Renting a flat/house...must you put in a "bid" and cross your fingers?

Okay...this may be a ridiculously dumb question but I've been getting differing answers and thought I might be able to clear up my confusion here...especially since we're househunting at the end of this month and we've got only 5 days to find a place to live.

I've heard that one must put in a "bid" on a flat/house to rent just as one would if they were buying it.  Is this true?  So does this mean that you could end up in a bidding war over a place to rent if there are multiple interested parties?   For instance, it a place is 550 pounds per week and you want it...but so does joe shmoe but they are willing to pay 600 ppw...does the higher paying shmoe get it and you're out of luck?

Along the same lines...about how long does it take to find out whether you've been successfully approved to rent a particular place? 

Thanks for the insight!

I've heard that one must put in a "bid" on a flat/house to rent just as one would if they were buying it.  Is this true?  So does this mean that you could end up in a bidding war over a place to rent if there are multiple interested parties?   

Never heard of such a thing! 

You can try and negotiate a lower rent than the one advertised and it may be turned down if there are other prospective tenants but I've never heard of a scenario such as you describe.  In answer to your other question, if you are going through a letting agency which is running a credit/character check it usually takes about a week, sometimes less.  If you are dealing with a landlord direct they will usually tell you on the spot if you can have it and check your refeences later.

We're in London right now house-hunting and in talking with our relocation lady over the course of the week I've learned quite a bit about the UK procecss (MUCH different from the US).  We were very lucky to find a house but were told that we could lose it if someone else puts in an offer higher than ours.  So...it certainly can happen and has many times according to our relo agent.  Just so anyone else going through the process is aware...
Who knew renting could be so darn difficult!?!?!

Our experiences have been like you're describing (in London and outside the city).  You don't just find something you like and ok, it's done.  There's a negotiation process and a period where you're left wondering whether you'll be approved.  Everything is a point of negotiation and at times it does feel like you're at the mercy of the landlord.

Good luck!    It's good to have a suitable back up place in mind, just in case.

When we were looking for a place, we simply said yes or no to the agent.  Some owners were willing to negotiate on the rent but there was no bid.  We did say yes to a flat and were going ahead with the processes only to find out that the owner was using two different agencies to rent the flat and the other agent had rented it out the day before.  It made me mad beyond belief but it was for the better.  We then found this place which is MUCH bigger and we couldn't be happier.

June

AND....we lost the house b/c of a higher "bid".  Talk about being bitter, cynical and now sour.  What makes it all the more painful is that while waiting for the written agreement to arrive, we went ahead and paid a deposit + the first term for our daughter's school.  It was close to the house, the tube, it had it all...except, of course, a flashing sign that flashed "ITS TOO GOOD TO BE TRUE!!"  We did this solely based on our agent's experience that "it's pretty much a done deal."  Well she "pretty much" screwed us.  We wasted a week listening to her tell us it'll work out and "not to worry", the paperwork is on it's way.  BTW that's code for "I'm holding out b/c I'm sure I can find someone willing to spend more than you." 

So, now we get to move here for good w/o a house to move in to.  Makes me wonder what we've gotten ourselves into and how in heavens name people w/o the small luxury of a relo package live in this city.  Egads it's outrageously expensive!

If only explicatives could truly make me feel better...I'm sure this will all work out and we'll find that other perfect place.  It's absolutely infuriating nonetheless and just a little overwhelming at the moment.   Thanks for the vent...

Oh no!  I'm so sorry.  I know how you're feeling... that happened to us.  I was crushed and wanting to call off the whole move!  I was so mad that I'd made a whole househunt trip here for nothing. 

But what we did... first, we used the house issue for leverage in negotiating more for us from my husband's company.  [It sounds like you have a company moving you here too?]  Then we had the relo person do more househunting for us.  We looked at pictures of more homes online and used a map so we'd know exactly where they were.  After having been here, I had a better idea of the area.  And because I'd spent days with the relo person, she knew what we liked.  She took pics and videos and emailed them and we went from there.

I was leery of renting a home we hadn't seen in person, but we figured that this whole move was a gamble... and that it couldn't be THAT bad.     And it wasn't.  No house is absolutely perfect (the first home was bigger) but in all other ways, this has turned out much better for us.

So good luck... try to think positive!