Just need to rant!

[Whycantibeapuppy]

My partner and I have been looking for several years for a house after an inheritance. It wasn’t much but enough for a cheap do upper/wreck which is what we want anyway so it works for us. Can’t get a mortgage due to my terrible credit history from a breakdown a while ago. We found and fell in love with this gorgeous wreck of a house and made an offer of the asking price (it’s worth it) after our offer the estate agent got an offer from someone who hasn’t seen it, slightly higher than ours and they are viewing on Saturday.

I’m so so scared it’s going to get into a bidding war and they will almost certainly have more money available ((we’ve given ourselves a 14k buffer to do work, bid higher and live on until we find work as it’s a different area) but I just have this feeling they are going to be able to keep offering higher.

It’s breaking my heart!! Since last Friday when I made the offer my mental health has been in turmoil and my partner is ten times worse!!

Has anyone been in this situation and still got the house? It just seems so impossible!!

If it doesn’t work out, there will be other houses. Circumstances have changed for so many people of late so I think there will be more houses being put on the market so don’t worry.
We accepted an offer from a couple of first time buyers who offered full asking price despite the estate agents pushing for more viewings and slightly higher offers. You might find your sellers choose someone in the best position to proceed rather than higher offers but in a chain,etc.

14 grand isn't going to go far to sort out a 'wreck' no matter how gorgeous it is.
I'm speaking from experience - do you want to spend all your time, effort and cash for the next decade on a house?
Reframe it to yourself. You could well be having a lucky escape.

Look at it as if you’re meant to get that house you will, if you don’t get it the right house will come along.
It’s not the most logical way of buying houses but it leads to acceptance when you don’t get the one you wanted!

Faceofaspink this is part of the appeal for us, the house we buy is hopefully going to be the house we die in! The 14k won’t have to last forever as I plan on working, it’s just initially so we can get settled. My partner is a tradesman and half my family are so we’d be our own contractors (we’ve got all the basics covered between us 😂)

I know I’m being silly, what will happen will happen! It’s just so depressing

I understand but it's not sensible to fall so hard for a house! Basically any house can be made lovely with hard work and cash. Be firm with yourself and don't keep upping your bid. As pp say, there will be other hiatuses, honest

Sooverthemill that’s the hard bit isn’t it 😂 trying to not let yourself fall for it! We’ve decided our absolute maximum and we won’t go a penny above it so I think highly unlikely we’ll get it but can only hope!

Have you actually seen a mortgage broker though rather than assuming you won't qualify for a mortgage? You may be pleasantly surprised.

Seasonfinale yes and unfortunately there is a tiny tiny chance I’d get approved, they are not optimistic

Just an update....it looks like it will be best and final offers! Something a bit weird about it though as the EA told us it was us and one other buyer interested with them not doing any more viewings and taking it off the market. Other buyer offered a couple of k above me, I spoke to someone different at the agency yesterday and they said the bidding was now higher! It’s not my bid and it seems strange for the other to increase their own bid doesn’t it? Or is there now a third buyer? I’ve asked the EA twice and they skirt the question completely, on email aswell. I think this is going to be a walk away situation

I think they are lying and are just trying to get you to put your offer up.

We had this, had the offer accepted at 11am at 4pm got a phone call to say someone else was viewing the next day.
The other buyers put in a slightly higher offer but our deposit was bigger and we had a buyer for ours so the agent encouraged them to go with us as she felt it would be worth them losing the 2k Extra They were offered To be sure if a deal with us

just explain your a cash buyer and that is your final offer and your viewing more houses in the coming weeks

Be prepared to walk on it

@Lightofthephoenix I agree, I’ve left my offer still standing but I’m not going higher. Such an immoral way for them to behave!

@Whycantibeapuppy

As PP said remind them that you are a cash buyer. You can also offer to make a quick purchase including exchange and complete on the same day (you would need to pay to solicitor extra £100-150 for priority).

Good luck!

@LaughingDonkey I’ve done all the suggested (lots of research done) I’m a first time buyer and this is the first time I’ve got this far so it’s all new to me! ‘Apparently’ the other buyer is also cash and first time buyer

@Whycantibeapuppy

the other buyer is also cash and first time buyer

:( it does sound odd coincidence, but I don't think EA would lie because he is risking that you will not up your offer and walk away (if it is few thousand difference in price, in their commission it will be reflected as £10-£20 difference, hardly worth losing a sale).

In this situation I would not offer more and look for alternative houses. If is not one and only house you really want :) You will be disappointed for a while, but also there is a possibility that your dream house is just around the corner!

@LaughingDonkey I found it a bit of a strange coincidence too. It’s a low priced house (£80,000) as needs total refurb and is middle of nowhere so it’s only going to be thousands in difference But we are already offering over asking, I’m definitely not offering more. I’ve already gone a little over what I think it’s worth. The search continues!

@Whycantibeapuppy

Could you ask your friends to view the house and while viewing say that they are looking for the house and it would be purchased with mortgage. Then casually ask EA if there are any offers already. There might be a chance EA will slip up and say it is just one offer?

@LaughingDonkey unfortunately it’s not a local property, it’s just over 4 hours drive away! I might get someone to ring and just try and book a viewing though!

Update...in the end there were 4 bidders, 3 cash and 1 chain. The vendor discounted 2 of them so it’s me and one other. It’s been back and forth bidding £500 and I’ve finally decided (a little over my original planned Max) that enough is enough after getting bid up by £500 again. Leaving my offer standing but walking away!

@Whycantibeapuppy

Thank you for the update! :)

I'm sure you will find another house within your budget! It does take some time to find the right house. Keep calm and carry on :)

Good luck!

@LaughingDonkey thank you, and thank you for all the advice! It’s such a stressful situation!