House Sold Under Our Feet

caprikid1

Unfortunately no one can tell you what to offer and how to offer.

The process is between two people with different interests and different levels of rationality, with an estate agent inbetween.

What works for one situation may not work for another.

Offer your top price - Risk paying too much

Offer too low - risk not being taken seriously / not being asked to put in another offer.

It may also never be about price, you may never know the real answers.

If you want transparency you need to buy at auction.

Just remember the estate agent does not work for you, your offer may have just been a tool to get the preferred buyer to up theirs.

Put in your best and final offer and then move on.

caprikid1

I can never understand why people chasing their "Forever Home" don't just go with a best and final. 

BikingBud

caprikid1 said:

I can never understand why people chasing their "Forever Home" don't just go with a best and final. 

This is a moneysaving site isn't it?

MobileSaver

BikingBud said:

caprikid1 said:

I can never understand why people chasing their "Forever Home" don't just go with a best and final. 

This is a moneysaving site isn't it?

It is but, as the OP might be about to find out, sometimes trying to save money can lead to heartbreak.

I've mentioned here before about being on the other side in a similar situation. I was the seller, turned down a lower offer, accepted a higher offer from another buyer and the first buyer was apparently gutted and confused as to why I wasn't interested in their gazumping offer a week or two later. As the saying goes; you snooze, you lose.

ReadySteadyPop

caprikid1 said:

I can never understand why people chasing their "Forever Home" don't just go with a best and final. 

In many cases it is because the cost of their monthly mortgage debt payment has shot up.

Herzlos

ReadySteadyPop said:

caprikid1 said:

I can never understand why people chasing their "Forever Home" don't just go with a best and final. 

In many cases it is because the cost of their monthly mortgage debt payment has shot up.

That's almost certainly not the reason. You need to trade off against saving money and bidding low, with getting the house you want and bidding a bit higher.

After a few years the price difference will be negligable especially if the house is perfect. We over paid on this one but if we hadn't we would have lost it, and it's the only house in the street to have gone on sale in the last 20 years. It'd have been idiotic to lose out on it over £5k.

Sapindus

BikingBud said:

caprikid1 said:

I can never understand why people chasing their "Forever Home" don't just go with a best and final. 

This is a moneysaving site isn't it?

Why do we scrimp and save money if not to have it available when it is really needed?

TheJP

njturner said:

Hi, looking for some advise.  We put an offer in on a property last Saturday, the properties owner has passed away and a solicitor has been instructed to sell on behalf of the next of kin. Our offer was below asking price but was told by the estate agent that this is what we would have to offer, for it to be put to the solicitor.  So we offered and stipulated that this was an initial offer.  We have found out today via Rightmove that the property has been S.S.T.C and we haven't been given the opportunity to put in a best and final offer.
I just want to find out if this is normal practice (as we are new to the housing market) or if legally we had a leg to stand on with not being given the opportunity to put in a best and final, as we really wanted this property as our forever home - and yes i know we shouldn't get out hopes up or fall in love with a house until it is ours 😫

Firstly i dont think the house was sold from under your feet as you didnt have an offer accepted.

It sounds to me that there was a threshold figure for it to be considered i.e. the figure the EA told you (you could have offered the asking price or more), the same message was likely told to another interested party who have either met the asking price, offered more or are a more attractive buyer to the estate. 

The estate may have instructed the EA to no longer accept more offers as they want to proceed in getting the house sold ASAP hence why they have not come back to you. You also do not have any legal standing as you havent got a contract with the EA or the sellers.

It is slightly rude that the EA havent come back to you with an update on your offer but they are now focused on the sale.

Did you follow up on your offer/when you saw that it is now SSTC? Perhaps call the EA for peace of mind that there is no mix up etc.