Property Sales

We are at the beginning of purchasing a property, had to offer the advertised price, lesser offer was turned down.

Waiting for results of our independent survey, the market in the South East appears to be very buoyant and prices are reflecting this.

It may be the agent. When we sold our last property one of the agents we ‘interviewed’, for want of a better word, made it clear that his firm (which is well known and operates across England and Wales) would advertise the property for less than the amount he actually valued it at, hold an ‘open house’ so prospective buyers could see others were interested, then seek to start a bidding war. Needless to say we didn’t use him. Another firm achieved what we wanted without that sort of trickery. Not what you describe I know but I don’t trust estate agents. Good luck!

We put our house on the market in the Spring, I disagreed with the valuation as I felt it was too low so it went on at the higher price and we got two offers over the asking price within a week. Both potential buyers had SSTC. However, we just could not find a suitable place to move to so we are staying put. The market is crazy ATM and prices have moved up very quickly so they may feel they have advertised it too low. I've seen quite a few with offers over £X. Trying to downsize is a nightmare, I just hate everything we have looked at!

This is normal in Scotland, you always have to offer over the asking price often up to 20%, and often via sealed bids. Once offer is accepted neither party can back out. We made our bid ‘subject to being able to sell our English property’ and that was OK.

My brother and sister in law recently accepted an offer £7,500 over asking price the couple buying put that offer in straight away as there first offer as they wanted the house. They had already sold their's and where living with parents .
My sister in law's dad put his house on sale had 5 offers 3 above asking price so he took the highest one. Both live in the West Midlands.

They are buying a 5 bed detached bungalow in Lincolnshire. Got it for £5k under asking price.

Think it depends where you live in the country.

I know my daughter and son in law offered £10k over asking price to get the house they wanted. They got more for their's than the asking price.

I know properties here in the north west are all going for above asking prices.

My brother, not an estate agent but manages lots of their web sites, says the market is slowing down now the stamp duty offer has finished and prices will stabilise or drop. It’s possible that you will be in negative equity or lose money if you pay premium prices right now. His advice is to wait a few months if you can. But I’m not sure he is right, houses near me are still being sold within days.

foxie48

We put our house on the market in the Spring, I disagreed with the valuation as I felt it was too low so it went on at the higher price and we got two offers over the asking price within a week. Both potential buyers had SSTC. However, we just could not find a suitable place to move to so we are staying put. The market is crazy ATM and prices have moved up very quickly so they may feel they have advertised it too low. I've seen quite a few with offers over £X. Trying to downsize is a nightmare, I just hate everything we have looked at!

Two couples I know decided against downsizing (it would cost so much !). And spend money on having a gardener and cleaning help in the house plus making the house “older person friendly”

Tizliz

This is normal in Scotland, you always have to offer over the asking price often up to 20%, and often via sealed bids. Once offer is accepted neither party can back out. We made our bid ‘subject to being able to sell our English property’ and that was OK.

My friend was married to a Scot and they decided to move to his home area. They put in their sealed bid but the Vendor held off responding for months, leaving them hanging and helpless. He did eventually accept their offer but all their plans to move in time for the children to start at the beginning of the school year were scuppered. There are always dishonest people who’ll take advantage unfortunately.

Lucca We've come to the same conclusion. I don't want to move but OH was finding the garden and land too much but he's taken on some help now. He hates paying people to do things he thinks he could do better but he is coping OK at the moment!

There are lots of examples here of people getting into bidding wars and upping the price. However, if I understand the OP correctly, she is the only one interested in this property, she has offered the advertised price and been asked for more. Presuming you are in England, I think this is completely unethical. I wonder if the vendors are actually aware that the agent is doing this? Might be worth a word with them directly?

The place I offered on has had the price reduced by 10% because it wasn't selling. I can only assume the seller thinks it's worth more. But it isn't. The price it's on for is about the price others in the areas have gone for. His loss. I'm a cash buyer.

Problem is, there isn't anything else I'm really interested in.

Foxi48 we are the same.Can’t find anything to buy, and I think it’s a common problem amongst people wanting to downsize garden, but not to a pocket handkerchief,

Don't cut off your nose to spite your face GagaJo. I'm not saying to offer more than it's worth - you've already offered the asking price! If it is the property you want, I would make very sure that the vendors and the agent know that you are in a very good position to buy. Go back to them, stressing this and say that your offer is on the table for a set amount of time (say 48 hrs). If they still won't budge, then move on.

We are the same as Foxie48. Sold same day it went on but 3 months later we can’t find a bungalow we like. I strongly suspect we will end up staying put. Our plan was to move out a bit, more semi rural, but there’s nothing we would like to live in so far. We can and have done do ups but even those are few and far between. Properties are snapped up and those that linger usually do so for a reason I think.

As has been said, here in Scotland there is an upset price and you are supposed to bid a reasonable amount over to stand a chance.
We lost several houses over the years by doing that and we wondered if there were crooked lawyers acting for rival bidders who knew what the vendor would accept.

In the end we bid on a house, unseen, and got it. It was in a nice area and our solicitor approved. In those days conveyancing was done without Estate Agents, it was the solicitors who acted for their client.
One house went for 50% above the upset or asking price.

I think I will stay put. It sounds terrifying.

I can't imagine selling and buying at the same time. Properties I'm interested in (smaller house with larger garden) just don't come up very often in my chosen area.

As I'm downsizing, I've looked into renting until I find a suitable place. However, the choice is limited (with pets) and the cost soon mounts up.

Now I'm now looking at buying a tiny, cheap cottage, in the meantime, so I'll still be a cash buyer when I find my ideal place.

I can sell my 'interim' cottage - or keep it as a family holiday home.