

It was the perfect deal, a win:win situation. Yes, I picked up a bargain and they received a lot less for their home than they would have liked but at the time money wasn't their priority, they just wanted to move closer to and focus on the family member and my completing the purchase quickly allowed them to do that.

Good move for both of you, in this case the seller who can`t afford their house any more is going to be more open to low offers.

Agreed. As I've said in another thread, most sellers aren't desperate in that way but if you're lucky enough to be interested in a property where the seller is desperate then you may well pick up a bargain regardless of what the housing market is doing.

Good point, but before borrowing costs went up there was more potential for competing bids.

Borrowing costs are still cheap when compared against long term averages.

Yes, but when compared to asking prices they are very expensive, that is why we have three sellers here all trying to reduce and compete with each other, comparing markets from the past doesn`t work for today`s market.

RelievedSheff

Sarah1Mitty2 said:

RelievedSheff said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

fackers_2 said:

2 moving to be closer to family ... they’re each happy to consider offers below asking price. 

Depending on the specifics reasons why, this could turn out to be your silver lining.

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

It was the perfect deal, a win:win situation. Yes, I picked up a bargain and they received a lot less for their home than they would have liked but at the time money wasn't their priority, they just wanted to move closer to and focus on the family member and my completing the purchase quickly allowed them to do that.

Good move for both of you, in this case the seller who can`t afford their house any more is going to be more open to low offers.

Agreed. As I've said in another thread, most sellers aren't desperate in that way but if you're lucky enough to be interested in a property where the seller is desperate then you may well pick up a bargain regardless of what the housing market is doing.

Good point, but before borrowing costs went up there was more potential for competing bids.

Borrowing costs are still cheap when compared against long term averages.

Yes, but when compared to asking prices they are very expensive, that is why we have three sellers here all trying to reduce and compete with each other, comparing markets from the past doesn`t work for today`s market.

How do you know that the 3 buyers are all reducing and competing with each other?

We have been given no details of any of the properties. 

Sarah1Mitty2

RelievedSheff said:

Sarah1Mitty2 said:

RelievedSheff said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

fackers_2 said:

2 moving to be closer to family ... they’re each happy to consider offers below asking price. 

Depending on the specifics reasons why, this could turn out to be your silver lining.

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

It was the perfect deal, a win:win situation. Yes, I picked up a bargain and they received a lot less for their home than they would have liked but at the time money wasn't their priority, they just wanted to move closer to and focus on the family member and my completing the purchase quickly allowed them to do that.

Good move for both of you, in this case the seller who can`t afford their house any more is going to be more open to low offers.

Agreed. As I've said in another thread, most sellers aren't desperate in that way but if you're lucky enough to be interested in a property where the seller is desperate then you may well pick up a bargain regardless of what the housing market is doing.

Good point, but before borrowing costs went up there was more potential for competing bids.

Borrowing costs are still cheap when compared against long term averages.

Yes, but when compared to asking prices they are very expensive, that is why we have three sellers here all trying to reduce and compete with each other, comparing markets from the past doesn`t work for today`s market.

How do you know that the 3 buyers are all reducing and competing with each other?

We have been given no details of any of the properties. 

.Very few of these types of threads give details of the properties, very few people care about noise on forums, people just look at how much they can borrow and how much they need to spend to keep the heat on, sellers not aware of that will just sit there unsold for years

mi-key

Yes, but when compared to asking prices they are very expensive, that is why we have three sellers here all trying to reduce and compete with each other, comparing markets from the past doesn`t work for today`s market.

How do you know that the 3 buyers are all reducing and competing with each other?

We have been given no details of any of the properties. 

.Very few of these types of threads give details of the properties, very few people care about noise on forums, people just look at how much they can borrow and how much they need to spend to keep the heat on, sellers not aware of that will just sit there unsold for years

And tell us how a seller knows how much a buyer can borrow and how much they need to keep the heat on? And what about buyers who have plenty of money and can afford to buy and pay the bills? 

Buyers like you, as has been proved, sit there not being able to buy somewhere and wasting their money on rent for years while desperately hoping for some miracle that will reduce prices...

And while the house is sitting there for sale for years, the owner is generally living in it, not throwing away money on rent 

Sarah1Mitty2

mi-key said:

Yes, but when compared to asking prices they are very expensive, that is why we have three sellers here all trying to reduce and compete with each other, comparing markets from the past doesn`t work for today`s market.

How do you know that the 3 buyers are all reducing and competing with each other?

We have been given no details of any of the properties. 

.Very few of these types of threads give details of the properties, very few people care about noise on forums, people just look at how much they can borrow and how much they need to spend to keep the heat on, sellers not aware of that will just sit there unsold for years

And tell us how a seller knows how much a buyer can borrow and how much they need to keep the heat on? And what about buyers who have plenty of money and can afford to buy and pay the bills? 

Buyers like you, as has been proved, sit there not being able to buy somewhere and wasting their money on rent for years while desperately hoping for some miracle that will reduce prices...

And while the house is sitting there for sale for years, the owner is generally living in it, not throwing away money on rent 

They know when the valuation comes back on their house.

YoungBlueEyes

Not everyone takes the maximum the lender says they can have though. We didn’t. 

Emily_Joy

MobileSaver said:

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

Good grief! You are saying that you yourself bought a house at 40% below the asking price and you mocked me in another thread for giving my buyer 5K discount. Some of us really have double standards.

@MobileSaver out of interest, how did you justify your offer at 40% under asking?

MobileSaver

Emily_Joy said:

MobileSaver said:

I eventually bought my current house at 40% below the initial asking price. I knew they were selling to move closer to family but a year later the sellers invited me to dinner at their new home and it was only then I discovered they had been desperate to sell and move because a family member was unwell.

Good grief! You are saying that you yourself bought a house at 40% below the asking price and you mocked me in another thread for giving my buyer 5K discount. Some of us really have double standards.

@MobileSaver out of interest, how did you justify your offer at 40% under asking?

No double standards at all; you gave away £5,000 to your buyer despite them apparently giving absolutely no reason whatsoever why you should...

On the other hand I was buying a completely unique, seven-figure, 100 year old property that at the time was very difficult to value anyway. The sellers themselves reduced the initial asking price substantially when it didn't sell and I then made a lower offer giving very specific justifications why (e.g. it didn't have a swimming pool, which others in my price range did have.)

jimbog

Seems like the bidding war didn't go as hoped