I hate bidding wars

Slinky

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 ?

Don't quite understand your point. We saw the property which was advertised for offers over £395K. We bid something like £402K initially, there were apparently a number of offers, the agents said that the vendor wanted 'best and final', so we decided on £411.6K. The agent told us the vendor had accepted another offer which was higher than ours, by some amount, not just hundreds. A sold board then appeared outside that house.

Several weeks later the agent called to say the overbidder had dropped out and would we still like it for £411.6K. Initially said yes still interested but want to have another look. I had been out at the time the agent called, got home and found a larger property 4 doors along had come onto Rightmove the same day with a different agent. 

Went and looked at the second property the following day, new agent said several people had already viewed, including one who had been buying the original property we viewed. Plus there was somebody flying in from France to have a look.  We'd also been told about the French viewer when viewing the first property several weeks earlier (same story, different agent so must have been true). Having been outbid once, and knowing that the overbidder on the first was also looking at the second property, we went in hard and secured it for £425K.  

It seemed a lot at the time, but 4 years later a near identical property 2 doors down from us up for £600K sold for £650K.

ShinyStarlight1

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. 

Just to restore your faith a bit…

When my dad bought his house, he wasn’t the highest bidder. The vendors just liked him. 

Twenty years later, after he died, we sold his house to a really nice person rather than the couple who offered a higher amount but who were insufferable.