Gutted on losing a house but can't justify the price

MobileSaver

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

lookstraightahead

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Yet so many people sell for less than offers over, as it has no correlation with property value. 

But to be honest you probably know better than me as I never even look at properties where estate agents are marketing this way. 

By the point that 'time has gone on' buyers will already have moved on.

Terrible way to try to sell imo.

MobileSaver

lookstraightahead said:

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Yet so many people sell for less than offers over, as it has no correlation with property value.

I doubt many, if any, "sell for less than offers over" within a week of the property going on the market which is the scenario the OP finds themselves in...

Sarah1Mitty2

lookstraightahead said:

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Yet so many people sell for less than offers over, as it has no correlation with property value. 

But to be honest you probably know better than me as I never even look at properties where estate agents are marketing this way. 

By the point that 'time has gone on' buyers will already have moved on.

Terrible way to try to sell imo.

Exactly, and this will be happening more and more now. If the OP is worried about an extra 5k though, should they really be buying property at this time?

MobileSaver

Sarah1Mitty2 said:

lookstraightahead said:

MobileSaver said:

[Deleted User] said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Yet so many people sell for less than offers over, as it has no correlation with property value.

 If the OP is worried about an extra 5k though, should they really be buying property at this time?

It's not often I agree with @Sarah1Mitty2 but that is a valid point.

On a typical mortgage you'd only be looking at an extra £25 a month so if you can't justify that then should you be buying a property at any time let alone at this time?

Thatsthespirit

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Rubbish. Everyone has a right to offer what they think a house is worth. Not treating them seriously because of what they’ve offered could backfire if the house isn’t guaging any further interest or offers. 

If the OP’s second offer gets accepted now it blows your BS theory straight out of the window. 

theoretica

Sarah1Mitty2 said:

lookstraightahead said:

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Yet so many people sell for less than offers over, as it has no correlation with property value. 

But to be honest you probably know better than me as I never even look at properties where estate agents are marketing this way. 

By the point that 'time has gone on' buyers will already have moved on.

Terrible way to try to sell imo.

Exactly, and this will be happening more and more now. If the OP is worried about an extra 5k though, should they really be buying property at this time?

There's worried and there's worried.  I just like feeling I am getting a good price or I am really pushing my budget.  With house buying, finding a balance between 'I like it and I can afford it' and 'it is a good investment' can be a strangely difficult thing.  Personally, I mentally divided my purchase price into two: there was the objective 'property value' and then a 2 to 3 percent premium I was happy to pay on to of that to secure where I wanted to live and I saw as money I chose to spend on my home rather than on holidays, newer car, future savings, iphones etc.

Thatsthespirit

Sarah1Mitty2 said:

lookstraightahead said:

MobileSaver said:

[Deleted User] said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Yet so many people sell for less than offers over, as it has no correlation with property value. 

But to be honest you probably know better than me as I never even look at properties where estate agents are marketing this way. 

By the point that 'time has gone on' buyers will already have moved on.

Terrible way to try to sell imo.

Exactly, and this will be happening more and more now. If the OP is worried about an extra 5k though, should they really be buying property at this time?

Sorry I am just reading this thread back now.

I agree OP probably should have waited before going back with second offer. For the sake of a further 2.5k I’m not sure why they didn’t go more if they like it that much? 

However, to pick up on your point… what do you mean should they really be buying at this time? A house is a house, if they can’t justify paying 245k for it then other houses will come (maybe cheaper within their budget). Odd take, I don’t understand what you’re saying. 

[Deleted User]

Thatsthespirit said:

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Rubbish. Everyone has a right to offer what they think a house is worth. Not treating them seriously because of what they’ve offered could backfire if the house isn’t guaging any further interest or offers. 

If the OP’s second offer gets accepted now it blows your BS theory straight out of the window. 

And what chance the second offer is accepted to prove your theory. (I hope it is).

diystarter7

Thatsthespirit said:

MobileSaver said:

brett19852010 said:

BMTH said:

Hi, FTB here living in the midlands. We saw a house we really liked which had 'offers over'. We had a couple of viewings and did our research and thought we'd go in at 240k. They rejected which is fair enough. However, we've gone back in at 242.5k which we're expecting to get rejected aswell. The EA haven't been helpful at all with us but we reckon the sellers are trying their luck for 245k + . I know this doesn't seem like much more but I can't justify paying the extra 5k on what we've seen. Is this normal or am I making a mistake because of how much we liked it? This is all very new to us so I'm on my mind a lot!

I think your second bid was a mistake in terms of timing and rationale.

I've only skimmed the thread so don't know if anyone else has already picked up on this... but I think the first bid was a mistake.

If I had advertised my property for "offers over £240k" and then the OP ignored that and only offered £240k then I'd be miffed and wouldn't treat the OP seriously from that point on. Rightly or wrongly I'd assume the OP couldn't really afford the property and/or would be likely to play games as the exchange date neared.

Of course, as time went on and if I was desperate to sell with no other serious offers then I may still begrudgingly accept but the OP would never be my preferred choice if there was any other option available.

Rubbish. Everyone has a right to offer what they think a house is worth. Not treating them seriously because of what they’ve offered could backfire if the house isn’t guaging any further interest or offers. 

If the OP’s second offer gets accepted now it blows your BS theory straight out of the window. 

Hi

Agreed.

Often a seller is offended and I know first-hand when the EA hinted that when we make the first offer, but if they are serious in selling, they will accept.

IMO and I've felt this when we bought a property last time for selves, the EA will start to subtly push the seller into accepting a lower offer if they believe they buyer is genuine and can move quickly. EA's only make money on completion and that is their goal.

So, unless one has money to throw way, make a lower offer and see what EA/seller states and take it from there

Thnaks