Missed out on final offer.

[Frustrated123]

I posted at the weekend as we had been 'ghost gazumped' on a property we are currently in the process of buying. On the back of this, we viewed another house and we actually preferred it. There was an offer from someone else yesterday so it went to best and final offers....and we lost! We couldn't get to the asking price but went to the very maximum we could afford. Am so disappointed and now we have to make the decision whether to agree to paying more for the original property. I hate house buying with a passion, it's so stressful! Anyone got any positive stories to make me feel better?!

It does sound a bit mad out there if you are trying to buy. Are you in London?

Yes we are. Well, Bromley so on the outskirts. I didn't think the real craziness had hit here, but looks like I was wrong :-(

I suppose as the craziness takes over London, it'll spill out into the suburbs. It's hard to know what to do I suppose, especially if it is a bubble and not sustainable. You don't want to be paying too much for a property you could buy for less this time next year. Who knows what'll happen.

Are there other houses you've seen you can offer on?

I wouldn't go back and pay more for the first house as you know you can find something you like better. Hang in there, I hope you find something soon.

I'm in beckenham and there's a sense of mania :-/ we're looking to buy but it is moving to fast.

We did like this second house better but it was another 60k and it has been proven that we couldn't actually afford it as we were outbid! Am so scared if we hang around we are going to be out priced even more and end up paying as much for a worse house. When I see what we could have bought for our budget this time last year, I could cry!!! Nothing much on market in our budget and search area anyway. Don't want to cut off my nose to spite my face and say no to paying more for the original house, only to find prices carry on rising and we can't even get something like that. This has to be the worst time ever for trying to buy! Feel sorry for everyone in our position.

I can't offer any advice as we're looking to buy for the first time at the moment. But I have noticed in the area we're considering - West Sussex - that vendors are putting properties on the market 5-10 per cent more than their neighbours sold for, just 3 or 4 months earlier. But they don't seem to be selling quickly at those prices.

Feeling v nervous about diving in to this whole process.

It's impossible to tell how things will go, but just to say....

we're also in London and the EA really tried to 'sell' two buyers to us. They had been trying to buy another house in our road, vendors had prevaricated and asked for another 35k just before exchange. The buyers - fair enough - walked away and started looking elsewhere.

The problem was that prices really were rising extraordinarily fast, and they were outbid a few months later on our house by quite a lot, despite putting in an offer of 100K more than what they would have paid for the house down the road if they'd have paid the extra 35k....

Shitty - feel really sorry for them, but if the market is really heated, you might need to put up with more than you would prefer.

Hopefully, they've found something now.

Thanks for that Christina, we have decided to go ahead with the original property and stump up the extra 10k they have asked for. The EA assures us that the vendors are nice people and they won't look for more nearer exchange, they just felt they were too hasty in agreeing a price. I totally get that they need to get as much as they can. I am happy with the house and the price still isn't bad considering the current market. Fingers crossed its plain sailing from now!