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Property/DIY

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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:

MinorRSole · 30/08/2018 11:20

@AnalyticalChick nobody is suggesting the op buys some wreck of a house - there is a huge difference between buying something nice within budget and excessive borrowing. It's all well and good buying your perfect house but not much use if you can't actually afford to live in it!

AnalyticalChick · 30/08/2018 11:27

@MinorRSole

The advice around buying property has always been to stretch yourself to your limits, and even a bit further if possible. The OP sounds like she will be devastated if she loses this house. All I am suggesting is that if she wants the property that badly, she should find some more money to increase her offer, and make more sure she gets it. She may get it for less, but if she wants peace of mind over the weekend and less chance of disappointment next week, she could look for unconventional ways to up her offer.

0hCrepe · 30/08/2018 11:33

A friend of mine wrote a letter to the vendor saying their position and that they’d match the highest offer. Another stated that they would not attempt to renegotiate the price after a survey. I think that is appealing to a vendor.
So you could state all your positive attributes!

0hCrepe · 30/08/2018 11:34

Also I’ve moved a few times and had my heart set on houses that I haven’t got. Another will come up, it’s the most intense time right now.

AnalyticalChick · 30/08/2018 11:41

@0hCrepe
It would put the buyer in an even better position if they went one step further than your friend and said to the vendor that they will beat the highest offer.

0hCrepe · 30/08/2018 11:46

Yes she might have done that actually but in one case the vendors contacted her and said what their highest offer had been and offered my friend the chance to top it but it was massively more than the asking price and she just couldn’t.

wowfudge · 30/08/2018 11:47

Why would you though? You're assuming a buyer is prepared to pay whatever it takes to buy the house. You only pay what it's worth to you and if you are over offer and the mortgage valuation comes in lower then you are stuck having to make up the shortfall or renegotiating the purchase price.

I can see we are not going to agree, but there's little point buying a palace if you can't afford to heat it, keep it in good repair, etc. You'll end up resenting that it cost so much and wishing you hadn't bothered.

AnalyticalChick · 30/08/2018 11:50

@0hCrepe
That's where borrowing the money from friends or family could help out. In a sellers' market, a buyer needs to be prepared to go as high as the seller wants, and to throw caution to the wind.

0hCrepe · 30/08/2018 11:56

It was WAY over like £50k and really expensive to start with. Just not possible

0hCrepe · 30/08/2018 11:57

And they got another beautiful place soon enough. Again through speaking directly with the vendor.

AnalyticalChick · 30/08/2018 12:08

If the OP only had to find a few hundred more over the highest bid, she would be likely to get the place of her dreams, and not have to wait any longer. It is the delay in getting the house of your dreams that is most unpleasant. Delayed gratification is nasty, and I don't think anyone should have to put up with it for just to avoid spending a little bit more.

MinorRSole · 30/08/2018 12:30

@AnalyticalChick not everyone gets joy from being reckless with money. I would never say to someone that I would beat their highest offer, may as well write them a blank cheque!

AnalyticalChick · 30/08/2018 12:39

@MinorRSole
If someone wants instant gratification, paying more might be the only way to achieve it. People generally have terrible difficulty dealing with delayed gratification these days, and the best way to avoid being devastated by it is probably to pay more. Whether someone pays a higher or lower price probably depends on their ability to tolerate delayed gratification.

IhatetheArchers · 30/08/2018 12:44

Chick, the key to being good at irony is not overdoing it. Hth.

Lilmisskittykat · 30/08/2018 12:46

This is crazy advice - what about quality of life.

Life is about experiences not mortgage debt... yeah you could live in a mansion if you could just about scrape the mortgage but there has to be a balance.. what about being able to afford, holidays, day trips, a few treats, a pair of shoes a bag, anything that gives you a smile... ?

grinding to pay a mortgage soon gets draining when you cannot afford to furnish it , repair it and heat it or do anything outside of it. That's no life

AnalyticalChick · 30/08/2018 12:48

@IhatetheArchers
I am being serious. I think all cycles need to run their natural course. Why do you think I am being ironic?

AnalyticalChick · 30/08/2018 12:55

@Lilmisskittykat
We are conditioned every day by the media and by those around us to prioritise buying property above all else.

Lilmisskittykat · 30/08/2018 12:58

@AnalyticalChick I'm looking to buy now - must have missed that memo 🤷‍♀️

MinorRSole · 30/08/2018 13:00

Well you certainly seem to have been chick!

Original poster

Ineedahouse · 30/08/2018 20:03

Thanks for all the replies! I definitely won't be borrowing from friends or family! I've only got my dad and he's trying to buy a new place too (and would never dream of asking him anyway) and none of my friends have a spare 50 never mind a spare few hundred/thousand quid to pop

Think I'm more with @Lilmisskittykat for wanting to go on holiday and pay for treats for my little girl without worrying too much. Life is too short to not enjoy the everyday pleasures.

I'm just going to have to wait it out and hope that the seller looks at my position favourably. Thanks for those who said thats what they did! Im also going to go to the open house and smile nicely at the estate agent (bribe her with a kitkat!??)

Interestingly there has just been a programme on how 8million in the uk are facing crippling debts. Im old enough to remember my parents paying 16% interest rates. The memory has stuck and I'm not sure I could ever throw everything in after witnessing that level of stress!!

OP posts:

fabulousathome · 03/09/2018 20:21

Any news?

beibermylove · 03/09/2018 22:15

How did it go?

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