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Original poster

Put in a bid before open house / sealed bids

47 replies

Ineedahouse · 29/08/2018 18:09

Hello! I've changed my username as not sure if my stbexh knows my old one and I dont want him to know this! Ive put in an offer on a house thats up for sale but it has already received an offer from a ftb and there is an open house planned for sunday after which the agent said they would ask for sealed bids. I asked them to put my offer in to the vendor today but havent heard back.

Im a bit gutted really as i really really want this house and have been looking for ages so dont want to miss out. I can only go up to the asking price - really cant afford more but im in a good position - no chain , mortgage agreed and with rental house i only have to give 30 days notice. Im all good to go and have told the agents this.

Obviously they will want to make the most money from the sale so im not sure how much they will push my strong points for speed organisation etc.

Im not sure why im posting really. Just I feel a bit nervous havent heard back and will be gutted if I dont get it. Do people always choose money over speed/ less hassle?

I havent bought a house for 15 years so dont have recent experience! Any advice on what to say to state my case further much appreciated!!

OP posts:
Wendygoesfar · 29/08/2018 22:55

Don't have much experience but as a seller it isn't just the top money it's the whole package imo. Good luck!

wowfudge · 29/08/2018 23:08

Fingers crossed for you. But - I suspect the EA will persuade the vendors to go ahead with the open house in order to get above asking. Whether they go for that may depend on whether anyone is booked in for Sunday yet.

fabulousathome · 29/08/2018 23:19

I wouldn't expect to hear before the Open Day is over, if its a Saturday then on Monday afternoon.

I works have advised a few hundred pounds over the asking price to give yourself an extra chance in case lots offer the asking price.

fabulousathome · 29/08/2018 23:19

I would have advised....

Singlenotsingle · 29/08/2018 23:20

Good luck OP.

tentative3 · 29/08/2018 23:51

Depending on what the other offers were I would certainly consider a lower offer from someone in a better position so don't write yourself off just yet.

cinders15 · 29/08/2018 23:52

Hi OP
My brother and I sold our mum's house last year
We were recommended by EA to have open day and sealed bids - which were opened on the Monday (Open day was Saturday)
We then met with EA to go through them, and which one he advised was best for us
He didn't advise the highest as they hadn't got a mortgage arranged and couldn't prove they could actually come up with the money (the EA company did financial checks ie re money laundering rules) so he advised the next one as they were getting their mortgage through the broker they had arranged, so knew how much they had been offered and were first time buyers so no chain
It went through really quickly - no probs
Good luck 🌼

Original poster
Ineedahouse · 30/08/2018 07:30

Thank you all for your replies it does make me feel better that it wasn't always the highest bid that won! I am not sure how I'm going to last until Monday! 😁

Does a few hundred pound really make a difference? I could maybe stick 200 pound on but it needs a LOT of work doing to it so I need every penny for work - I dont have deep cash reserves as I'm a single mum paying full time nursery etc. 😏

Monday is so far away!!!! Arrghhh!! 😁

OP posts:
AnalyticalChick · 30/08/2018 07:52

Maybe take out an unsecured loan to increase to your offer?

Original poster
Ineedahouse · 30/08/2018 08:03

If i do that will it not impact on the mortgage offer eith existing debt? I have managed to clear all my credit cards etc so that i can get a mortgage and be otherwise debt free - especially as the houses in my budget tend to need work doing so I want to make monthly outgoings as low as possible. Confused

OP posts:
NellMangel · 30/08/2018 08:09

Was your offer far from the asking price? It sounds like the EA knows you're keen and a safe bet for the sale. So they'll not see any harm in open house.

I know it's nerve wracking. Hope you get it! X

Original poster
Ineedahouse · 30/08/2018 08:15

It was exactly the asking price! I am really hoping too. I have been looking for so long it will be a real downer if I dont get it. Especially as Ive already decorated and basically moved in, in my head! 😂

OP posts:
AnalyticalChick · 30/08/2018 08:17

It wouldn't work if it affected your mortgage offer. Maybe you could borrow some extra money from friends or family. You could probably get away without telling the mortgage people about that since it would be an informal loan. I don't know what someone should do if they are desperate to buy a particular place but cannot afford it by conventional means.

MinorRSole · 30/08/2018 09:52

I don't think borrowing more is the answer. Op is doing the right thing only offering what she can afford. You have to keep your head and not get caught up with the idea of it having to be a certain house. There will be others that meet your criteria so definitely don't over stretch yourself which you will no doubt come to regret.

AnalyticalChick · 30/08/2018 10:02

I thought life is all about getting what you want. If you want that house but fear you cannot afford it, you pull out all the stops, and move heaven and earth to get it, by hook or by crook. Life is all about having a 'can do' attitude, especially when it comes to property.

wowfudge · 30/08/2018 10:42

@AnalyticalChick that is one of the most ridiculous pieces of 'advice' I have read in a long time. What a crock.

And life is more about making compromises than pulling out all the stops to buy a house whatever the cost - a single parent would be foolish in the extreme to overstretch themselves financially.

wowfudge · 30/08/2018 10:45

Oh and suggesting that someone ... could probably get away without telling the mortgage people about that since it would be an informal loan. is advising someone to commit fraud as they would likely fail the affordability tests if they had another loan.

wowfudge · 30/08/2018 10:46

And what someone should do if they can't afford something is to find something they can afford instead.

AnalyticalChick · 30/08/2018 10:48

@wowfudge
Getting the property you have your heart set on is everything in life. Prevailing attitudes encourage people to be desperate to own their chosen house, and to make it their no. 1 goal in life. I think you are fighting against the spirit of the age.

wowfudge · 30/08/2018 10:52

Do you? I own (with a mortgage) a beautiful and truly unique home I love. And guess what? We can afford it without beggaring about borrowing money from all and sundry and overstretching ourselves financially.

Read your posts back to yourself: you sound crackers.

MinorRSole · 30/08/2018 10:56

Spirit of the age? My grandad used to call it 'living on the never never'.

Life isn't about having what you want, at least not for me - can't speak for everyone. I would feel very unfulfilled if the value of my life was measured by what I own regardless of whether that was a shed or a mansion!

AnalyticalChick · 30/08/2018 10:57

@wowfudge
Not everyone owns a house as nice as yours. Why should others who are desperate to own a house like yours be held back from their dream? Stretching yourself to your limits, and beyond, always pays off with property, since the government makes sure nobody ever loses money buying it.

wowfudge · 30/08/2018 11:05

Except it doesn't always - cut your coat according to your cloth.

I didn't just rock up one day and decide to buy the house I live in now. I've worked for over twenty years, saved money, been prudent, not run up huge debts and bought sensibly within my means. I've taken some risks along the way, but always fully informed and with a back up plan.

AnalyticalChick · 30/08/2018 11:10

@MinorRSole
I read again and again about people who have their hearts set on a particular house, and are desperate to buy it. That is just a fact of life in the UK circa 2018. I doubt they would want to shackle themselves to an expensive 25 year mortgage if they were only getting a shed (or hovel) for the trouble.

AnalyticalChick · 30/08/2018 11:14

@wowfudge
If cutting their cloth according to their coat would mean being mortgaged to the hilt to buy a shabby shoebox, I doubt people would be so desperate to get on the property ladder. They need a nice house to make it all worthwhile.