We viewed a property today and both felt that it would be perfect for us, in a good location and a reasonable price.
We made an offer there and then for the full asking price and, as cash buyers with no mortgage needed, the agent said we were in a strong position. Ours was the first offer she had received and she said she would contact the vendor and get back to us later.
After several hours she called to say that there had since been four further full price offers today, with even more viewings booked for tomorrow.
The vendor has asked for each of us to submit our best and final offers which she will consider over the weekend and give her decision next week.
We have now submitted a higher offer and I can see more sleepless nights for me.
I would not let them play cat and mouse with me JayCee. Tell them that you have made an offer on another much nicer property and the buyers are keen for a cash sale. Good luck!ReplyDelete
Ah, it is not as simple as that unfortunately. She knows that there is nothing else out there on the market at the moment so she is in a winning situation. She can just sit back and see who bids the highest.Delete
Tell her it's on the mainland - Blighty.ReplyDelete
Yours is cash. I'd be tempted to play them at their own game and ask for evidence that they have received a higher offer. They are b-----ds.ReplyDelete
Apparently they are all cash buyers too. It's definitely a seller's market at the moment.Delete
This happened to friends of mine some years ago in the Furness area - they did eventually get the property in the bidding war but don't know how much over the price they went.ReplyDelete
We are hoping our bid will be high enough but we are not prepared to offer any more, as much as we love the house.Delete
A home is a fundamental human right. Acquiring a new home should not be reduced to some kind of lottery. Governments should not leave people in such a position. The fact that you and Perry are cash buyers with no chain involved should surely be a big attraction for sellers.ReplyDelete
I was surprised to discover just how many buyers are out there in a similar situation. Rumour has it that off-island investors are snapping up local properties, sending their local representatives to view on their behalf. Makes life difficult for local residents.Delete
Good luck! Hope you get the winning bid!ReplyDelete
Thanks Ellen xDelete
Oh my goodness, this must be a worldwide situation. We are repeatedly told how much we could get for our house and there would be multiple offers, but there's the rub . . . . we have to go somewhere else and I don't want to deal with all of that as a buyer. So here we stay! (Good luck to you!)ReplyDelete
Yep. Best to stay put for now, Bob.Delete
Gazumping (sp?) is happening everywhere. Too many buyers; not enough sellers.ReplyDelete
As a point of issue here, this was not gazumping as Jaycee had only made an offer. It had not been accepted. Gazumping is when your offer has been accepted and then the seller kicks yours out and accepts another. What the seller here is doing is perfectly legit.Delete
Put in a bid at a level you are happy with together with back up information that you are fast signers of paperwork, there will be no hold-ups in completing purchase and you will love and care for the property. The highest bidder does not necessarily always win.ReplyDelete
We gave the agent all the information regarding our circumstances which she has passed on to the vendor. I don't understand why the vendor still wants to have more viewings when she now has full price offers from five cash buyers all with no onward chain. How on earth will she choose when she receives even more. I expect she will go with the highest bid in the end.Delete
It is not always so but it depends on the vendor of course and what her priorities are besides money.Delete
My son in law and daughter are running into the same situation over and over.Delete
Good luck. We finally sold our Welsh farmhouse last year after languishing on the market for years. Relieved to have moved before gazumping etc kicked off.ReplyDelete
I hope the seller isn't just plain greedy . . .
You were very fortunate. I am pleased that you are now happy in your new home.Delete
Well, we didn't fall head over heels in love with it, but it had everything we needed and now we are here, it has turned out to be pretty well perfect.Delete
Saw your comment about off-island investors (aka thieves) sweeping in with cash offers which often means islanders have no chance to find affordable housing. Pretty disgusting, but not surprising. Something people here do is write a letter to the seller about themselves and their hopes for the property. It sometimes has enough impact that the highest bidder isn't always the winner. But sadly, these days, it feels like money seems to be the ruling factor. Sad situation. Rampant here, too. Wish you luck. Glad you still have most of a year to find something.ReplyDelete
We have to wait until Tuesday for the decision from the vendor, however, the agent did call us earlier to say we are currently in a very strong position. Just hope nothing better is submitted on Monday.Delete
It is a sad fact of life that at the end of the day most people want to pay the smallest sum they can and most sellers want to receive the maximum price for their house. We have a similar situation at the moment on the Isles of Lewis and Harris after nearly half a century when houses have lain vacant for 25 years or more simply through lack of buyers. Youngsters (my own son included) are/were not interested in old houses and have built there own.ReplyDelete
Ah well, we either strike lucky or not. C'est la vie.Delete
Oh dear. Housebuying is stressful enough but it seems even worse on the Isle of Man.ReplyDelete
A smaller community seems to make the problems more concentrated probably.Delete