Buying houses should be like ebay

[Sunwillcomeout]

Who’s with me? In situations where there are multiple offers, we should be able to put in a maximum offer, but only pay as much as is needed to outbid the next highest. Seller sets the increments and reserve price. I can’t think why we don’t do this! Thoughts?

I take it you’re referring to best and final bids?

It’s because estate agents run the process and they want to get the highest offer for their customer (the seller)

only pay as much as is needed to outbid the next highest.
I can see the benefit for the buyer. Not so much for the seller.
Besides, the decision isn't always made purely in ££££ terms - you have to think about timescales etc.

@senua

only pay as much as is needed to outbid the next highest. I can see the benefit for the buyer. Not so much for the seller. Besides, the decision isn't always made purely in ££££ terms - you have to think about timescales etc.

Fair point! Can you tell I am a first time buyer with nothing to sell?!

@Sunwillcomeout 🤣 I like your way of thinking OP!! We’re just about to put our first home on the market and I’m getting nervous about everything that’s to come given the current climate 😬
On the off chance you’re looking for a family home in the west coast of Scotland, let me know 😉😁

No, but the process is the absolute pits in England. In Scotland the seller gets a survey then once an offer is accepted, you're committed. The delay between acceptance and completion in England leaves all kinds of wriggle room for haggling and gazumping.

Speaking as a FTB I've been guzumped twice , I'm taking it as I haven't got the house till the keys are in my hand!!!

The system needs an overhaul !!!

As others have said the property price is not the only factor at play here. I viewed a property on Friday and initially was told I could not view (despite how much I may have offered). They were only letting people view who had cash (or small mortgage in principal) and proceedable (nothing to sell). I did get an viewing at offered but I think at this point the extra £1k over or something is not going to sway any decision making any better than the position the buyer is in.

Sounds like you could get ripped off more often.

Isn't this essentially an auction anyway?

The entire English system needs an overhaul, the process needs adjustment so that one party isn't risking thousands on the whim of the other.