Outbid on house again!!

[Evie34 10]

Hi all

 

Looking for some advice, we are a couple in our 30's, first time buyers looking to buy in the S6 area since Feb with no success!!!

 

First house in Walkley was on at 220, we bid and went to sealed with us and 3 other couples, we bid 230k and lost it which was fair enough!

 

Just lost another on today in Wadsley, on @ 240, initial bid we went in at 225, asked our position, first time buyers, no chain and had approval in principle etc, Ea said she would put in to vendor but we were highest offer at that point would speak to vendor but came back 25 mins later and said we had lost it, I asked why we weren't in a position to offer counter bid or do sealed bids and she said vendor wasn't interested.

 

I feel like we are banging our heads against a brick wall, we r in a good position with a budget of 250 and keep losing out.

 

Any advice greatly received.

 

Thanks

[mafya 243]

It may be a blessing in disguise, house prices are due to drop so I personally would hold on a bit......

[GerryBooth 10]

I was on my way to my solicitors to complete and got outbid!

 

Frustrating after you have employed a solicitor to do searches and paid for surveys.

 

Keep looking, but don't over bid. That could cause you problems.

[TimmyR 10]

I'd be very careful getting into bidding wars at this time - you could end up with a big drop in equity (housing crash is entirely possible - all the warning signs are there) and a much larger mortgage than you need. We need a drop in the housing market and soon. I'd certainly wait until next year. Its different if you're buying and selling, but just buying I'd be very careful.

[Fromthehills 10]

I was on my way to my solicitors to complete and got outbid!

 

Frustrating after you have employed a solicitor to do searches and paid for surveys.

 

Keep looking, but don't over bid. That could cause you problems.

 

You wouldn't have been on way to solicitors to complete them got outbid as you wouldn't have even exchanged if that was the case......

[Bilge 34]

This is the nonsense that everyone has to go through in Sheffield to buy a house. In my case after losing out 3 or 4 times in one area I got sick of it and bought a cheaper house in an area with less demand. But even for that one there was an imaginary other bidder upping the price. All you get from estate agents are lies and incompetence.

Edited August 9, 2016 by Bilge

[*Belle* 10]

My advice would be, to do your homework and bid what you think is a fair price. Don't look for a bargain, there aren't any. If someone wants to bid more than its worth, let them have it. The right one for you will come along.

[Evie34 10]

Thanks everyone, it's just so frustrating especially the one yesterday, not being given a chance to bid again. I am actually in a good position have sold a house in another country to finance this one but we really seem to be getting no-where at the min! The Ea that has dealt with both houses & I don't trust them, this is the second time they we have been screwed us over but unfortunately they market the majority of houses in the S6 area!!!

[Chez2 10]

I'd be very careful getting into bidding wars at this time - you could end up with a big drop in equity (housing crash is entirely possible - all the warning signs are there) and a much larger mortgage than you need. We need a drop in the housing market and soon. I'd certainly wait until next year. Its different if you're buying and selling, but just buying I'd be very careful.

 

It won't make any difference unless they want to sell the house again without buying another in the same country or if they want to downsize. If prices drop its a good time to move up. House prices go up and down, its a fact of life. Knowing what is good value and a good investment is the key to playing the market. A house has to be seen as an investment as well as a home. Do this and it will be fine.

 

I would suggest dropping the vendor a note through the door to advise them of your offer made via their estate agents. We have found that not all offers get put to the vendor properly. We were trying to buy a house over the road from our friends so it was easy for our friend to check if our offer had been put to the vendor.

[Danny_Boy 10]

It may be a blessing in disguise, house prices are due to drop so I personally would hold on a bit......

 

I disagree, yes the economy isn't exactly stable but we still have an ongoing supply issue, estate agents are literally running out of houses to sell. Basic economics suggest house prices won't be dropping at least not in the near future.

[Cyclone 10]

Thanks everyone, it's just so frustrating especially the one yesterday, not being given a chance to bid again. I am actually in a good position have sold a house in another country to finance this one but we really seem to be getting no-where at the min! The Ea that has dealt with both houses & I don't trust them, this is the second time they we have been screwed us over but unfortunately they market the majority of houses in the S6 area!!!

 

I'd suggest making sure you get the contact details of the actual vendors (ask them for email or phone when at a 2nd viewing perhaps).

Estate agents in Sheffield seem to be a law unto themselves, declaring when you can and can't make an offer (they are legally obliged to pass any offer onto the vendor, but I don't think they always do).

 

That way you can always make a higher offer direct to the vendor, even if the EA is telling you that you can't. And you can make sure that the vendor is aware of how quickly you can move due to the circumstances.

[spider1 11]

I disagree, yes the economy isn't exactly stable but we still have an ongoing supply issue, estate agents are literally running out of houses to sell. Basic economics suggest house prices won't be dropping at least not in the near future.

 

Yes got to agree supply and demand always determins price. Every one selling is waiting for them to go up and not down. Unless the gov sorts it out it will get worse. When you look at places like Australia house prices have doubled in the last 10 years but so have wages whats going on in this country