Finding your dream home will inevitably send you through a cacophony of emotions. The excited high of initially deciding to make the move, through the lingering doubt of whether you will ever actually sell your home, to the ecstatic euphoria when you finally bag your dream pad.
But what happens when someone else wants your dream home too?
A bitter bidding war can ensue and it can take more out of you than just time and money, as one couple found out recently. Quick Move Now spoke to Joanna and Nick Peters, from Newbury, who not only had to battle for one house, but for two. Joanna explains;
We had quite a specific area we wanted to live in to be close to family and the children’s schools, but we really needed to move to get more space. Houses come up so rarely in the location we wanted that as soon as one did, I rushed out to view it.
I knew as soon as I saw the pictures of the first house that I loved it, but I also knew that it would be stretching ourselves to the absolute limit to get it. I almost didn’t go to view it but couldn’t resist and, as expected, I fell in love with it.
It was out of our budget really, but we decided to stretch ourselves as it was clearly a ‘forever house’ and we put in a bid. Unfortunately for us, someone else – and someone we knew which made it even harder – then decided they also needed to move and went to view ‘dream home’.
It was so upsetting to hear as I knew they had a much larger budget than us, so would be able to outbid us if it came to a bidding war.
The other family quickly decided it was also their dream home and put in a bid that outstripped Joanna’s maximum budget.
Heart-broken, the Peters were forced to cut their losses and walk away. They continued their home search and found another property – not quite ‘Dream Home’, but a really rather good second best. It was in a village close to their preferred location and a bit closer to their original budget, so they went for it again.
They were kept waiting for three weeks before the vendor came back to tell them that another bid had been put in that was just a bit higher than the one they had offered.
A bidding war then took place with offers flying backwards and forwards for days. They eventually decided that the only way to end the bitter bidding battle was to go to sealed bids, Joanna recalls;
It was such a nervy time, particularly as we had already sold our house, so felt the pressure was really on. I don’t think my mother would have been able to stand us all moving into her house!
We only had one chance at the sealed bids so we decided to put in an offer nearly £7,000 above the asking price. And again, it wasn’t to be. I have never found out what the other couple offered, but it was obviously more, because we lost out again.
Amazingly, while Joanna was beginning to despair, fate was working its magic. ‘Dream Home’ suddenly became available again. At the last minute, the couple who had beaten them in the first bidding war pulled out of the sale and Joanna jumped at the second chance of securing her dream property.
They say things happen for a reason and I truly believe that is why we lost out on the sealed bid for the second house. If we had won that one and then I had heard that my first dream home was available again I would have been devastated.
Luckily for us, second time around it was far easier and although we have still had to stretch ourselves a bit, it has been worth it. We moved in a few months ago and it feels wonderful.
It really is a dream home come true for us!.
We’re happy to hear that Joanna and Peter finally moved into their dream property and we hope this gives you encouragement if you’re struggling with your own property nightmare.
You can often secure a dream home ahead of a competitor by selling your existing home and putting yourself in the position of an immediately proceedable buyer, so the seller knows you are unlikely to drop out.