We just lost out on a house - heartbroken

[toastytop]

We had viewed the house a few times before deciding to put in an offer for the asking price. By this point another buyer was interested, made a higher offer over asking that we can’t match, vendor accepted their offer.

To say I’m heartbroken is an understatement! I probably got too emotionally invested too soon but it was perfect for us and could really see ourselves living in this house. We’re first time buyers so I didn’t realise how devastating this can be. The vendor promised to let us buy if it was to fall through.

So my question is: How often do purchases fall through? Should I just give up the idea of this house now? Is holding on to a little hope silly?

To add houses don’t often come up in my local area and we are staying here due to DC school.

We missed out on a house that DH was desperate to buy (me not so much). A few weeks later we found something even better (and cheaper!), so I very much go with the "things happen for a reason".

Similar happened to my DPs years ago. They got gazumped on a house a day before exchange of contracts.

5 years later they drove past the house and the whole back of the house had fallen off due to subsidence! Dodged a bullet on that one!

It's the biggest financial commitment you'll ever make. It seems crazy that we spend longer choosing a new outfit in a shop than we do a house.

Viewing it multiple times really shouldn't be an issue.

You didn't like it enough to even offer offer the asking price after 3 viewings. You only seem to see it as the perfect house when someone else offered on it. You need to be more confident in your decision if you plan to offer on another one. It doesn't sound like you want to buy in an area where houses sit on the market while you have endless viewings.

They put an asking price offer in!

"We had viewed the house a few times before deciding to put in an offer for the asking price. By this point another buyer was interested, made a higher offer over asking that we can’t match"

It would be far more useful to stay in the house overnight to see if you like it, if it's too loud, things you didn't anticipate, hidden advantages about sunrises/views etc. But obviously they don't let you do that.

I don't see what viewing it a second or third time will tell you that the first time didn't. Especially in this day and age when they put videos and 3D models online. In the past where there were about 3 badly taken photos printed on a sheet, and no one was carrying their own massive video camera around a house to record their viewing, yes absolutely it made sense to do multiple views.

You either like a house enough on the first viewing to make and offer or you don't. I imagine the seller thought you were a bit flaky having to accommodate multiple viewings

Lesson learned here. Buying houses is a cut throat ruthless business you have to move fast to secure what you want where you want it

I don't think three viewings is too many.

Mind you, our first buyer had four viewings and then pulled out just as the memorandum of sale was being drawn u, which felt like a waste of everyone's time.

Our current buyer has had two viewings. It's a lot of money to spend on something you perhaps spend less time looking at than a car purchase.

In an update she says she was still thinking about it.
I hadn’t put in an offer yet and the other party’s offer was higher...

What agreement?

OP waited too long having multiple viewings and didn't offer until after someone else did.

This house is our 5th house in almost 30 years. We viewed it twice but the second time we did tell the agent that it would be a 45 minute walkthrough and I would be measuring up at that point, we have a laser tape measure so that is faster and easier than a normal one. Plus I had a clipboard with a checklist on because I staged the fuck out of at least 2 houses including renting a storage unit to hide stuff so we didn't look like we were bursting at the seams which we were.

It is a massive investment of money and is not something you can just return if you change your mind. I think two viewings is normal but you need to work fast and make it a priority to get viewings done, talk and make an offer. We have made an offer as we walked out of the front door before now,

If you haven't already I would watch a lot of Location, Location, Location because you get to see what people are looking for and as a first time buyer it is a daunting task especially considering the cost of houses these days.

It might happen that you get that house or you might find something better and more suited to you. We missed out on a house by about 1 hour in getting an offer on ours and making an offer. But this house was the much better house in all aspects.

OP it sucks... I'm 2 YEARS into this and had 2 house fall through and just been gazumped by a developer for the 2nd time.

I'm over it at this point. However we need to move and can't stop so just keep trodding forward, its soul destroying at this point though.

The lesson you have learned is to move FAST although with gazumping that doesn't really help. Until the end of last year being fast was how to do it and I never encountered gazumping and had it TWICE now. Its like the EA are using fast offers to up bidding wars of developers though so it feels no win now.

It's dog eat dog in the housing market - I am afraid this is not unique - it happens all the time.

Put it down to experience so that you move forward with a bit more grasp of what to expect.

I just think that, looking back, the ones that got away were simply not meant to be and we found better things where we made happy memories. Chin up! There will be something out there for you.

I think people are getting bogged down in how many viewings the OP did. The vendor accepted an above asking price offer - that’s nothing to do with how serious he thought the OP was (or wasn’t). Sure, more than one viewing means it’s possible more potential buyers got to see it, but someone who loved it enough to offer over the asking price could have done that at any time. They could have been booked in just before or after the OP’s first viewing for all we know.

OP - I really wouldn’t spend too much time pondering whether this sale will fall through. Yes, it happens, but even though stats like “25% of sales fall through” may give you hope, it still means 75% go through as planned. And what if one of the sales that falls through is a different one in the chain? If the vendor’s vendor pulls out, the person who bought the house you like might find the chain collapses.

I would concentrate on looking at alternatives. You could be hanging around for weeks or months hoping an agreed sale might fall through, and that’s time you could be spending searching and working towards completion.

And where do you see the OP say this asking price offer was accepted?

3 viewings before offering? That’s too many and will put sellers off. 2 max.

Maybe the seller is playing a game here , pretend the sale has fallen through and hopefully the OP will match the price .

First offer we made full asking prince no chain - we got turned down in favour of someone they knew. Later found they got thoroughly messed around by their buyers and it finally sold for 10 k under asking prince.

Apparently we told later we'd also look at their mother's house and they'd assumed we offer on that - we had no interest.

As it turned out was a bless in disguise - despite checking with school and council turned out it was only one side of the road in the school catchment we were looking at. Next door turned out o be a mother we knew from nursery - they just got into the school we wanted from waiting list - chances are we wouldn't have.

The house we ended up buying - was just as close to school as that and though it turned into a money pit and neighbour was a complete pain - it was big and was a better buy and there was no issue with getting them into the school we wanted.

If the OP had made an offer sooner then the house wouldn’t have been available for the higher offer.

OP, you will find something else. This wasn’t the only house for you. But do NOT mess about viewing 3 times next time. That is absolutely not standard - it’s standard to view max 2 times before offering and maybe a 3rd time before exchange.

I never said it was??

I totally get this. I felt exactly the same about a house that I hadn't even viewed...but in my head I'd already moved into it lol I'm still convinced I'll snap it up the next time it comes on the market!

Best advice I can give is get everything in place so show that you're ready to move on the purchase...evidence deposit, mortgage agreed in principle, work with the sellers timeline as best you can. Get out and about in your preferred areas too - I found my current house on a drive past to see another house and saw the dude putting up the for sale sign! I went to the door and was very kindly allowed a look around...put an offer in same day and they r was accepted the next morning!

This is patently hogwash.

Biggest purchase of your life, I think it's fair enough to look again, when an 18 year old in a mini bullshitted at you for half an hour and then rushed you out the door.

Purchases do fall through quite often.

I fell in love with a house and we offered over asking price on it, we had to pull out due to an undisclosed problem with the property which was revealed by the survey - it affected the mortgage value and we couldn’t make up the difference.

Ultimately we found a property that I like much more AND we have the best neighbours in the whole world, and live in the nicest neighbourhood I can imagine (not swanky but sooooo friendly) - it’s just funny how these things work out.

I was definitely guilty of romanticising that property we saw initially. There are many houses, many chances to find something that suits you.

Mourn your loss and then get back on Righmove!

Then what was your point?

This! Although you missed off the shiny suit 😂

They were responding to a poster that said the OP hadn't offered after 3 viewings.