Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Should we bid higher? Bidding against ourselves basically!

29 replies

HouseBuyingNightmare · 09/02/2023 17:32

We have been trying to buy a house for a while. We have had 2 sales fall through due to being gazumped and one due to vendor withdrawing from the market. That’s the ones where we’ve been sale agreed, not counting the ones where we’ve been outbid. I’m tired and jaded by it all.

So enter another house. It went back on the market a month ago after the sale falling through. The vendors are sale agreed on a house and the chain has decided to wait for them.

The property was marketed at £255k. We are FTB and put a bid in of asking price. Two days later we get a call from the agent saying a cash buyer had gone 2k higher. We thought about it and the next day we put a bid in of 260k. They have now come back to us after a week and said we are the highest bidder, there are no other bidders but they don’t want to accept any lower than 270k. I am a bit pissed off, why didn’t they market it nearer the price they wanted? Do we put a higher offer in or just walk away?

OP posts:
Orangesare · 09/02/2023 17:34

Play hard, tell them your offer is on the table for another week and start looking elsewhere and booking viewings or at least one with the same estate agent.

Myneighboursnorlax · 09/02/2023 17:37

They’re trying their luck. They want a quick sale to not break the chain, and you’re first time buyers who have offered more than the asking price. They should be biting your hand off. Don’t cave unless you’d be heartbroken to lose it.

Happygone · 09/02/2023 17:42

Say that you've given your final offer. Then wait. They're trying it on

MollyMunster · 09/02/2023 17:45

Would you have made an offer of 270 if that had been the original asking price?

If not, wait.

mondaytosunday · 09/02/2023 17:47

Wait for sure.

Fleur405 · 09/02/2023 17:49

Well you’ve got to admire them for their boldness! Unless you desperately want this property I’d go back and say that you’re not going to £270 but you’re existing offer remains open for 7 days or whatever. They’re chancing their arm.

Petronus · 09/02/2023 17:49

Absolutely walk away. As a general rule, although I’m sure there are local variables, the market is only going down. They are actually up against it if they want to hold on to their purchase and as first time buyers you are very good option - I think really they need you more than you need their house.

Fleur405 · 09/02/2023 17:50

Your!

N4ish · 09/02/2023 17:53

Sounds like they’re just testing to see how high you’re willing to go. Personally I’d hold my nerve and say 260k is the final offer. You’re in a good position as chain free first time buyers.

dontputitthere · 09/02/2023 17:55

Pfff depends what it's like round your way and also how much this will rankle and piss you off throughout the process. In my experience they usually start how they mean to go on... so this could be the first of many piss takes.

I'd say your offer is on the table for a week or whatever. Then it reverts back to your original offer of the asking price.

Put the pressure back on them.

OnlyFoolsnMothers · 09/02/2023 17:56

“Thanks but no that’s our offer. Feel free to call me if they change their mind, I’m off work tomorrow viewing some properties so will be available to speak if anything changes”

LegodOut · 09/02/2023 18:05

I expect the conversation with the agent (after the cash buyers withdrew from the race) was:

Vendor: "Look how quickly those FTBs increased their bid, and by 3K, not just 1K. They must really like it! I reckon they would go even higher if we had another buyer interested"

Estate agent: "Well, we can't lie and say you do, but howabout I tell them you want no less than £270 and see if that sharpens their bid?"

Vendor "Okay!"

DO NOT CAPITULATE!!

Original poster
HouseBuyingNightmare · 09/02/2023 18:11

Yes thank you all, that’s how I feel but just wanted to check with sane people as this whole process has fried my brain! I said that was best and final today but they are still trying to get more. DH has said it feels like we are being shaken down.

As I said to the agent today, it’s a nice house we can see ourselves living there but there are other houses and we have viewed two that we are very interested in over the past week. I do not want to go higher! I don’t think it’s worth more and wouldn’t have even looked at it if it was on for 270k. That’s my answer then!

OP posts:
senua · 09/02/2023 18:15

We thought about it and the next day we put a bid in of 260k ... they don’t want to accept any lower than 270k.
Don't do anything yet.
You reacted quickly the first time but this time let them stew.

mathsgirl12 · 09/02/2023 18:23

Agree with others. Definitely wait.

Wonnle · 09/02/2023 18:27

I'd ask for proof of the other higher offer before upping any offer I'd already made .

If the sellers won't sell for less than 270 they should have made that the guide price on the listing .

TheNoonBell · 10/02/2023 07:56

Withdraw the offer and call their bluff, it is becoming a buyers market, they will probably come back to you in a week or two.

If they do call back drop the offer to 250.

Greenfairydust · 10/02/2023 09:19

In this market?

I would say call their bluff. Tell them this is your final offer and that you will start looking at other houses.

I personally would not even have made a higher offer in the first place.

I was gazumped in December and refused to offer more and it turned out for the best:

  • offered £265000 on a £280,00 2 bed semi that needed some work. Offer accepted then at the last minute got a call someone had offered more and I withdrew on principle because I had lost trust in agent/seller
  • a month later the semi next door comes on the market at £260,000 and another house on the same estate at £258,000 both would take offers of £250,000, both identical to the first one. Basically first house was vastly overpriced from the start and whoever outbid me basically overpaid by £10,000 or £15,000 and has already seen his house go down in value.

My point is in this market it doesn't make sense for many us to get into bidding wars. I certainly would never offer £270,000 on a house that was on the market for £255,000.

WhackerWay · 10/02/2023 09:27

Heck no, I'd be jogging not walking away. And tbh I wouldn't proceed in principle even if they withdrew the higher price demand. Who pays more for a house atm than advertised price? Prices are going down, not up and it's a buyers market. If you wouldn't have looked at it at 270 then you have your answer regardless of all the above.

Does the EA know you've been diddled around with other properties? I wonder if they think you're desperate and would be willing to bend to keep this going?

Also could be for heaps of reasons, but these sellers had a previous sale fall through. I wonder why that was.... if they'd been unlucky you'd think they'd snap up an offer 5k above asking price esp in the current market. Who's to say you get a bit further invested and they suddenly ask for another £5k? I'd be avoiding them with a 6ft barge pole.

Londongent · 10/02/2023 11:19

Glad you are holding your nerve. Sounds to me the agent is just trying to get the max out of you, it is all a game to them. I would go back to them and say £260k is the highest you will offer, and they need to accept today or your offer is withdrawn.

Original poster
HouseBuyingNightmare · 16/02/2023 22:30

Just thought I’d update on this. So I got back to EA at the end of last week and said we weren’t budging on price. EA started talking to me like a naughty schoolgirl saying “now come on HouseBuying you know they really need that extra money, how can you do this”. I was so pissed off but kept my cool and told her that they should have priced it better. I told her that the offer was on the table until Monday morning and bid her goodbye. Not heard back and it will be a week tomorrow. The house is now advertised as a “featured listing” on the local property pages. I find this hilarious as I know this doesn’t come cheap!

This week we have booked a new build! We’ve been going back and forth on it for a while and I know they can come with their own issues but I’m just happy to be out of this absolute nightmare. So looking forward to having a blank canvas and being able to make my own choices when it comes to kitchens and bathrooms.

OP posts:
Londongent · 16/02/2023 23:02

That's a good update. It's too easy to get swept up in house buying and overpay. The vendors are clearly unrealistic, and the house isn't worth what they want for it.
You were the highest bidders at 260k. You have done the right thing. I doubt the vendors would even get that now. Good luck with your viewing.

C4tastrophe · 17/02/2023 07:13

Is it still on at 255? Or OIEO 255? Or now they increased the price?

Petronus · 17/02/2023 07:19

Nice one. They sound like the kind of game players who would have made the whole process very stressful for you anyway.

pilates · 17/02/2023 07:28

Good for you sticking to your guns. Don’t be surprised if you get a call from the agents in a couple of weeks asking if you’re still interested in the property.

Swipe left for the next trending thread