Yet again I have been outbid!

[ZippyFish]

I started my search in Feb and almost three months and I have been outbid 3 times. This time I stretched to the last penny to know the other buyer is a cash buyer so my offer, though highest, was not good. Don’t understand why the EAs even have to let us bid if cash buyer is preferred. I am not sure how to get around with this and finally find a place.

Not everyone will choose a CB over a higher bid basically. There’s a lot of luck involved and you have to keep trying. Perhaps aim a bit lower on the market than your top price so you are a competitive bidder.

Are you offering well below asking price if you keep getting outbid? Do you have your mortgage in principle in place? If you are ready to go ring local agents and ask for them to bear you in mind for any new to market properties.

No I am offering asking price and did even go £10k over asking price. I am a FTB and have AIP in place. Have called all agents and they are aware I am still looking but no luck!

We were in a similar position a couple of years ago we were getting out bid for about 6 properties, for one we offered 20k over asking and still got out bid. We changed tactics and looked outside of our budget £20k over and checked on Zoopla to see how long they had been on the market then put in lower offers within our budget knowing the properties we were going for were project houses and needed work but is liveable and got a property within budget with the knowledge we need to save to do bits at a time but we have made it work with a 5yr old and got a nicer area than expected and potentially worth a lot more once works completed

I was outbid a dozen times as a cash buyer offering over asking... its just the housing market.

You are probably in a hot area, or looking for a style of house that ticks a lot of peoples boxes.

The market is quite strange at the moment, some places seem to be surging ahead, others slow and hardly moving.

I would consider looking somewhere else.

We have similar issues. We’ve lost out on 3 properties I think. Cash buyers here seem to have huge amounts of money and however many times an estate agent claims it’s not just about cash, that seems untrue since so many people go with the cash buyers!

A friend of mine lost out on a house costing £1.75m due to a cash buyer. Slightly blows my mind.

The market is unfortunately just like that in some areas- where I live, everything goes to best and final and routinely go for 10-15% over asking. It took us a few months of looking to realise and lower our budget on Rightmove accordingly!

Where were you looking? I am looking in SE London.

This is the way. As ftb you are unfortunately bidding against btl landlords and cash buyers. We kept being outbid for 2 bed terraces listed c. 150 but going for 170/180. So we looked at 3 bed semis listed 50k over. Those around 200k. Found ones which weren’t shifting and put in offers at 180.

I'm in a city in South Yorkshire.

Whereabouts in SE London and budget. Messaged you directly as I know of a property that is for sale in SE London where I don't think they have as hot a cash buyer market

I am focussing on Brockley to Sydenham and not looking to go further out at the moment.

We are also SE London. I think this area is just mega busy now.