Bidding wars!!

[yummumto3girls]

What's your experience??? We have been outbid on a property that we all love. It was on the market for a year and then typically 2 buyers come along on the same day. The vendor was doing all the negotiations herself as her cheap on-line estate agent were crap, so they failed to put forward our revised offer at the weekend and also felt that she was playing us all off to bump the price up. We took a step back but now two days later we all still feel gutted at losing it. Now the only hope of getting it is to offer the asking price which in this current climate I find unbelievable!! She has accepted the other offer over weekend. The prospect of going into rented so we don't lose our buyer is filling me with dread. Would you go back and offer even though she has already accepted someone else? We have been looking for several years for what we want so they don't come along that often. Help! I'm so upset!!

It depends, how you feel about gazumping someone else, and if the seller is willing to accept your revised offer, whether you'll end up being gazumped yourselves (doesn't sound like the seller is particularly honourable about all of this and you may find yourselves being outbid later down the line – when you may have incurred fees / costs). Depends whether there are likely to be other properties on the market in the short term, and like you say, how you feel about going into rented if you lose out on the sale.

Well if it's worth it then go for it. I don't think paying asking price is ridiculous in this climate - a house is worth what it's worth. Is it worth the asking price to you?

If yes, then make a best and final offer. I think too many people expect a bargain these days and them are upset when they miss out.

I wouldn't unless you can easily afford to lose fees etc if you get gazumped yourself. It would be very stressful to buy from someone you knew was willing to gazump.

I'm sorry this happened. It must be gutting for you.

Now the only hope of getting it is to offer the asking price which in this current climate I find unbelievable!!

Asking price or above is normal place around here, we have got into sealed bids on two properties in the last 3 months.
It is not worth loosing a property just because you don't want to offer asking price, however be prepared for a knock back.

If you DO decide you really want the house for the asking price, make a best and final offer, on condition that the property is taken off the market.

If you're sure this property is the one for you and you're unlikely to find something soon (do ask local agents if they have anything similar about to come on their books though), I agree with AndWhenYouGetThere. That way, you'll always know you gave it your best shot.

There is nothing unbelievable about offering asking price in whatever you think the current climate is! If the property has been priced correctly, then it is worth the asking price. As for the vendor playing you off against each other, well that's what happens! If more than one party is interested in a property, then why would the EA/vendor not try to get more money? Would you not do the same thing in similar circumstances?

If you really want this property, go back and offer your best and final offer, valid for a short period of time. Sell yourselves to the vendor as having a sale on your own property already in place, finance in place (assuming you do have a mortgage offer in principal), solicitors appointed etc. If the vendor has any sense, s/he will realise it's not all about who offers most money but who can actually complete the sale.

Offer if you can afford it. I don't consider this gazumping as it is a matter of days. The vendor has a right to accept or refuse so it is up to him. Word of warning though: I have lost several bids to a first time buyer even though I offered more. First time buyers are more attractive.

I am also dreading to lose my buyer and also have nothing to buy. I used to dread of going into rental, but I think I am at the point were I just want to sell and be a super-attractive FTB with better bargaining power.

Houses where I am often go over asking price. Don't compare with other paid prices. Be glad if you can afford it.

Thanks everyone, I put the asking price offer to them, he said they had accepted £5k under the asking price which is not what they said at the weekend, they told us they'd been offered asking price and would have to go over, if we'd known we would have offered asking price at weekend!! Anyway they are not willing to not honour their acceptance of the other buyers so time to walk away. Like some of you say if they were willing to gazump them then who is to say they wouldn't do it to us further down the line! Time to look for rented, then at least we'll be a cash buyer!!

Good luck to all of you who are house hunting/ buying, I can't believe it is so stressful!!

That's a shame you lost it but maybe it wasn't ideal for you after all.

If you've been looking for years and this has been for sale for a year then you must have been making some compromises (else why wouldn't you have offered on it when it came on the market).

Think positively - the other bidders are now out of the market so can't compete on whatever comes next!

Good luck.

Thanks Pinkje! We didn't pick up on this property before because it is not very well advertised. It's on with the on line estate agent emoov who seem to advertise it on right move some weeks and not others, very odd! The photos looked very deceiving and it wasn't until we went in to the details that we realised it had land, which is what we are after. Plus we were looking rural not by the sea, and this property had the best of both.

Like you say maybe it wasn't right for us anyway :(