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  #81  
Old 26.05.2020, 15:06
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Re: House sold before even viewed it

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ok smart ass
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Keep your insults to yourself
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Although not surprised to see alot of snarky and smart ass comments here as you see it from the same people on other threads here. But whatever they get their kicks out of
Rail wreck warning! Stop digging!!
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  #82  
Old 26.05.2020, 15:06
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Re: House sold before even viewed it

That has happened to us several times here, I've come to expect it if the house is a really nice one. Both had been on the market less than a week.

We've put a bid in on a house that had been on the market a few months. It was under the asking price as we really did our research and spoke with people who knew the area and the state of the house and they recommended the price we offered. The owners are supposed to get back to us by the end of this week but I noticed yesterday that the advertisement has been taken down and I'm sure they have probably accepted another offer without even saying anything to us. Part of me doubts if the realtor even communicated our offer to the owners, despite being obliged to theoretically, if they knew there was possibly another interested party who would be willing to offer more. No way of finding that out really, but sure, it's definitely disappointing for us to see the advertisement is down and to know that most likely we didn't even get a chance to be competitive with another interested party.

My impression from our year-ish long search is that you have to know what you want and be ready to jump when you see it. Or be flexible on what you want and negotiate with someone who's struggling to sell their place. Or better yet, make friends with all the older folks in the area you're looking in, LOL.
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  #83  
Old 26.05.2020, 15:09
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Re: House sold before even viewed it

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It's not that different here. As someone mentioned if you want to win you offer 10-20% above offered price and don't loose time haggling over 10K.
10K was only a figure plucked, some offers may come in way above it and then other bidders may have to match it or better it or else pull out

Yeah I agree, if you want it you bid 10/20% above, the point in this particular case was the option was not there to offer that, as someone said previously maybe the seller had cashflow problems and needed it asap and yes someone said also what if the original offer walked and no offers came in but the seller knows their house and location and if I were a seller turning down the opportunity to sell it for a 200/300 hundred thousand more would be mad to pass up
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  #84  
Old 26.05.2020, 15:13
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Re: House sold before even viewed it

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Rail wreck warning! Stop digging!!
If people want to waste their time insulting others or being snarky, thats their own business but it wastes mine
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  #85  
Old 26.05.2020, 15:59
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Re: House sold before even viewed it

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I haven't read the whole thread but I'm a bit surprised that it's commonplace to take the first offer like this. Not saying it's 'wrong' but if the first buyer turned up and immediately offered the asking price I'd assume that the property was undervalued. I realise there's a balance to be made somewhere between not annoying the first potential buyer who happens to have got there first, not annoying all the other potential buyers who've made appointments, and looking after your own financial self interest.

But I guess it's all a learning process. If that's the way things work here, so be it.
It may not have been the first offer, there could have been several visits and several offers already giving the seller more than enough to choose from so they decided to save themselves the hassle of showing the house to other potential purchasers.
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Old 26.05.2020, 16:04
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Re: House sold before even viewed it

Not sure why anyone would want to pay 20% above market. When a property is priced for sale it's usually at market and if you've done your sums you know what the correct price is and what your finances will bear. If mortgaging this could also mean a much higher deposit and/or a tranche of the mortgage at a much higher interest rate.

This is why it's best to keep emotions out of any property purchase!
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  #87  
Old 26.05.2020, 16:05
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Re: House sold before even viewed it

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First come first serve? Why would the owner have to go through multiple visits if someone wants to buy it immediately?
So they can go to final bids & get a significantly higher price than they were asking. Seems obvious to me
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Old 26.05.2020, 16:09
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Re: House sold before even viewed it

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So they can go to final bids & get a significantly higher price than they were asking. Seems obvious to me
As obvious as that not all sellers care about such.

Also we don't know how sharp (or not) the asking price was.
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  #89  
Old 26.05.2020, 16:12
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Re: House sold before even viewed it

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Not sure why anyone would want to pay 20% above market. When a property is priced for sale it's usually at market and if you've done your sums you know what the correct price is and what your finances will bear. If mortgaging this could also mean a much higher deposit and/or a tranche of the mortgage at a much higher interest rate.

This is why it's best to keep emotions out of any property purchase!
I guess market price is what people would be willing to pay for it and people would be looking to buy long term, so may be willing to pay over the market price to secure their property for the next 25/30 years. provided they can afford it as you said
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Old 26.05.2020, 16:13
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Re: House sold before even viewed it

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Not sure why anyone would want to pay 20% above market. When a property is priced for sale it's usually at market and if you've done your sums you know what the correct price is and what your finances will bear. If mortgaging this could also mean a much higher deposit and/or a tranche of the mortgage at a much higher interest rate.

This is why it's best to keep emotions out of any property purchase!
To be near their favoured school for the kids. Since they are fed-up looking, since they feel 40K a year on rent is a total waste, since they believe the prices will keep going up etc..etc.. etc..

Also the value of an object is not what a validation deems it worthy but what the market is willing to pay.
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  #91  
Old 26.05.2020, 16:16
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Re: House sold before even viewed it

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As obvious as that not all sellers care about such.

Also we don't know how sharp (or not) the asking price was.
I would venture to say 98% of sellers of anything would want to get the highest possible price for whatever they are selling

On that particular property, the asking price was at the very upper limit of what the bank valued it at. The agent and sellers obviously knew that and I know if they accept a group of bids they would have received a higher amount than the asking but they must have been happy with the asking price, so good for them.
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  #92  
Old 26.05.2020, 16:19
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Re: House sold before even viewed it

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Actually IME fixed prices are fairly rare - at least for the niche where I am looking.

Far more common is the 'Bieterverfahren', the bidding round. This is (hopefully!) discussed upfront. Viewings are on days A and B, the deadline for the first round of bids is day C. After the first round, the top X bidders are invited to submit a second bid. Sometimes additional rounds are sought. Highest bid wins.
.
This happened with my brother there were 3 bidders, at the time he decided he did not want to pay any more so did not put in a further offer. Just after the close of final offers the agent rang & said they had not received his bid, he replied he was no longer interested. As it turned out all 3 bidders failed to bid. My brother ended up with the property 30% cheaper than his original bid, final bids are not always higher, this should be remembered,
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  #93  
Old 26.05.2020, 16:24
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Re: House sold before even viewed it

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As said, I feel for you. However, could this not happen where you come from?
The situation in England is diabolical- as people can take you for a ride for months, right up to exchange of contract. Not the case in Scotland nor in France - and I am not sure, not in Switzerland (?)... where once you have agreed to buy, you are contracted to do so, and with very heavy financial penalties if you do not.

But this was just a viewing- it is not as though you had viewed and had stated you were definitely interested, had made an offer which was accepted ...
In CH, France & Scotland you sign the contract very quickly, it's perfectly possible to do the same in the UK, I viewed a property & took possession 3 weeks later, for a cash buyer it's not an issue, Auction sales are final at the drop of the hammer. UK is complicated as there are usually various 'chains' & nobody wants to sell without having somewhere else to buy. I sold without first buying, hence being a cash buyer the second time.
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Old 26.05.2020, 16:28
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Re: House sold before even viewed it

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This happened with my brother there were 3 bidders, at the time he decided he did not want to pay any more so did not put in a further offer. Just after the close of final offers the agent rang & said they had not received his bid, he replied he was no longer interested. As it turned out all 3 bidders failed to bid. My brother ended up with the property 30% cheaper than his original bid, final bids are not always higher, this should be remembered,
Now that is quote an anecdote of a bidding process backfiring. However, I can't see what the circumstances would need to be for someone not maintaining their initial offer...
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Old 26.05.2020, 16:32
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Re: House sold before even viewed it

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I would venture to say 98% of sellers of anything would want to get the highest possible price for whatever they are selling

On that particular property, the asking price was at the very upper limit of what the bank valued it at. The agent and sellers obviously knew that and I know if they accept a group of bids they would have received a higher amount than the asking but they must have been happy with the asking price, so good for them.
well there you are, you have answered your own question. Job done.

To FMF- yes, as for more things, just depends on your reasons and criteria. With our last house in the UK, we fell in love with it- but sitting down and doing the figures- we realised it woud over stretch us. So we just didn't pursue. It was weeks later that I bumbed into the old couple's adult daughter in the supermarket - she recognised me and said 'oh hello, how are you? Do you mind if I ask why you have not made an offer- my parents keep talking about you and would so like you to have the house'. I was stunned and explained that we absolutely love the house but couldn't proceed at the price was too high- and otu of respect for her parents, didn't want to put a low offer in. She smiled and said- phone them and arrange to come for coffee and have a look again- and work out what is the max you could offer. So we did- we did stretch, but only as far as we could go- went, had lovely chat and he asked 'what can you pay' we explained that we didn't want an offer as it was substantially below - and he said 'go on' - and we did. 28% down - they both said 'fine, that will do- going back to Scotland, prices are very low there. Put our own house on market for quite a high price, sold the next day to first visitor- banker moving up from London and thought it was very cheap.

But we did lose quite a bit of money due to some idiot who wasted our time until the market fell. Got our current house at very good price, and managed to buy the flat in UK at rock bottom price as developer needed money and we were cash in hand. Up 40%. You win some, you lose some - it's a roller coaster.
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Old 26.05.2020, 16:37
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Re: House sold before even viewed it

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Now that is quote an anecdote of a bidding process backfiring. However, I can't see what the circumstances would need to be for someone not maintaining their initial offer...
Their first offer & second higher offer had been turned down, they thought the seller was being greedy & had mentally moved on from that property. Once they knew that there were no longer 3 people interested along with a desperate seller it was clear they had the upper hand.They had chosen not to proceed but the agent kept asking them for an offer so they got one, a much lower one. The property actually sold for 'market value' there was a very weak market, a week before there was a strong market. You may have noticed that the stock market can move very sharply day to day as confidence changes, property is exactly the same.
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Old 26.05.2020, 16:46
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Re: House sold before even viewed it

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Their first offer & second higher offer had been turned down, they thought the seller was being greedy & had mentally moved on from that property. Once they knew that there were no longer 3 people interested along with a desperate seller it was clear they had the upper hand.They had chosen not to proceed but the agent kept asking them for an offer so they got one, a much lower one. The property actually sold for 'market value' there was a very weak market, a week before there was a strong market. You may have noticed that the stock market can move very sharply day to day as confidence changes, property is exactly the same.
Good lesson to keep in mind - as we will probably be selling in a couple of months. My plan is to advertise at valuation price and ask for final offer if there is interest. I see how having multiple rounds frustrates buyers and might be counterproductive. On the other hand, advertising a higher than valuation - without a bidding process planned - has the risk that there is no interest. And lowering the advertised price is suicide.
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Old 26.05.2020, 17:44
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Re: House sold before even viewed it

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So they can go to final bids & get a significantly higher price than they were asking. Seems obvious to me
There is no guarantee the seller will get a higher price!
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Old 26.05.2020, 17:44
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Re: House sold before even viewed it

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Is it really that stressful for a seller to wait another week until all appointments have been met and you have a number of offers on the table, after all appointments have been arranged and time off had been arranged and time wasted meeting at the bank going through the documents and discussing finance.

Its common courtesy I believe
You may think it's common courtesy but it's just part of life. They don't owe anyone anything, not even an explanation. We were about to buy a house, even got to the phase when we made an offer but the divorcing couple who planned to sell it decided to give their marriage one more chance. So yeah, circumstances can change from one week to another. Nothing personal. Keep looking for what you really want, your turn will come.
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Old 26.05.2020, 17:47
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Re: House sold before even viewed it

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There is no guarantee the seller will get a higher price!
There is no guarantee that the agreed deal will go through.......
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