To think vendors only care about the highest offer?

Meadmaiden · 2022-04-22T21:50:56+00:00

I'm trying to buy a family home, and am moving from rented accommodation and a cash buyer. I had hoped that being in a good position would help with buying a property, but I've put in several offers at above asking, and been outbid each time. It's really difficult to guage even where to put an offer in as places are often going significantly over asking it seems. Each time I'm told I was outbid. Does a buyer's position ever count? I enquired about a house I had offered on but it went to another offer, in case the sale had fallen through. It's still in the process of selling, because of a long chain. Since asking price no longer gives much of an indication of selling price, how does one judge where to even put in an offer?

TinLeaf · 22/04/2022 22:52

We accepted a lower offer because the buyer was in a meeting ch better position.

LoveSpringDaffs · 22/04/2022 22:56

I think a relationship with the agent that will 'sell' your offer is important & in this market putting in an offer that is how much you're prepared to pay to secure it. Don't try to either get a deal OR over pay.

best wishes.

Pinktruffle · 22/04/2022 23:01

We have recently bought a house. We offered over the asking price, but there were 3 offers higher than us. The seller went with us for a number of reasons - the estate agent sold the fact that we had no chain, had a 45% deposit and the key thing was that we could wait as long as they needed as the seller was yet to find a new property. We are approx 2 weeks away from completion now but we had our offer accepted in October 2021, so us having no chain and being able to wait was definitely what got us the house.

Krapom · 22/04/2022 23:01

Your position will give you an edge if you have the same (or within spitting distance) offer as someone else.

Other than that, in the vast majority of cases highest bid in what’s essentially a bidding war will win.

Kiitos · 22/04/2022 23:05

In many cases yes the highest off may be the main thing, but not always. A chain free and flexible buyer is also worth a lot to many vendors. I bought from someone who was waiting for their new house to be built. I was chain free and in absolutely no rush to move, which gave me a strong advantage over the other potential buyers

dangermouseisace · 22/04/2022 23:07

It's not all about the highest offer. When I was selling we rejected a cash offer from someone buying for their student child (urgh so much privilege) rejected a high bid from a person who offered without visiting (what the hell?) and accepted an offer from a couple desperate to get their foot on the ladder that was the same as the cash offer. Because we were human and we’d been there. Hope you get there soon.

ImInStealthMode · 22/04/2022 23:07

I'm a vendor and won't entertain viewings or offers from BTL investors, such is the property crisis in our area. So I'd say no, highest offer isn't my major concern.

(We've also had offers rejected in the past because a lower offer buyer was in a better position to proceed)

dangermouseisace · 22/04/2022 23:07

NB I am still human now.

iklboo · 22/04/2022 23:08

I accepted a lower offer on my parents' house as it was first time buyers, not a buy to let or HMO buyer.

greenlynx · 22/04/2022 23:14

I think it depends on lots of things. EA might recommend to choose another buyer because another buyer would sell his property through this EA - so double commission.
The seller might be interested in a chain because he needs more time to choose something for himself. You will want your vendor to move out as soon as possible as you are in rental but some people don’t want this.
Another thing that market is limited so people are overpaying. We were house hunting a few years before Covid, we were outbid more then 5 times in best and final and a lot of times our offer was rejected. After some time I just gave up to take part in the best and final. A few houses were sold for the ridiculous amount over asking. I’m still curious about reasons. In one case a family was relocating from London, the other I don’t know.
keep faith and be realistic, and only offer what you can afford. I really feel for your situation, It’s tough before Covid in some places now it’s probably madness.

user1473878824 · 22/04/2022 23:14

we’re looking to buy now and to be honest the only thing I expect someone selling something to us wants is the most money they can get for their home and be quickest they can get that money. It’s lovely that PPs have made a moral decision on it but if I was selling I’d want someone with no chain who definitely had the asking price. It’s not eBay, I don’t expect people to let the biggest thing they’ll ever sell go for less simply because of my circumstances. If someone doesn’t need quick sale then of course they’ll wait for more cash.

Unescorted · 22/04/2022 23:17

My parents put a covenant on their house... Local only with a preference for a family. They have a trust in place to make up the market sale value if that is needed to maintain that. We hope that everyone will pay the value forward. The trust also has a premption clause... We will buy back if the owner goes into arrears. Some of us care.

Bellabluea · 22/04/2022 23:17

We’re currently selling my FILs home and we had an offer 1k over asking within a week. Estate agent suggested we could probably hold out and get a higher offer (what even is this market!) but we heard they were a family with no chain buying their first home and we decided we liked the idea of my DH’s family home going to another family rather than an investor or rental etc so we accepted.
For us a couple of thousand here or there makes less difference than knowing the home will be loved but we may be in the minority.

Neverreturntoathread · 22/04/2022 23:23

We accepted a £20k lower offer because they a first time buyer were ready to proceed (and the agent thought the higher offer was ‘a bit flakey’)

it does matter, but how much I dunno. Personally I would do a lot to avoid a chain!!

Ahgoonyegirlye · 22/04/2022 23:26

Our friends/neighbours took £20k less because they like the young family who got the house better than another couple who apparently were rude via the estate agent. They thought the family would be better neighbours for us on our street, and they are lovely.

TabithaHazel · 22/04/2022 23:26

Unescorted · 22/04/2022 23:17

My parents put a covenant on their house... Local only with a preference for a family. They have a trust in place to make up the market sale value if that is needed to maintain that. We hope that everyone will pay the value forward. The trust also has a premption clause... We will buy back if the owner goes into arrears. Some of us care.

When we sold my late parents house we took a lower offer from a family above a higher one from a developer. I know it's just brick and mortar and in 100 years no one will care, but meant something to us to have another family in there who wanted to live close to the local primary school etc.

OP I think it's just luck of the draw really. Some vendors are after the highest price, some are after the quickest sale, and some go for irrational sentimental reasons! Fingers crossed you manage to secure somewhere soon.

Ahgoonyegirlye · 22/04/2022 23:29

Also know someone selling who took significantly less to avoid selling to a BTL .
many people who sell move not too far out of the area or town and do care about the community more than you might think.
we got £10k knocked off our hse because we were 1st time buyers, no chain and mortgage in place ready to go. The sellers were happy to sell quickly and not have it dragged out…

Sbqprules · 22/04/2022 23:37

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Original poster

Meadmaiden · 23/04/2022 07:34

greenlynx · 22/04/2022 23:14

I think it depends on lots of things. EA might recommend to choose another buyer because another buyer would sell his property through this EA - so double commission.
The seller might be interested in a chain because he needs more time to choose something for himself. You will want your vendor to move out as soon as possible as you are in rental but some people don’t want this.
Another thing that market is limited so people are overpaying. We were house hunting a few years before Covid, we were outbid more then 5 times in best and final and a lot of times our offer was rejected. After some time I just gave up to take part in the best and final. A few houses were sold for the ridiculous amount over asking. I’m still curious about reasons. In one case a family was relocating from London, the other I don’t know.
keep faith and be realistic, and only offer what you can afford. I really feel for your situation, It’s tough before Covid in some places now it’s probably madness.

The thing is, we aren't in a hurry to move: we can be flexible for the vendor of the right house. I have tried to make that clear, but I'm wondering if being cash buyers is somehow disadvantaging us.

When people talk about being successful due to your relationship with the estate agent, what do you mean? All the viewings I have done have been with the vendor, so I have never met any agents in person.

OP posts: