Discussion
rustyuk said:
We also had to compete against a mystery bidder offering 10k more than the asking price.
House had been for sale 7 years and 5 minutes after our offer the mystery bidder made their move. Yeah right!
The 'sale' fell through and we ended up buying the place a few weeks later.
The difference in commission to the estate agents would be around £100-£150. I just do not believe they would make up another buyer and risk losing the legit offer, just for that. Especially on a house that had been on the market for a long time.House had been for sale 7 years and 5 minutes after our offer the mystery bidder made their move. Yeah right!
The 'sale' fell through and we ended up buying the place a few weeks later.
Dromedary66 said:
rustyuk said:
We also had to compete against a mystery bidder offering 10k more than the asking price.
House had been for sale 7 years and 5 minutes after our offer the mystery bidder made their move. Yeah right!
The 'sale' fell through and we ended up buying the place a few weeks later.
The difference in commission to the estate agents would be around £100-£150. I just do not believe they would make up another buyer and risk losing the legit offer, just for that. Especially on a house that had been on the market for a long time.House had been for sale 7 years and 5 minutes after our offer the mystery bidder made their move. Yeah right!
The 'sale' fell through and we ended up buying the place a few weeks later.
Where I live, sellers have had a few issues with developers. Mainly along the lines of bidding at/above asking for cash and thus winning the process, and then at the last minute lowering their bid. We "lost" three houses this way - with the EA calling us up to ask if we still wanted to bid. In all cases we had to say no, as we had moved on and were buying our last house. The problem has apparently become worse as they scent blood in the water.
With this one, we didn't have to move as we were already in a very comfortable, freshly renovated house, so when developers bid on our current place at asking, I didn't panic, but bidded a bit over asking as my final bid, and stated that the bid was subject to our selling our house, for cash, with the same EA that was dealing with our purchase.
I also wrote a letter to the owner, explaining why we wanted the house. He was the estate executor, but also the deceased seller's brother.
Much later, after exchange, I met him and he stated that what clinched it was the fact that we went over, but also the fact that we wanted it as a family house, and that he got "a bad smell" from the way the developers were bidding.
You, unfortunately, are dealing with a school, so such emotions won't come into the situation. I'd put your best bid in. If you lose to the developer, you will not have paid beyond what you really wanted to pay, and can chalk it down to experience. If you win, you'll be happy. If you lose but the developer flakes out/tries it on, you can come back to the process - and of course bid lower than your previous bid.
Also, bid high, win, second thoughts? Just pull out. They have a buyer at asking. Sort of nothing to lose here. But "holding bids" with reserve may see you lose here - pay what you are willing to pay, if this is your future forever home, and not an investment.
And be able to pay cash, if you can. That will make a big difference, I think. This may not be easy if you have to sell your family home.
If you are selling your place, go with the same EA selling the school building. They will do everything they can to get that double commission. Worked very well for us with Hamptons - I think this had a lot to do with us getting our house.
With this one, we didn't have to move as we were already in a very comfortable, freshly renovated house, so when developers bid on our current place at asking, I didn't panic, but bidded a bit over asking as my final bid, and stated that the bid was subject to our selling our house, for cash, with the same EA that was dealing with our purchase.
I also wrote a letter to the owner, explaining why we wanted the house. He was the estate executor, but also the deceased seller's brother.
Much later, after exchange, I met him and he stated that what clinched it was the fact that we went over, but also the fact that we wanted it as a family house, and that he got "a bad smell" from the way the developers were bidding.
You, unfortunately, are dealing with a school, so such emotions won't come into the situation. I'd put your best bid in. If you lose to the developer, you will not have paid beyond what you really wanted to pay, and can chalk it down to experience. If you win, you'll be happy. If you lose but the developer flakes out/tries it on, you can come back to the process - and of course bid lower than your previous bid.
Also, bid high, win, second thoughts? Just pull out. They have a buyer at asking. Sort of nothing to lose here. But "holding bids" with reserve may see you lose here - pay what you are willing to pay, if this is your future forever home, and not an investment.
And be able to pay cash, if you can. That will make a big difference, I think. This may not be easy if you have to sell your family home.
If you are selling your place, go with the same EA selling the school building. They will do everything they can to get that double commission. Worked very well for us with Hamptons - I think this had a lot to do with us getting our house.
Edited by Harry Flashman on Monday 23 July 09:58
Edited by Harry Flashman on Monday 23 July 09:59
Harry Flashman said:
If you are selling your place, go with the same EA selling the school building. They will do everything they can to get that double commission. Worked very well for us with Hamptons - I think this had a lot to do with us getting our house.
I would back up this experience, the agents really are in control of the situation then, and clearly want double bubble.Edited by Harry Flashman on Monday 23 July 09:58
Edited by Harry Flashman on Monday 23 July 09:59
I also think selling with the same vendors gave the sellers an increased feeling of comfort on how serious we were, worked out in the end, though it was rather stressful.
Good luck OP.
Agent emailed within the hour calling for BAFO by Weds at 4 pm.
Called up a trusted surveyor from a town about 30 miles away who is in known to be good with older buildings, to see if we can get anything done on a verbal basis before deadline, and thus make our offer not subject to survey. There's so much renovation that it's really just about the damp.
We are in cash, having sweated 10 months to sell our zone 2 shoebox, at least for purchase plus the first half of renovation. After that I need to sell some of my investment portfolio but that's all in equities.
Obviously I won't give any more numbers in case walls have ears
Called up a trusted surveyor from a town about 30 miles away who is in known to be good with older buildings, to see if we can get anything done on a verbal basis before deadline, and thus make our offer not subject to survey. There's so much renovation that it's really just about the damp.
We are in cash, having sweated 10 months to sell our zone 2 shoebox, at least for purchase plus the first half of renovation. After that I need to sell some of my investment portfolio but that's all in equities.
Obviously I won't give any more numbers in case walls have ears
Best of luck, having been in a similar position I'm glad ours went to best and final quickly instead of playing the bidding war 1st (actually lucky ask 6 buyers held their nerve and refused to get into a war so forced final stake bids. Don't envy you but look forward to hearing some good news.
Aren't the benefits of sealed bids so that the seller gets a higher offer than the asking price?
You could try saying that you'll have to think for a couple of days (and then wait until Thursday) and see if the EA keeps pestering you for another bid in order to test their desperateness. You have to be happy to go with a "hard Brexit", though, but then there's always another house round the corner so it isn't too bad.
You could try saying that you'll have to think for a couple of days (and then wait until Thursday) and see if the EA keeps pestering you for another bid in order to test their desperateness. You have to be happy to go with a "hard Brexit", though, but then there's always another house round the corner so it isn't too bad.
Typically the last house we bid on back in March never went to a bidding war - divorce sale where the vendors just wanted out ASAP and took the first offer that floated their boat.
There will be another house but when and how much will I have pay for the privilege of ripping out someone else's idea of decor?
There will be another house but when and how much will I have pay for the privilege of ripping out someone else's idea of decor?
Zonergem said:
There will be another house but when and how much will I have pay for the privilege of ripping out someone else's idea of decor?
Agreed, I hate feeling like I'm paying for someone else's bad taste in kitchens and bathrooms. I'd rather buy a property where no value is attached to the fittings and finishing, as I'll put in my own.PhilboSE said:
Zonergem said:
There will be another house but when and how much will I have pay for the privilege of ripping out someone else's idea of decor?
Agreed, I hate feeling like I'm paying for someone else's bad taste in kitchens and bathrooms. I'd rather buy a property where no value is attached to the fittings and finishing, as I'll put in my own.
Ended up getting busy and having to live in a house I didn't have time to update.
My current house - it was acceptable so have just lived with it for the last few years and get on with enjoying life rather than trying to "personalise" only for someone else to rip it all out when I move!
Zonergem said:
...and thus make our offer not subject to survey.
I guess the process of buying a house means buyers can say anything - how many cash buyers turn out to need mortgages? - as nothing matters until exchange.As Harry F mentioned, putting in a high offer then dropping it at exchange happened in last two house by family members and one was being sold to the sister of a solicitor, who dragged the purchase process out for months with stupid questions, asked sequentially.
Daughter thought about when she bought her house but she wasn't comfortable with it and didn't want to risk losing the house. Oddly the survey came back remarkably clean (it was like the sellers had written it themselves - even things we'd asked the surveyor to look at specifically he waved them away). The EA had suggested others were sniffing around, although that was possible as there was little else up for sale in the village and the price had been dropped from high to reasonable.
So what happened?
I forked out for a surveyor to go in on Tuesday, in the name of due diligence and to allow me to make my bid not STS. There's so much work that it almost seems beside the point. Nothing wildly untoward, the roof maybe a little worse than I had bargained on.
I also went in to visit the surveyor on site and spent another hour in the house, digesting all the advice I'd been given and trying to picture the finished project. For the first time I was 'alone' in the rooms - no agent, no family, no architect or whatever. A "sense check", if you will.
And I couldn't do it. Too big, too stuffy in summer and terrifying heating bills in the winter. I thought we'd always feel we'd overpaid, that we'd slog our way through the work losing blood and treasure only to end up with something we hated.
So I emailed on Weds morning to withdraw from the process and rescind our previous offers.
And blow me if by 3 pm the agent wasn't on the phone telling me that the other cash buyers had seen the light and dropped out too, and did I want a bit more time to go back in lower?
I forked out for a surveyor to go in on Tuesday, in the name of due diligence and to allow me to make my bid not STS. There's so much work that it almost seems beside the point. Nothing wildly untoward, the roof maybe a little worse than I had bargained on.
I also went in to visit the surveyor on site and spent another hour in the house, digesting all the advice I'd been given and trying to picture the finished project. For the first time I was 'alone' in the rooms - no agent, no family, no architect or whatever. A "sense check", if you will.
And I couldn't do it. Too big, too stuffy in summer and terrifying heating bills in the winter. I thought we'd always feel we'd overpaid, that we'd slog our way through the work losing blood and treasure only to end up with something we hated.
So I emailed on Weds morning to withdraw from the process and rescind our previous offers.
And blow me if by 3 pm the agent wasn't on the phone telling me that the other cash buyers had seen the light and dropped out too, and did I want a bit more time to go back in lower?
Zonergem said:
So what happened?
I forked out for a surveyor to go in on Tuesday, in the name of due diligence and to allow me to make my bid not STS. There's so much work that it almost seems beside the point. Nothing wildly untoward, the roof maybe a little worse than I had bargained on.
I also went in to visit the surveyor on site and spent another hour in the house, digesting all the advice I'd been given and trying to picture the finished project. For the first time I was 'alone' in the rooms - no agent, no family, no architect or whatever. A "sense check", if you will.
And I couldn't do it. Too big, too stuffy in summer and terrifying heating bills in the winter. I thought we'd always feel we'd overpaid, that we'd slog our way through the work losing blood and treasure only to end up with something we hated.
So I emailed on Weds morning to withdraw from the process and rescind our previous offers.
And blow me if by 3 pm the agent wasn't on the phone telling me that the other cash buyers had seen the light and dropped out too, and did I want a bit more time to go back in lower?
Wow, that really is shocking. I cant really believe that its a coincidence, behaviour like that is truly awful, so unprofessional.I forked out for a surveyor to go in on Tuesday, in the name of due diligence and to allow me to make my bid not STS. There's so much work that it almost seems beside the point. Nothing wildly untoward, the roof maybe a little worse than I had bargained on.
I also went in to visit the surveyor on site and spent another hour in the house, digesting all the advice I'd been given and trying to picture the finished project. For the first time I was 'alone' in the rooms - no agent, no family, no architect or whatever. A "sense check", if you will.
And I couldn't do it. Too big, too stuffy in summer and terrifying heating bills in the winter. I thought we'd always feel we'd overpaid, that we'd slog our way through the work losing blood and treasure only to end up with something we hated.
So I emailed on Weds morning to withdraw from the process and rescind our previous offers.
And blow me if by 3 pm the agent wasn't on the phone telling me that the other cash buyers had seen the light and dropped out too, and did I want a bit more time to go back in lower?
Well done for sticking to your guns in a very emotional situation.
Zonergem said:
I don't actually think the agent was up to anything. I think the Thursday night punters genuinely offered and then got cold feet at the prospect of paying more, just as we did. The BAFO process should cut to the chase and concentrate everyone's minds, and it did.
Hmm, you are more trusting than I!Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff