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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to lose interest?

12 replies

Wearyheavyladen · 21/08/2020 07:36

We saw a house this past weekend that we really, really like. The location is great. The estate agent said there is a lot of interest in the house and he was doing viewings the whole of that day. He called on the Sunday (yep Sunday) to find out whether we were interested in making an offer. Even though we love the house, we decided not to put in an offer because we felt the estate agent was trying to encourage a bidding war.

I get put off by the bidding war marlarkey. It is unreasonable to lose out on a property you love because of this aversion? Am I cutting off my nose to spite my face? A part of me feels that no house is worth paying more for than its base asking price.

Anyone else lose interest in a property once you realise that a bidding war is being encouraged or even set up by the estate agent?

OP posts:
romeolovedjulliet · 21/08/2020 07:40

there are plenty of great properties out there and i for one would not get involved in a bid war, the twatty estate agent must be rubbing his hands with excitement over the potential commission.

SnuggyBuggy · 21/08/2020 07:43

It's shit but in some areas you do have to make what feels like a snap decision because of competition. If you're OK to keep missing out then that's fine.

NotEverythingIsBlackandWhite · 21/08/2020 07:46

I don't think the EA is trying to start a bidding war. Many do open days of viewing because the Vendor(s) don't want to have people on various dates and times and have to constantly keep tidying up. The EA should have expressed they need offers in by ......

You obviously don't want the house enough so just forget if and move on to the next viewing and don't go for block viewings in future.

Thingsthatgo · 21/08/2020 07:53

The housing market is unbelievably busy at the moment. The agent is probably working Sundays because they have so much work on. They are also arranging viewings together because 1. They’re too busy to just do one viewing at a time and 2. The owners don’t want to keep wiping down everything in the house that may have been touched by potential buyers.
I am not a big fan of estate agents, and I’m sure that they are making big bucks out of this situation. However, there is no harm in offering the price you’d like to pay if you want to buy that particular house. There’s no need to get into a bidding war or pay more than you think it is worth. Just offer whatever you like.

Original poster
Wearyheavyladen · 21/08/2020 08:00

EA didn’t say it was blocked bookings but it sounds like it might have been. It was possible to view in the week but weekend is easier for us.

I know the risk of missing out is there but I do feel a strong aversion to any sign of a bidding war. A first come, first serve would be better but in a seller’s eyes I would be unreasonable?

I know the seller wants the max possible but I could offer a silly amount, win the bid, then it could be downgraded by the mortgage company and the seller gets much less than they expected from my offer. I also believe buyer’s remorse might be huge when there’s been a bidding war, making the possibility of the buyer changing their mind high.

I probably will have to suck it up, close my nose and do the bidding thing to get a good house.

OP posts:
NoParticularPattern · 21/08/2020 08:06

So had you made an offer and he was wanting you to up it? Or did he just want to know if you were going to make one? I agree that I wouldn’t get into a bidding war going back and forth for weeks on end, but I would at least put my initial offer in and perhaps one more if I thought stretching was worth it. I don’t think you’re likely to get anywhere if you don’t ever make an offer for fear of entering a bidding war- just put your offer in and if it turns into everyone bidding against everyone else then just walk away. In a very competitive market you’re unlikely to be successful if you’re insistent on being the only person bidding on the property.

ivfdreaming · 21/08/2020 08:06

Well it depends on how desperately you need to move and how much you love the house. If you HAVE to move and move the house then yes you are cutting your nose off to spite your face as it were. Bidding wars are going to be common whilst the stamp duty holiday is in effect

DDiva · 21/08/2020 08:10

It's only a bidding war if you keep upping your offer. I wouldnt not offer at all because of the estate agents actions. Decide before hand what your limit is and stick to it if someone offers higher walk away.

SnuggyBuggy · 21/08/2020 08:46

Ive no doubt there must be a lot of buyers remorse. We've spent more time making a decision on hotels than our house. I don't see what else people can do though.

YummyInMyTummy · 21/08/2020 12:55

Why can’t you put in an offer for what you think is fair & you can afford, and then leave it there? No need to keep upping your offer - then there’s no bidding war (for you).

Original poster
Wearyheavyladen · 21/08/2020 14:24

I can opt out of the bidding war but if everyone does it, it means people like me will keep missing out.

OP posts:
stoploss · 21/08/2020 14:40

It doesn't sound like a bidding war to me, more that the EA is proactive.

That's not so say it can be off-putting if you feel you've been put under pressure.

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