Offer rant

[aquamarine1]

I am in Scotland so this is slightly different to the rest of the UK as far as I'm aware? A house came on the market a fortnight ago in a popular area. I saw it last week and submitted an offer yesterday due to lack of other options.

When my solicitor contacted he selling agent yesterday they were told I was the first interested party. Solicitor said I had a 'clear run' so I offered home report plus 5k. They've declined today on the basis of 'lots of other interest'. So yesterday no interest but today loads. I am so fed up with this ridiculous market and agents desperately trying anything to get a closing date.

I've formally withdrawn my offer so no point worrying about it but really starting to lose the will to keep going - although I definitely have to as I've sold! Any positive stories to keep me going?

No positive stories but wanted to say I share your pain. I think you might have been on my other thread where we had our offer accepted (£5k) over Home Report, and then were told the next day that the seller had had a better offer put to them that was significantly more.

Fed up of seeing houses saying offers over £159k that have Home Report values that are much higher ie. £180k and then the offers going in are 5%, 10% on top of that. It's a nightmare for first time buyers like us who have just about got a deposit together and a bit to cover all the associated costs of buying a house but nothing else. Can only get a mortgage to the Home Report value.

I'm also getting sick of some estate agents who market three bed properties as 4 bed properties with the poky dining rooms next to the kitchen acting as the 4th 'bedroom'.

It's crazy out there!

Yes! Any luck with others?

It's very tough, we offered 45k over the 'offers over' of 235. I can't believe they declined that with no other interest. It needs completely gutted aswell.

Fingers crossed for the next few weeks.

Did your solicitor ask if there was a figure that they would take it off the market for
The offers over price means nothing,it's the Home report value that matters and in popular areas you are looking at a good %
over that

No they didn't, all they said was that I had 'a clear run'. It is a popular area but overpriced, hence no notes of interest in a fortnight.
To decline 5% over home report without even owning up negotiation is a bit much I reckon!

Still on the hunt. There's 3 houses on the road where we are currently renting that are all out of our price bracket. One is on at £235 with a home report of £270, another at £239 with a home report of £260 and another (that is more or less identical to the one that's one at £239 but with a different expensive 'high end' Estate Agent ) that's on at £260 with a home report of £290. It's utterly ridiculous. So far they are still on the market. The sellers are obviously holding out for that extra 10% on the Home Report (at least!)

It's a hugely popular area but I think the properties are really overpriced. We're having to look further afield and at houses that need a lot of work. Trouble is if they go over their Home Report value we haven't the money to do the work that they require to be pleasantly habitable. We'll end up somewhere I'm sure but am feeling very uneasy at buying at such a time - seems like we are going to have buy something overpriced and I worry that their value won't hold.

Ok I meant did your solicitor not ask if there was a figure that would be acceptable

I know what you mean @homereportwoes and feel the same. You just need to buy with a view to staying for a long time. Fingers crossed for you.

@user1487194234 no they didn't, that's v rare in Scotland where everything pushes to sealed bids. An agent would do their very best to dissuade any offer and hope more interest pushes the price up.

That is not my experience
Have secured many properties for clients by doing that,including 1 today!
Anyway all the best

@user1487194234 in Scotland? The 5 solicitors I had quote for my onward purchase all said estate agents won't disclose a figure to take it off the market if they think they can close it. Are you in Glasgow? I'd happily employ you if so!

That’s really interesting
I might get into trouble for poaching a client so best not
But I do disagree
In this week alone I know of 2 properties in a very popular area which sold without a Clyde,1 had at least 5 notes of interest but someone who had already sold came in with a very good offer which was accepted
And the second where the seller had already bought and was very nervous and accepted the 1st offer
If there is nobody else who has noted interest I would always offer a bit less than my client ‘s top line ,and if offer rejected ask if there is a figure for which the seller will take the house off the market
Doesn’t always work,but surely worth asking
Not really sure if agents really care too much about setting a closing date,a slightly higher price doesn’t make too much extra commission
Are you using a solicitor that is in the local area

And yes in Scotland

Clyde 1 ?
Closing date x

That's really helpful thanks. I'm going to have a chat with my solicitor tomorrow to understand what they're doing to out my offers across in the best light. We're sold so in a good position.

Just a quick update - same thing happened to us again! We offered 5k over in a not so popular area. This was rejected as the vendor wanted to see if any other viewings or offers would come. We were the only viewers and therefore only people that offered. My solicitor just called to say she'd keep her eye on it, I told her not to bother. Completely fed up now.
Staring to think o shouldn't have bothered selling at all as can't get anywhere to go to.

If the person in the less popular place just put their house on, it's understandable that they might want to test the waters - they probably need as much as they can get to move - if the house is worth it to you, I would leave the offer on the table for a week, it'll do no harm and if you find something else in the meantime, you can withdraw.

When I bought my first house, I offered the same amount as someone had offered the previous week but the seller, at the time, wanted to see what the market was like and then got fed up with viewings/lack of offers so accepted ours.

Good luck and try not to lose heart, it's a horrible system but having a place to call your own is worth it in the end!

@ContadoraExplorer thank you, that makes me feel a bit better.
I've withdrawn offer and interest in a bit of a strip so will move in and try to be more patient next time.
We've just sold a beautiful house that is ever so slightly too small but all this has made me want to pull out and stay ( I won't as would hate for anyone to do that to me).

That's insane. I get people want their money's worth but that's what the Home report is for I'm sorry, that really sucks.

I hate how underhand the whole process is. We've just bought a new build and I said from the offset we could only afford it with the full value of our house (meant to be doing a part ex but that's a whole other story!), we're in a popular area on a popular street, went on the market and sold for the Home report value within 24 hours. Could have left it on or delayed and I have no doubt gotten more, our buyers had a lot extra to play with and Ive had multiple calls asking to do more showings but I'm not a dick so had an honest conversation with my lovely buyers and will be leaving the house sparkling with wine, a card and a treat for their dog and genuinely hope they love our house as much as we have.

^^My point was there are decent sellers out there so hang in there

Thanks @themadhatterswench that's heartening! Hoping for better things this week.

Sorry to hear your recent offer wasn't accepted aquamarine Did you offer £5k over the Home Report? It's so disheartening isn't it. As I said on the other thread where you mentioned Loanfoot we've just had an offer accepted on a property where we offered £6k over the Home Report and were the first people to view. I am very nervous that the conveyancer might pick up on some problems though and am trying to tamp down the excitement.

It's such a rollercoaster!

Congrats @homereportwoes ! Hope it all goes smoothly. Yes 5k over. Will see what this week brings.