Offered on a house in this market.. why have we not heard back?

[Love2019]

My partner and I have been searching for a house in this challenging market for the past 7 months. We have nothing to sell and I live in my house that I will be renting out at the end of March. We have 50k deposit and a combined income of over £4500 per month. We have mortgage in principle and solicitors in place (which I have made clear). We are looking at houses around 300k mark. We are consistently being gazumped. They all go to best and final. We offered on a house on Saturday morning that we had viewed on Friday. We offered15k over the OIEO price. It isn't worth 300k from my investigations, probably around 285 max but we liked it and its in the perfect area and we plan to stay long term. There have been two more offers apparently. There were around 10 viewings on one day and I was told that was the only day of viewings.

They have not found anywhere yet, they have to sell before they can look.

Anyway, still no update. I called the EA this morning and they said they would get back to me this afternoon. Its now 4pm and nothing.

My question is, should I chase? Should we just accept that this isn't going anywhere? Does anyone know what the hold up might be? Is this acceptable? What should our next move be?

J x

In my experience of making offers, it does seem typical that vendors do take their time over considering offers, even if it's the only offer on the table. It's quite possible that they haven't got back to the EA yet.

I feel for you, it's agony waiting. If it does turn out to not be accepted, please do bear in mind that there will be another suitable house for you. There always is. Every time I've been thwarted on a house, it's stung but I have then come across another that actually works just as well (which doesn't make being gazumped feel any better, that's so annoying).

If I hadn't heard from the estate agent by lunchtime tomorrow, I'd give them a quick ring and ask if they've heard anything.

OP it sounds to me if they’ve already got two other offers and have had at least ten viewings then they are expecting things to continue to develop. For instance they may have gone back to another bidder and said “we’ve got a bid of £15k over asking on the table from buyers who are chain free; do you want to up your offer?” Sorry that is not what you want to hear!

@Daisydoesnt

OP it sounds to me if they’ve already got two other offers and have had at least ten viewings then they are expecting things to continue to develop. For instance they may have gone back to another bidder and said “we’ve got a bid of £15k over asking on the table from buyers who are chain free; do you want to up your offer?” Sorry that is not what you want to hear!

Thanks for the insight. This did concern me. However they did say that it was best and final offers when they approached me on Saturday morning so is that likely?

Yes it is likely. Sorry. We’ve had recent experience of best and final, and then the EA came back to us and said we’ve had an offer x higher than yours, but the vendor has said if you can match it the house is yours. So it wasn’t really best and final at all. Wishing you good luck x

@Daisydoesnt

Yes it is likely. Sorry. We’ve had recent experience of best and final, and then the EA came back to us and said we’ve had an offer x higher than yours, but the vendor has said if you can match it the house is yours. So it wasn’t really best and final at all. Wishing you good luck x

Thanks. Just out of interest, did you go higher?

I’m in Scotland where best-and-final is fairly commonplace, and offers over is the norm.

Whatever you offer you’ll be convinced you overpaid (if you got it), or kick yourself for not offering more (if you don’t get it).

The o/o at a closing hugely fuels a rising market as people get desperate and knowingly bid more than the valuation, house buying is a completely irrational market.

Can you find out what previous houses you offered on or viewed actually went for? IMO that helps with the next offer you make. If you find yourself thinking “everything” is going for silly amounts, then at least you know your budget isn’t enough, if you’re missing out by a whisker then you know the right thing is obtainable.

Thanks. Just out of interest, did you go higher?

@Love2019 yes we did, and our offer was accepted.

To be honest 15k over asking in that budget doesn’t seem like a lot to me.
Round here they typically go for 15- 20% over asking.

You say the house isn’t worth more, but if people are offering it, Then it is.

Are you sure you’re offering enough? Are you sure you’re expectations are right?
Can you find out what people have bought houses for in that area in the last 3-4 months. That may help.
Overall though it’s just a slow annoying process!! You have to just stick with it.