misslgiggles Posted September 24, 2006 Share Posted September 24, 2006 I'm a first time buyer and I've been putting offers in left right and centre but cannot secure anything because of these bidding wars! There's also the problem of 'best and final offers'. Why is it so hard to just buy a decent house nowadays and is anyone in the same shoes as me. Was it like this 5 years ago!? Link to comment Share on other sites More sharing options...
babychickens Posted September 24, 2006 Share Posted September 24, 2006 yes, it was like this, certainly 4 years ago when the housing market in sheffield suddenly started shooting upwards. we eventually managed to buy a really gungy horrible house, which is now lovely (and for sale) after spending an awful lot of money on it. i lost count of how many houses we put offers on (sealed bids). we swore we wouldn't ever sell a house that way. naturally when it came to selling up, we thought about sealed bids but we decided against (had to fight the agent over it a little bit) and will be closing on thursday using open bids (basically a slow telephone auction). if only everyone did this... Link to comment Share on other sites More sharing options...
Shiesh Posted September 24, 2006 Share Posted September 24, 2006 It was like this back in 1997 when we bought our house - Blundells seemed to be the culprits and were going back and forth ringing us to tell us other interested parties had increased their offers and would we do the same etc etc I refused - told them this is our offer, this is our situation (no chain, quick completion etc etc) and could they please let the vendor decide! Luckily for us is paid off in the end and a sensible couple chose to sell to us even though we were not the highest bidders because they felt our situation was more secure to complete the sale smoothly ! I hope this eventually happens to you ! Link to comment Share on other sites More sharing options...
vision Posted September 25, 2006 Share Posted September 25, 2006 You can't blame Blundells for this one. When we first looked for a house in 1972 we had to join bidding wars then! I have never known it any other way in Sheffield. Link to comment Share on other sites More sharing options...
Laura2005 Posted September 25, 2006 Share Posted September 25, 2006 we are first time buyers and im dreading all this as we have just started hunting, and have put a bid in this week. especially since i dont know much about what sealed bids etc are. Link to comment Share on other sites More sharing options...
Strix Posted September 25, 2006 Share Posted September 25, 2006 if you don't like all the anticipation, waiting and disappointment, get in touch with an agent who does auctions. The ones we've spoken to were VERY helpful, and talked us through the auction process in words of one syllable... and when the hammer goes down, it's yours Link to comment Share on other sites More sharing options...
JoeP Posted September 25, 2006 Share Posted September 25, 2006 When we bought in the mid-1980s it was bid based then as well. The rest of the country seems to have caught up with Sheffield on this one, worse luck. We were very lucky - the seller's kids had the measles and wanted a quick sale. Link to comment Share on other sites More sharing options...
Tony Posted September 25, 2006 Share Posted September 25, 2006 Perhaps I'm missing the point, but why are people complainiang about 'bidding wars'. Surely if more than 1 person wants a house the interested parties will keep increasing their bid until only one party is left. It's nobodies 'fault', and there is no other way that it could possibly happen. The idea of a 'war' only exists in buyers heads when they don't understand the process. Link to comment Share on other sites More sharing options...
JoeP Posted September 25, 2006 Share Posted September 25, 2006 Tony, 20 odd years ago a common practice seemed to be that people put in a bid that met the requirement, and the seller accepted the first one in. That certainly was the case in other areas before I came to Sheffield. Link to comment Share on other sites More sharing options...
Tony Posted September 25, 2006 Share Posted September 25, 2006 It's not been the case in Sheffield for as long as anyone else can remember because the current system was introduced by Henry Spencer's many years ago. It's an anomaly, but it's the Sheffield way, and when you think about it it's easier than a 'bids under' system... which inevitably ends up as 'bids over' with popular properties anyway. Sellers have never, anywhere, just accepted the first bid that came along as a matter of course. There are lots of factors to weigh up, and price is just one of them. What vendor in their right mind would ignore a subsequant higher offer? Agents may talk the market up (hey, that's what they are paid for), but it's purchasers that put the offers in. Link to comment Share on other sites More sharing options...
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