I hate bidding wars

Mustlovedogs

moneysaver said:

I was in the same boat yesterday. The house I was after went to a closing date yesterday 25th April(Scotland). You only get 1 chance to offer on property. I offered 20K over a value of 225K and lost it.

 I also bid 21k over a value of 160k for another property last month which I also did not win.

I am sitting here depressed asking myself what I have to do to win a property. I will just need to keep trying I suppose.

I thought money was tight in the current climate, seems not.

I hope you get what you want.

Moneysaver

Gosh twice....🫣 I'm not sure I'd cope with it happening again
I know people will say it's cut throat, life's not fair get over it..... but there is no fairness to a bidding war, it's blind. You don't know what the other party are bidding, and you could pay well over what someone else does. I think I'll just have to give in, not get involved in games and just stay in my current house. As much as I don't like it, I'm not going to sell my soul and put aside my morals to win a house. It's ridiculous. 
I'm still upset about it. I just feel like I always play by the rules and I'm always the one getting crapped on. So frustrated right now 

sheramber

moneysaver said:

I was in the same boat yesterday. The house I was after went to a closing date yesterday 25th April(Scotland). You only get 1 chance to offer on property. I offered 20K over a value of 225K and lost it.

 I also bid 21k over a value of 160k for another property last month which I also did not win.

I am sitting here depressed asking myself what I have to do to win a property. I will just need to keep trying I suppose.

I thought money was tight in the current climate, seems not.

I hope you get what you want.

Moneysaver

I had a similar experience buying in very popular in Scotland.

Houses in this are sell for up to 20% over the Home Report price , which is supposed to be the value.

I  offered 16% over the asking price and it was between myself and one other person.

It took 3 days for the vendor to decide to go with me as I had sold and moved in with family so entry date was flexible.

Vendor had already had offer accepted on his new house. 

moneysaver

Mustlovedogs said:

moneysaver said:

I was in the same boat yesterday. The house I was after went to a closing date yesterday 25th April(Scotland). You only get 1 chance to offer on property. I offered 20K over a value of 225K and lost it.

 I also bid 21k over a value of 160k for another property last month which I also did not win.

I am sitting here depressed asking myself what I have to do to win a property. I will just need to keep trying I suppose.

I thought money was tight in the current climate, seems not.

I hope you get what you want.

Moneysaver

Gosh twice....🫣 I'm not sure I'd cope with it happening again
I know people will say it's cut throat, life's not fair get over it..... but there is no fairness to a bidding war, it's blind. You don't know what the other party are bidding, and you could pay well over what someone else does. I think I'll just have to give in, not get involved in games and just stay in my current house. As much as I don't like it, I'm not going to sell my soul and put aside my morals to win a house. It's ridiculous. 
I'm still upset about it. I just feel like I always play by the rules and I'm always the one getting crapped on. So frustrated right now 

I have been looking for a while but nothing suitable coming up for me until now. It seems a lot of people are going for longer mortgages & this may be fueling the amount of buyers. The one I went for yesterday there were 15 offers for the property, my offer was number 6 in line.

It's back to the drawing board for me I suppose.

Moneysaver

Mustlovedogs

moneysaver said:

Mustlovedogs said:

moneysaver said:

I was in the same boat yesterday. The house I was after went to a closing date yesterday 25th April(Scotland). You only get 1 chance to offer on property. I offered 20K over a value of 225K and lost it.

 I also bid 21k over a value of 160k for another property last month which I also did not win.

I am sitting here depressed asking myself what I have to do to win a property. I will just need to keep trying I suppose.

I thought money was tight in the current climate, seems not.

I hope you get what you want.

Moneysaver

Gosh twice....🫣 I'm not sure I'd cope with it happening again
I know people will say it's cut throat, life's not fair get over it..... but there is no fairness to a bidding war, it's blind. You don't know what the other party are bidding, and you could pay well over what someone else does. I think I'll just have to give in, not get involved in games and just stay in my current house. As much as I don't like it, I'm not going to sell my soul and put aside my morals to win a house. It's ridiculous. 
I'm still upset about it. I just feel like I always play by the rules and I'm always the one getting crapped on. So frustrated right now 

I have been looking for a while but nothing suitable coming up for me until now. It seems a lot of people are going for longer mortgages & this may be fueling the amount of buyers. The one I went for yesterday there were 15 offers for the property, my offer was number 6 in line.

It's back to the drawing board for me I suppose.

Moneysaver

Essentially i think I'm going to have to get used to the fact I will probably have to stay in this house. If the market is this difficult to buy in then I can't see anything working out and I'm not going to settle or sell my own soul and trample all over other people. Life is unfair and so are people. Looks like I'll just have to suck it up

FlorayG

Mustlovedogs said:

Slinky said:

We were outbid on a property up for £395, we bid £411.6K. Three weeks later the overbidder pulled out and we were offered the property for our bid. That same day a neighbouring property came up, we ended up bidding on that one instead securing it for £425 against an advertised price of £395. Our property is bigger than the original one we bid on. The same people who were looking at the first property were looking at ours, including someone flying in from Europe to look at both (same story, different agent). The original property went for £395 in the end.

It was a bunfight. Your bid may yet come good.

Ah I'm glad it worked out for you in the end I love a good news story 😀
I know lots will say 'you'd do the same' I don't know if I would. I feel like i always stay moral and ethical and I always get pooped on 🤣 . My opinion (others can disagree but it's mine and I'm allowed it) is, I gave the first offer for full asking price. The property should be mine. I know that's not how it works, but if people had morals it should. I hope another comes up for me that I like as much but I've lost all faith tonight lol. Serves my right for going against my own ethics and not walking away at the first mention of bidding war. 

Some do. During the 'buying panic' after Covid I went to see a property for sale at 09:00 one day and offered the asking price on the spot. Next day the EA called me and said all four people who had viewed it offered the asking price "but the vendor says you were first, so you can have it" 
I've always, always offered what I think the house is worth to me and if that's not accepted I say thank you but no thanks. Twice I've had vendors come back after a few days and say "OK we accept your offer". They just 'try it on' to see if they can get a bit more money

theartfullodger

It's capitalism.  Part of what that brings.

Converse view is seller may like/benefit from it.  Sold, intestate, late brother's house a few years ago, hardly touched since he bought it 1971.  We got 10s of thousands £££_ more that we (sister and me) expected or three agents predicted.

Best wishes and good luck.

Mustlovedogs

FlorayG said:

Mustlovedogs said:

Slinky said:

We were outbid on a property up for £395, we bid £411.6K. Three weeks later the overbidder pulled out and we were offered the property for our bid. That same day a neighbouring property came up, we ended up bidding on that one instead securing it for £425 against an advertised price of £395. Our property is bigger than the original one we bid on. The same people who were looking at the first property were looking at ours, including someone flying in from Europe to look at both (same story, different agent). The original property went for £395 in the end.

It was a bunfight. Your bid may yet come good.

Ah I'm glad it worked out for you in the end I love a good news story 😀
I know lots will say 'you'd do the same' I don't know if I would. I feel like i always stay moral and ethical and I always get pooped on 🤣 . My opinion (others can disagree but it's mine and I'm allowed it) is, I gave the first offer for full asking price. The property should be mine. I know that's not how it works, but if people had morals it should. I hope another comes up for me that I like as much but I've lost all faith tonight lol. Serves my right for going against my own ethics and not walking away at the first mention of bidding war. 

Some do. During the 'buying panic' after Covid I went to see a property for sale at 09:00 one day and offered the asking price on the spot. Next day the EA called me and said all four people who had viewed it offered the asking price "but the vendor says you were first, so you can have it" 
I've always, always offered what I think the house is worth to me and if that's not accepted I say thank you but no thanks. Twice I've had vendors come back after a few days and say "OK we accept your offer". They just 'try it on' to see if they can get a bit more money

Yep we were first to offer asking price too but unfortunately for us the sellers chose bidding war 🙄

Bigphil1474

OP, there's not really such a thing as asking price. The price you see is the marketed price. Some EA's will say go low hoping for a lot of demand and a bidding war, or some will say go higher then you've got room to drop if demand is sluggish. Either way, the price a house is marketed for is just about getting the right people interested in the property.

When we sold last year, we didn't have much interest in our house so had to accept about £10k below the marketed price. The house we bought had loads of interest, we offered the marketed price and that was accepted by the vendors - they only moved round the corner so we see them quite often and they did say the EA got another offer after they'd accepted ours, but told the EA they wouldn't consider it. I think it's just a personal decision. I expect if we were offered £20k over the marketed price on ours we would have been very tempted to go back on the offer we accepted given how much difference that would have made to our finances. Hard to tell until you are in that position. 

ReadingTim

If you don't like the game, don't play it.  Simply offer what it's worth to you / the maximum you're willing to pay as your first and only offer and leave it at that.  If it's worth more to some else (who maybe has deeper pockets) then so be it - you did your best.  

Bidding wars are only annoying to people who could have offered more but didn't, and got pipped to the post.  They try and blame the vendor or EA, but deep down know the fault usually lies closer to home...

FlorayG

Mustlovedogs said:

FlorayG said:

Mustlovedogs said:

Slinky said:

We were outbid on a property up for £395, we bid £411.6K. Three weeks later the overbidder pulled out and we were offered the property for our bid. That same day a neighbouring property came up, we ended up bidding on that one instead securing it for £425 against an advertised price of £395. Our property is bigger than the original one we bid on. The same people who were looking at the first property were looking at ours, including someone flying in from Europe to look at both (same story, different agent). The original property went for £395 in the end.

It was a bunfight. Your bid may yet come good.

Ah I'm glad it worked out for you in the end I love a good news story 😀
I know lots will say 'you'd do the same' I don't know if I would. I feel like i always stay moral and ethical and I always get pooped on 🤣 . My opinion (others can disagree but it's mine and I'm allowed it) is, I gave the first offer for full asking price. The property should be mine. I know that's not how it works, but if people had morals it should. I hope another comes up for me that I like as much but I've lost all faith tonight lol. Serves my right for going against my own ethics and not walking away at the first mention of bidding war. 

Some do. During the 'buying panic' after Covid I went to see a property for sale at 09:00 one day and offered the asking price on the spot. Next day the EA called me and said all four people who had viewed it offered the asking price "but the vendor says you were first, so you can have it" 
I've always, always offered what I think the house is worth to me and if that's not accepted I say thank you but no thanks. Twice I've had vendors come back after a few days and say "OK we accept your offer". They just 'try it on' to see if they can get a bit more money

Yep we were first to offer asking price too but unfortunately for us the sellers chose bidding war 🙄

Then I would just say "No, thanks, that's all the money I have" and walk away.
If you COULD have bid more and you really wanted the house then you should have bid what it was worth to you in the first place; then, if the vendor says that's not enough, you don't have to worry about how much you need to increase your offer to because you already bid the maximum you were willing to pay so you look elsewhere. As soon as they get you to up your offer they think they have you on the hook and will ask for more and more