Struggling with the Scottish offers over system, missed out on a few closing dates

[HettyMeg]

We have missed out on three houses at closing date in the past couple of months (we're in Scotland). It's so frustrating. We have offered 12-15% over on each of them, and we were 2nd for one.

I asked agents to be notified of new properties before they are listed but so far they haven't - they just appear on Rightmove.

I am sick of getting excited about somewhere and researching nurseries etc for it to fall through a few days later.

Are we missing a trick?

Anyone else been through the same or going through it right now? The offers over system is brutal.

On the brink of just giving up for the moment as it's all too stressful.

Are you offering that % over asking price or Home report value

Over home report. And some of the home report values seem very inflated.

Don’t give up, the system’s not going to change so if you do want to buy you’re as well just keeping at it. Every unsuccessful one is more information on what you can expect from the local market and how you need to respond next time. It’s demoralising if you’re offering right at the top of your budget and don’t have room to go further though - have you set your sights accordingly as to what you’re offering on?

You are bidding at “peak season”. You might find that after August there are fewer people going for same houses. There used to be a very set seasonality in the property market but over the last 15 yrs this has become less so. However, the market definitely cools for the second half of the year and final quarter.

Are you noting your interest? If you do this, you'll be notified of the closing date & time, and be able to get your offer in on time. Or, are you getting your offer in on time but not offering enough to secure the sale?

You just have to keep going. I eventually got one where I was third, after the winners fell through and the 2nd passed.

Are you looking at ESPC - a lot of properties for up there for 72 hours before they go to right move, our agent advised that is where majority of traffic comes from.in Scotland so you may be a few days behind everyone else if you're not checking there.

Are you chain free or still have to sell? If chain free, you could approach solicitor and ask to put bid in before it goes to closing. Sometimes they accept sometimes not, it will depend how many notes of interest and how good your situation is. We previously bought that way to avoid sealed bids, even when we had a chain -i think I'm things are a bit more tricky now but might be worth a try if you can get in before any notes of interest - or look at something that's been stuck for a while instead. Even if they say no it's useful info that they are expecting higher than that amount.

I think at the end of the day you just have to set a limit you're comfortable with financially, and not go above it. And what will be, will be. I know it's not helpful! But you will find something eventually. Good luck!!!!

We went through soooo many it’s honestly horrific. Such a stressful thing to go through and you get your hopes up ever time. Ended up buying a bit of a compromise house that we didn’t have to fight for.

Remember EAs are for the seller not the buyer - they have no incentive to tell you about properties early.

Thanks, trying to see the missed opportunities as a chance for data - I think we're in the right ballpark but wouldn't find out what they actually sold for, until further down line.

You might get a bit of a leg up with the EAs if you invite a few of them to your own house for a valuation before you bid. I sold in October and our EA always spoke favourably of viewers who had had them out already for valuations. They were labelled as ‘motivated’ and ‘proactive’. From a seller’s point of view if the buyer has already had a valuation then they are more likely to be on the market sooner.

We haven't seen many places come up in the area we want - a couple in November, nothing Dec/Jan, and a few since early Feb. I'm hoping for more to come up Easter onwards.

Not offering enough.

It’s crazy to me that a house can be ‘worth’ X amount on paper but to buy it you have to be willing to pay 20/25% over that!

Thank you, will have a look at ESPC site. We need to sell. It is definitely possible to avoid closing date if you're quick as one we looked at did just sell to the first offer they received as the seller wanted to move ASAP - but my heart sinks when I hear things are going to closing.

Supply and demand isn't it. Doesn't happen everywhere in Scotland or for every property.

Like gazzumping in England without the nastiness of gazzumping.

Honestly this is a big part of why I went for a new build when I last moved, I find the offers over system so tricky to navigate.

Could you speak to your solicitor and see if they could add something to the offer letter that says you are open to negotiating? Is that a thing!?

Have you sold your existing property or are you FTB - I would make this clear too.

It is awful isn't it, a couple of the ones we've bid on would involve changing nursery, so I feel like each closing date involves research, planning etc - so much mental energy required as well as all the mortgage calculations, etc. I need a holiday!!

Yes, it's crazy, and you don't get a mortgage on that bit obviously.

If you’re bidding in Glasgow though this doesn’t really matter — we’ve been bidding since October and missing out every time. 🙃

In my experience the properties that sell without going to closing sell for insane prices — 20-30% over home report. But this is Glasgow, not the Highlands or Argyll etc.

My recent tale of woe — bid on a big flat we loved after making three verbal offers the seller didn’t accept. Finally they set a closing date and we put in our best offer; we hadn’t sold our house yet so weren’t sure what it would sell for and estimated a conservative sale price. Turns out we were outbid by less than 5k, which we could have offered had we sold!! Honestly devastating, I’m so drained by this whole process.

Actually @nonmerci99 I was talking about Glasgow. I'm sorry you are having such a torrid time. One of my DCs missed out on five properties elsewhere so I am aware of how dispiriting and distressing it becomes.

Fair enough — we started looking last autumn hoping it would be easier, but perhaps as we are looking for a large tenement (always in demand) the time of year just doesn’t matter. It’s so stressful! I do see why people buy new builds.

Oh that's so annoying - you'd almost rather it was a huge gap. It is really draining. I have been tempted just to give up but we want & need more space. We also need to sell our house first, wondering if it's putting off sellers, but also don't want to sell before buying, with young family involved.

We have three little kids but have sold to someone happy to wait until August to move. A leap of faith, but I’m just praying we can find something in the coming months and that the sale doesn’t fall through.