Lost out on dream house - is there anything I can do?

I know this is going to come across as pathetic, but I still want to ask. My partner and I recently inspected a house in the country we loved and put an offer in. We ended up getting into a bidding war with another couple and then at the crucial moment we hesitated and backed off. We are now absolutely kicking ourselves. We absolutely loved the property. We could have offered more, but in a moment of stupidity we fluffed the negotiation. We are first home buyers and are still learning about the property market. Anyway, I expect I know the answer to this but is there anything at all we can do to still get the house. Could we somehow ask the the successful bidder if he would sell the house on for a quick profit. I imagine I may get a lot of crap asking all this, but genuinely we feel like we have missed an enormous opportunity and we're pretty depressed.

 

You’d have to offer a lot more than the sale price to get it I’d think. The new owner would have paid stamp duty on top of the sale price. No harm in trying ?

 

We have all been there and fluffed a negotiation. All you can do is move on and learn the lessons from your experience. Another opportunity will come up and it may just well be better than the last.

 

Keep in touch with the REA. The other offer might be subject to finance or building inspection and it might fall over.
Remorse is often harsh in this situation but if you had gotten carried away and offered more you could be sitting here with massive a buyers remorse panicking you’d over paid.

 

Like @Westminster said, keep in touch with that Agent. You never know your luck.

 

Depends when the contract was signed. You might be able to get all three parties to agree, have the buyer rescind the contract and the seller now selling to our Beatles fan instead.

 

Is it worth making it clear to the real estate agent that we're willing to pay more for the property. I'm not sure what the point would be...

 

@abbeyroadcrossing you could ask the agent if you can put in a 'backup' contract in the event that the sale falls through. This way if it does fall through then you would be first in line. Would still need relevant terms so you could get out of the backup contract in the event you find another house - consult your legal team.
Also what @spludgey said depending on states and laws you may be able to get all parties to agree.

 

are we talking about Gazumping
i understand it is not illegal, although immoral

however it does happen

 

Honestly, chalk it up to experience and move on. There is always another 'dream house' around the corner. I think everyone in this forum has at one stage or another had a property they really wanted but missed out of buying. I know I have had my fair share.

And honestly, your first house is never really meant to be your 'dream house'. So many first home buyers get emotionally attached and end up paying way too much for things because of that. It may work out ok being emotionally attached, but very often it can end up being a recipe for disaster, and is (IMHO) the number one reason hous prices get pushed up much of the time (first home buyers making impulsive emotional decisions).

 

Hi there, i think the best thing to do is to quickly get back to your search and find something bigger, better, more suitable.

In the meantime, just 'imagine' you have found somewhere better, and see how quickly you forget the disappointment.

Recently we had an experience where a seller wouldn't take the final step (lower price to our offer) and we walked with all the remorse etc. A bit of time passed and a much better place we did get.

It was actually better to have gone thru the disappointment and then find the better place, than just to have easily found it. We know we got the right one this way.

 

That's extremely optimistic.

 

It's pretty unlikely, I agree, but I was just stating that from a contractual point of view, the current buyer might be able to get out of it without paying stamp duty, if they accept a "finders fee" exiting the contract.

 

I remember an agent once telling me "the house always seems cheap the day after the auction".

It's always stuck with me.

 

Unless you've bought it!

 

Some who made me a lowball offer a while ago said to me a few weeks ago "why did'nt you tell me you were selling". I replied "I got a better price".
Just after contracts were signed an interested party said "I could've offered more".
Reply: "Well you didn't so unless the contract falls through I don't wanna hear it".
Rarely does this not happen.

It shows.
OMGZ you have missed out on the best opportunity in NSW, maybe the whole nation. You are now forever condemmed to poverty and serfdom living in shacks of corrugated iron next to an airport.

All you can really do is tell them your interested if the offer falls through.
Or try to guzump (by offering more) if the vendor hasn't yet signed the contract.

Though the offer of a lifetime only comes once every few months in my experience.

 

Something better always comes along.

 

I thought I missed out on my dream home. The property that came up next was so much better and I was so grateful I missed out on the first one although at the time I barely ate or slept for a few days. Try to relax and let it be. Contact agent in case sale falls through.

 

One things for sure, the eventual seller to you is gonna get their huge premium. IMHO the best thing you can do is try to get your emotions under control ( otherwise you'll likely pay dearly in $$ for it) and just get back on the saddle to find your next dream home. There are probably dozens of homes which could qualify as your 'dream home.'

 

I rent to avoid any of these problems.

I could afford our 'dream home' (post selling a few IPs) but I reckon the novelty wears off after a while, and the grass will be greener elsewhere.