When you are outbid on a home

sheramber

Being the first offer means nothing. The seller is looking for the highest bidder.

Dannydee333

sheramber said:

Being the first offer means nothing. The seller is looking for the highest bidder.

I know that, and I appreciate that. I would have kept going until it was mine if I had the extra funds, but I don't.

So, instead, I got to experience the ugly side of the home-buying process.

user1977

Dannydee333 said:

sheramber said:

Being the first offer means nothing. The seller is looking for the highest bidder.

I know that, and I appreciate that. I would have kept going until it was mine if I had the extra funds, but I don't.

So, instead, I got to experience the ugly side of the home-buying process.

It's not "ugly", it just means you can't afford your dream home. Go find another dream home. Maybe a cheaper one.

BobT36

Each have to look after their own. They didn't do anything underhanded, nor did you even have the offer accepted. This is simply the open market. 

Are you saying you're ONLY going to offer on properties that you fully know have NO other offers, nor any interest? Otherwise you'll be doing the same to someone else..

_bishbashbosh

You're being quite naive here I'm afraid. 

Your offer was not accepted - it was just one of many that the seller had to consider. Others have just as much right to  offer on the house as you do. Just because you made the first offer or offered the asking price really means nothing. It's the seller's right to keep the house on the market until they have an offer that they are happy with. They will have likely known that they had further viewings scheduled when your offer was recieved and wanted to see how that played out. 

Once you have an offer accepted then the house shoud be off the market. Although the seller can of course choose to accept a higher bid at any point until the contracts are excahnged, it's quite unusual and defintely bad practice - you would have a right to feel angry in that situation, but not now.  

Dannydee333

PartyOfFive said:

What’s good for the goose is good for the gander.

You outbid someone, someone else outbid you.
You need to get over yourself.

Actually, I didn't outbid anyone until they attempted to take it from me first. I was just trying to salvage my offer.

Dannydee333

user1977 said:

Dannydee333 said:

sheramber said:

Being the first offer means nothing. The seller is looking for the highest bidder.

I know that, and I appreciate that. I would have kept going until it was mine if I had the extra funds, but I don't.

So, instead, I got to experience the ugly side of the home-buying process.

It's not "ugly", it just means you can't afford your dream home. Go find another dream home. Maybe a cheaper one.

From my perspective, it is one of the uglier sides of this process. Yes, I'm new to it, but this is a bad first impression of how it works.

Dannydee333

BobT36 said:

Each have to look after their own. They didn't do anything underhanded, nor did you even have the offer accepted. This is simply the open market. 

Are you saying you're ONLY going to offer on properties that you fully know have NO other offers, nor any interest? Otherwise you'll be doing the same to someone else..

I am quickly coming to realise that apparently you're supposed to have a ruthless mindset when getting involved in this. And yes, the plan is that I will not do this to anyone else. I will offer first and refrain from offering on homes already under offer unless it's just someone using it to just build their property portfolio (yes, agents do tell you sometimes).

Jonboy_1984

Offers and bids are a crap game to be involved with, but just keep in mind that around a third of sales fall through for one reason or another before exchange.

Personally I forced myself to not get emotionally invested until the survey was done, property information forms were received and finance was setup on last purchase after some disappointments earlier in the search. 

Herzlos

Dannydee333 said:

PartyOfFive said:

What’s good for the goose is good for the gander.

You outbid someone, someone else outbid you.
You need to get over yourself.

Actually, I didn't outbid anyone until they attempted to take it from me first. I was just trying to salvage my offer.

You didn't have it yet though. You bid, someone else bid, you bid again, someone else bid.

The seller will often sit on a bid for a while to see what everyone else does, and either accept one or go to closing. At least you had an option to bid higher instead of just losing it.

Sellers will almost always take the highest bidder, but some may take the shorter chain. I'd be more inclined to take a FTB for, say, £145k than take £146k from someone who still has to put their place on the market.

You just need to accept that you lost this one, try not to get too disheartened and keep looking.