House Prices #2 Property market, buying and selling

[Branched]

Thanks for the responses everyone - reassuring to know I'm not the only one in this position, although sorry it's a nightmare for others. Fingers crossed we all find something soon! I didn't realise how much of a mental toll the search would be.

I viewed a property yesterday and really fell in love with it. It's the first one I've seen that I'd actually want to live in (finally!) and was listed for £25k lower than my max budget. The EA said she'd expect it to go for around asking.

However, I was told when I saw it that there were a few second viewings yesterday evening and it's now marked as SSTC on the EA's website. I've seen a lot of complaints about buyers being 'gazumped' before but has anyone had any experience of this, on either side?

I'm seeing the EA tomorrow anyway so will ask her for thoughts then but would you try to get in there and put in an offer anyway? Or just move on?

I don't think it helps that every other property I see now looks horrible compared to this one!

 

[littlepup]

Thanks for the responses everyone - reassuring to know I'm not the only one in this position, although sorry it's a nightmare for others. Fingers crossed we all find something soon! I didn't realise how much of a mental toll the search would be.

I viewed a property yesterday and really fell in love with it. It's the first one I've seen that I'd actually want to live in (finally!) and was listed for £25k lower than my max budget. The EA said she'd expect it to go for around asking.

However, I was told when I saw it that there were a few second viewings yesterday evening and it's now marked as SSTC on the EA's website. I've seen a lot of complaints about buyers being 'gazumped' before but has anyone had any experience of this, on either side?

I'm seeing the EA tomorrow anyway so will ask her for thoughts then but would you try to get in there and put in an offer anyway? Or just move on?

I don't think it helps that every other property I see now looks horrible compared to this one!

You can still put in your offer. The vendor accepting an offer doesn’t mean It’s a done deal. Do it on writing. I think they are obliged to put it forward.

 

[Megansnarkle]

Thanks for the responses everyone - reassuring to know I'm not the only one in this position, although sorry it's a nightmare for others. Fingers crossed we all find something soon! I didn't realise how much of a mental toll the search would be.

I viewed a property yesterday and really fell in love with it. It's the first one I've seen that I'd actually want to live in (finally!) and was listed for £25k lower than my max budget. The EA said she'd expect it to go for around asking.

However, I was told when I saw it that there were a few second viewings yesterday evening and it's now marked as SSTC on the EA's website. I've seen a lot of complaints about buyers being 'gazumped' before but has anyone had any experience of this, on either side?

I'm seeing the EA tomorrow anyway so will ask her for thoughts then but would you try to get in there and put in an offer anyway? Or just move on?

I don't think it helps that every other property I see now looks horrible compared to this one!

Why didn’t you put an offer in after you saw it? Unless you can find out what the accepted offer was and trump that I fear you may be too late.

 

[JoeBloggs]

Thanks for the responses everyone - reassuring to know I'm not the only one in this position, although sorry it's a nightmare for others. Fingers crossed we all find something soon! I didn't realise how much of a mental toll the search would be.

I viewed a property yesterday and really fell in love with it. It's the first one I've seen that I'd actually want to live in (finally!) and was listed for £25k lower than my max budget. The EA said she'd expect it to go for around asking.

However, I was told when I saw it that there were a few second viewings yesterday evening and it's now marked as SSTC on the EA's website. I've seen a lot of complaints about buyers being 'gazumped' before but has anyone had any experience of this, on either side?

I'm seeing the EA tomorrow anyway so will ask her for thoughts then but would you try to get in there and put in an offer anyway? Or just move on?

I don't think it helps that every other property I see now looks horrible compared to this one!

Unless you live in Scotland, which if I remember rightly your looking in London. Putting an offer in doesn’t make it legally binding so if you like it, next time just offer. We did at the first viewing, I would also recommend asking it’s taken off the market if accepted.

If you decide it’s not for you you can pull out. You can try and out an offer in, but there is nothing to say it’ll make any difference but you have nothing to lose.

 

[Branched]

Why didn’t you put an offer in after you saw it? Unless you can find out what the accepted offer was and trump that I fear you may be too late.

I really wish I had, I'm an idiot.

The reason I didn't is that I'm a solo FTB, I viewed the property on my own and basically chickened out / questioned my judgment. I called a friend straight after viewing to ask for her opinion and her advice was don't rush into it, wait until I've been to the viewings I had lined up today and tomorrow, and then if it's still the one I like most, put in an offer or get a second viewing by the end of this week. I know she had good intentions but she bought years ago in a much quieter market so doesn't seem to understand the rush here.

I'll definitely be more on the ball in the future and just go for it if I see something I like.

Tomorrow I'll try to find out from the EA roughly what it went for, not sure how much she will be able to tell me but "just under asking" or whatever would be useful. If it sounds like it didn't go for way over the asking price, I'll put in an offer for slightly more. I'm trying not to get my hopes up but like people have said, I've got nothing to lose.

 

[epl000]

You're not an idiot @Branched you are just being cautious, which is 100% normal when you're buying something like a house. Unfortunately the market moves so quickly for the most part just now you have to just go for it!

I'm fairly sure until contracts are exchanged the seller can still pull out without penalty, so definitely worth asking the EA and even if they don't tell you anything, put in a written offer if you want it. At least you have some room to offer over asking, I'm sure the sellers will be delighted if the current offer is at or around asking price.

 

[littlepup]

I really wish I had, I'm an idiot.

The reason I didn't is that I'm a solo FTB, I viewed the property on my own and basically chickened out / questioned my judgment. I called a friend straight after viewing to ask for her opinion and her advice was don't rush into it, wait until I've been to the viewings I had lined up today and tomorrow, and then if it's still the one I like most, put in an offer or get a second viewing by the end of this week. I know she had good intentions but she bought years ago in a much quieter market so doesn't seem to understand the rush here.

I'll definitely be more on the ball in the future and just go for it if I see something I like.

Tomorrow I'll try to find out from the EA roughly what it went for, not sure how much she will be able to tell me but "just under asking" or whatever would be useful. If it sounds like it didn't go for way over the asking price, I'll put in an offer for slightly more. I'm trying not to get my hopes up but like people have said, I've got nothing to lose.

Just put your offer in, it doesn’t matter what the other offer is. They could be in a chain, it could fall through and they defer to you, they could just be arseholes. Make your status known. People don’t always go for the most money but the best overall offer.

 

[Branched]

Just put your offer in, it doesn’t matter what the other offer is. They could be in a chain, it could fall through and they defer to you, they could just be arseholes. Make your status known. People don’t always go for the most money but the best overall offer.

Good point. The property had sold a few months ago but the previous buyer's chain fell through so they pulled out. I have no chain and happy to exchange whenever (the sooner the better) as I just need to give one month notice on my rental. Hopefully that puts me in a decent position at least.

 

[Notworthy]

Good point. The property had sold a few months ago but the previous buyer's chain fell through so they pulled out. I have no chain and happy to exchange whenever (the sooner the better) as I just need to give one month notice on my rental. Hopefully that puts me in a decent position at least.

That's an excellent position to be in and you really need to highlight that to the agent. Don't worry about leaflet dropping or facebook adverts. You're saving the potential vendor some money and hassle. Agents can be a bit naughty. An acquaintance was looking to buy in a particular road and had been assured that she would have 1st viewing on any properties that came on. I did a survey on a rental flat and it turned out that the renter owned a property on that particular road that they were going to sell due to divorce. I managed to hook them up with each other, meanwhile the agent had arranged a viewing for another couple, so much for 1st in. Anyway my acquaintance and the vendor made a deal and the agent lost out completely.

 

[margaretta]

@Branched
Put your offer in.
Do it in an email, letting them know the amount, how much deposit you have and what % is your mortgage in principal/ and which lender it is with.

Make it clear you are a FTB and can exchange within weeks.

Also give them the name of your solicitor and contact details.

Then the agents will treat you as a serious offer and you’ll find, providing there aren’t any other FTBs after the same property, that your offer may be prioritised as you can complete swiftly and aren’t part of a chain.

Good luck.

 

[Branched]

Thanks everyone, I've put in the offer.

I'm not overly hopeful as the EA told me the other offer was for asking price and it's a cash buyer. I went in at £20k above (chain free FTB, 50% deposit). Able to show AIP and proof of deposit if asked for.

I'm not sure if £20k is enough to swing it my way vs. a cash buyer. I've offered my max budget and can't afford to get into a bidding war so if they don't accept or the other buyer comes back with more, then I'm out.

Fingers crossed anyway

 

[Branched]

Thanks everyone, I've put in the offer.

I'm not overly hopeful as the EA told me the other offer was for asking price and it's a cash buyer. I went in at £20k above (chain free FTB, 50% deposit). Able to show AIP and proof of deposit if asked for.

I'm not sure if £20k is enough to swing it my way vs. a cash buyer. I've offered my max budget and can't afford to get into a bidding war so if they don't accept or the other buyer comes back with more, then I'm out.

Fingers crossed anyway

Little update - didn't get it, vendors wanted to stick with the cash buyer. It took them a while to come back to me so I do think they considered my offer at least (or the EAs were just painfully slow).

Feeling rather demoralised although I'm hoping if I tell myself the right property is just around the corner, I'll start to actually believe it.

And it turns out people feel very strongly about whether it's right or wrong to make an offer once another has been accepted. Getting a lot of "well, you deserved it for trying to ruin someone's dream" responses from people I thought I liked lol. I totally get it for those trying to swoop in right before exchange, but this was 2 days. I need to get thicker skin but it feels like a kick in the teeth when I'm already upset about missing out. Oh well.

 

[whoareyouu]

Little update - didn't get it, vendors wanted to stick with the cash buyer. It took them a while to come back to me so I do think they considered my offer at least (or the EAs were just painfully slow).

Feeling rather demoralised although I'm hoping if I tell myself the right property is just around the corner, I'll start to actually believe it.

And it turns out people feel very strongly about whether it's right or wrong to make an offer once another has been accepted. Getting a lot of "well, you deserved it for trying to ruin someone's dream" responses from people I thought I liked lol. I totally get it for those trying to swoop in right before exchange, but this was 2 days. I need to get thicker skin but it feels like a kick in the teeth when I'm already upset about missing out. Oh well.

duck them! It’s every man for themselves nowadays!!

 

[littlepup]

And it turns out people feel very strongly about whether it's right or wrong to make an offer once another has been accepted. Getting a lot of "well, you deserved it for trying to ruin someone's dream" responses from people I thought I liked lol. I totally get it for those trying to swoop in right before exchange, but this was 2 days. I need to get thicker skin but it feels like a kick in the teeth when I'm already upset about missing out. Oh well.

They’re idiots who don’t understand how buying a property works I’m afraid.
Sorry you didn’t get it x

 

[Notworthy]

It's dog eat dog out there at the moment and it was hardly right as they were about to exchange. Putting an offer in 2 days after the vendor has accepted an offer isn't unreasonable. Plenty of people put an offer in, go home and then change their mind.

 

[champagne_supernova]

I think it's good you put the offer in. If for any reason the sale falls through at least they have you in mind to contact to see if you would still be interested.
And like you say you didn't swoop in right at the end. You're not trying to ruin anyone's dream you're trying to get your own...don't listen to them!

 

[Branched]

Thanks everyone, I definitely feel glad I put the offer in.

The comments I had from some ‘friends’ made me feel like I’d gone in and physically dragged the other buyer out the place before stabbing them in the back

 

[Notworthy]

Thanks everyone, I definitely feel glad I put the offer in.

The comments I had from some ‘friends’ made me feel like I’d gone in and physically dragged the other buyer out the place before stabbing them in the back

It might have to come to that

 

[Megansnarkle]

I'm sorry you missed out but I must admit to having a fair amount of respect here for the seller in accepting an early offer at asking (I think) and not getting into a bidding war to see what they could get from their existing buyer.

Unfortunately for you it's a lesson learnt in the need to be decisive in the current market.

 

[Branched]

I'm sorry you missed out but I must admit to having a fair amount of respect here for the seller in accepting an early offer at asking (I think) and not getting into a bidding war to see what they could get from their existing buyer.

Unfortunately for you it's a lesson learnt in the need to be decisive in the current market.

Fair points. I definitely know now to act quickly if I see something I want and I also have a better idea of what it is that I do want.

That said, the impression I got from the EA on this particular property is that the vendors wanted the security of a cash buyer. Even if I’d gotten in there sooner, I doubt my offer would have been accepted.