I hate bidding wars

Nebulous2

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

Way back in ancient times, also in Scotland, there wasn't a homebuyers report, so you had to pay for your own survey. In a very heated market, we paid for surveys, and failed to secure 5 houses on the trot, one summer. 

By this time our house was sold we were staying with family, and our belongings were dispersed with family members all over the place. 

We ended up buying a new build because we got it at a fixed price. Even then 13 houses were released on the Friday, we saw them from the outside on the Sunday, and were waiting outside the developers sales office with a deposit when they opened on Monday morning. By that time there were only 5 left to choose from. 

Mustlovedogs

ReadingTim said:

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...

I agree with you. This is why I'm annoyed at myself, as I didn't fully understand what it was all about, assumed it meant they'd come back and ask for more, so had I fully understood would have offered highest I was able to from the start. I didn't, so I accept its my error, although it would have been nice if the estate agent had explained the full consequences.
And in my opinion, they shouldn't be allowed. There is no real win for anyone, you either lose the house or the winning bid pays over what they need to as they can't know what the others are bidding. In the case of this house, at least 25k past the next highest bid. So you'll never change my mind that they're annoying 

sheramber

It is up to the seller whether they  use a bidding war or not.

When we sold our house we accepted the highest first bid.

My son also did that when he sold.

As he said he could have lost  that bid and nobody else might have increased their bid to that amount. 

RHemmings

Mustlovedogs said:

And in my opinion, they shouldn't be allowed. There is no real win for anyone, you either lose the house or the winning bid pays over what they need to as they can't know what the others are bidding. In the case of this house, at least 25k past the next highest bid. So you'll never change my mind that they're annoying 

They are definitely annoying. However, if the winning bid pays over what they need to, then this is a win for the seller. Hence, 'no real win for anyone' isn't quite accurate. 

Mustlovedogs

RHemmings said:

Mustlovedogs said:

And in my opinion, they shouldn't be allowed. There is no real win for anyone, you either lose the house or the winning bid pays over what they need to as they can't know what the others are bidding. In the case of this house, at least 25k past the next highest bid. So you'll never change my mind that they're annoying 

They are definitely annoying. However, if the winning bid pays over what they need to, then this is a win for the seller. Hence, 'no real win for anyone' isn't quite accurate. 

I was referring to buyers, will make sure I structure my responses better in future, obviously the seller will always win in that situation 🙂

youth_leader

Wishing you the best of luck with your next purchase, it is so very stressful until exchange.

My daughter now lives in Belfast and was also involved in a bidding war which stretched them to the very limit.  The house was advertised at £213K, they bid up to £243K and 'won'. 

When I offered asking on this bungalow the vendor wanted to continue with her viewings over that weekend - and apparently received asking offers from all except one.  On the Monday I learnt that she had chosen me as a 'cash in the bank' buyer - but she'd like me to offer more to secure the deal.  As it was during lockdown when stamp duty was waived, I offered her that amount, which she accepted. We are all wise in hindsight aren't we -  when I discovered all the floors were rotten I could have done with that money!  I thought she was nervous because of Covid, not anxious I'd smell the damp! 

Mustlovedogs

youth_leader said:

Wishing you the best of luck with your next purchase, it is so very stressful until exchange.

My daughter now lives in Belfast and was also involved in a bidding war which stretched them to the very limit.  The house was advertised at £213K, they bid up to £243K and 'won'. 

When I offered asking on this bungalow the vendor wanted to continue with her viewings over that weekend - and apparently received asking offers from all except one.  On the Monday I learnt that she had chosen me as a 'cash in the bank' buyer - but she'd like me to offer more to secure the deal.  As it was during lockdown when stamp duty was waived, I offered her that amount, which she accepted. We are all wise in hindsight aren't we -  when I discovered all the floors were rotten I could have done with that money!  I thought she was nervous because of Covid, not anxious I'd smell the damp! 

Aw no congratulations for winning the property but sorry about the damp floors. Perhaps there's a reason I didn't win the bidding war....

youth_leader

Will you be having a L3 survey?  Just to say when I found out my surveyor, who is local and lovely, came to explain that he cannot lift carpets/underlay or move furniture.  The vendor had 'gifted' me a gigantic heavy chair in the bay window in the front bedroom which had the worse wet/dry rot and woodworm.,  If she had told me I could have stayed in the rental while everything was ripped out and replaced -  and perhaps my dog might have lived longer.  He died the day before his 14th birthday with kidney failure, and he also had a fungal infection in his nose the vet couldn't explain. 

caprikid1

"We were outbid on a property up for £395, we bid £411.6K. "

Who kept telling your were overbid ? The same people who make more money from the extra ?

Mustlovedogs

caprikid1 said:

"We were outbid on a property up for £395, we bid £411.6K. "

Who kept telling your were overbid ? The same people who make more money from the extra ?

Well we only got one bid (which i didn't realise would be the case at the time) and we weren't allowed to know what the other bid. I see your point though