When you are outbid on a home

Dannydee333

_bishbashbosh said:

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.  

My naivety is probably because I'm a first-timer and I do hope I don't experience too much of this crap. Perhaps some might say I don't have a right to be annoyed well, it's partly because I got emotionally attached to it, and partly just a strong observation that this side of such engagements is quite revolting.

How anyone gets through 10, or 20 outbids is admirable.

Dannydee333

Jonboy_1984 said:

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. 

Yeah, I'm fully aware of the "don't get attached" thing and I knew this from the very start and told myself this over and over. However, it turns out that sometimes it just happens anyway.

This is just my first time and I fully agree, it's not a nice game at all. Searching is exciting, viewing is exciting, but losing is horrendous.

Herzlos

Losing out on the bidding is always going to suck, but it's just one of these things. Other houses will come up.

Sometimes it works out well; we lost out on a bid by a big margin and were gutted until a week later another house came on the market that was a lot better. If we'd won the first house we'd had to have made do with it instead of taking the newer one. Admittedly because we lost the first one we bid a lot higher on the 2nd.

Emmia

We put in a higher offer, gazumping someone... I'm sorry that someone else may have had their heart set on the property, but property is fundamentally a commercial/financial transaction... 

It's probably best not to get too hung up on a perfect property, and if you offer, ask the seller takes it off the market as a result.

Dannydee333

Herzlos said:

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.

Yeah, I should be able to quickly dust myself off although I know the place itself won't leave my mind so easily just because of how much I wanted it. I believe the only way to truly get past that one is by getting somewhere that is even better than it.

I have my eye on one that isn't too far from the one I wanted. However, I'm stubborn and I think it might be too close to the original one and it would annoy me to be down the road from the one I really wanted.

Dannydee333

Herzlos said:

Losing out on the bidding is always going to suck, but it's just one of these things. Other houses will come up.

Sometimes it works out well; we lost out on a bid by a big margin and were gutted until a week later another house came on the market that was a lot better. If we'd won the first house we'd had to have made do with it instead of taking the newer one. Admittedly because we lost the first one we bid a lot higher on the 2nd.

Thanks for sharing... I can only hope I get a better place because that feels like my only option to get over this one.

Dannydee333

Emmia said:

We put in a higher offer, gazumping someone... I'm sorry that someone else may have had their heart set on the property, but property is fundamentally a commercial/financial transaction... 

It's probably best not to get too hung up on a perfect property, and if you offer, ask the seller takes it off the market as a result.

I tried hard not to get too attached but it's not always possible, evidently.

I don't mean to be rude but I think that's actually a terrible thing to do and I would not want that on my conscience. Not to mention, I'd find it difficult to go about my day knowing it was supposed to be someone elses home. I even find the word gazumping itself revolting. I only became aware of it a few weeks ago and as soon as I heard it and found out the definition; yuk.

Or,,, perhaps I may actually find myself in the minority and that most people don't actually give a hoot who they steamroll in the process of buying a home.

lookstraightahead

I'm surprised there was a bidding war in this market, but don't get into bidding wars full stop. It's actually the seller's greed that's the problem.

I just offer what I want to pay and walk away if it's not accepted. And if I sell I don't promote a bidding war either. It's an ugly thing to do imo.

also, remtmber it's just a house. A ton of bricks. It's not a home until you make it such.

Dannydee333

lookstraightahead said:

I'm surprised there was a bidding war in this market, but don't get into bidding wars full stop. It's actually the seller's greed that's the problem.

I just offer what I want to pay and walk away if it's not accepted. And if I sell I don't promote a bidding war either. It's an ugly thing to do imo.

also, remtmber it's just a house. A ton of bricks. It's not a home until you make it such.

Thank you. You hit the nail on the head and these are easily implementable ideas for me since they align with how I want to approach this. Most people have been telling me I just need to get ruthless and look after number 1, but that doesn't sit well with me. I don't want to screw anyone over on the way.

lookstraightahead

Dannydee333 said:

lookstraightahead said:

I'm surprised there was a bidding war in this market, but don't get into bidding wars full stop. It's actually the seller's greed that's the problem.

I just offer what I want to pay and walk away if it's not accepted. And if I sell I don't promote a bidding war either. It's an ugly thing to do imo.

also, remtmber it's just a house. A ton of bricks. It's not a home until you make it such.

Thank you. You hit the nail on the head and these are easily implementable ideas for me since they align with how I want to approach this. Most people have been telling me I just need to get ruthless and look after number 1, but that doesn't sit well with me. I don't want to screw anyone over on the way.

Also remember that some people think they've 'won' by paying more than they can afford / the house is worth, as though paying more money is better. They're just being played by a selling technique.

You have to be strong enough to walk away, but ultimately it makes life easier,