Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Steph1993
    • By Steph1993 2nd Aug 16, 8:33 PM
    • 45Posts
    • 20Thanks
    Steph1993
    Rejected Offer On A House
    • #1
    • 2nd Aug 16, 8:33 PM
    Rejected Offer On A House 2nd Aug 16 at 8:33 PM
    Hi
    I am wondering if anyone can help me.
    We are FTB (with a mortgage in principle ready) went to view a 2 bed Town house back on 15th July and fell in love with it.

    Property went up for 99,950 back in March 2016 then on 6th July it was reduced to 94,950. When we viewed 3 different people from the estate agents stated that they had told the seller that it was overpriced and he knew that, also mentioned it had only had a couple of viewings and no offers.
    One of the guys told us you could probably get it for 89,000
    And the last person we viewed with said it needs about 8,000 of work doing which he isn't far off so you need to take this into account when you put your offer in.
    I went back to view the house with my mum on 19th July and then again with my dad on 24th July as I wanted him to check what looked like damp spots but they were not.
    Had a phone call and email off the estate agents on 26th July asking if we were putting an offer in and I replied we are currently looking at all our options and once we have made a decision we will come back to you.
    On Sunday I phoned the and put an offer in of 80,000 the estate agent said it seems a bit low but he will go to the seller and see what he says.
    Taking into account in February this year the house on the same street across the road which needed no major work unlike this one and was a 3 bed went for 85,000.
    The estate agents came back to me and said he has declined the offer and is looking for 90,000.
    Should I go back with another offer as the max we would pay for it is 86,000?
    Many Thanks
Page 4
    • 6feet
    • By 6feet 6th Aug 16, 10:55 PM
    • 76 Posts
    • 63 Thanks
    6feet
    I would put "Subject to contract" on all correspondence...
    • deannatrois
    • By deannatrois 6th Aug 16, 11:05 PM
    • 4,157 Posts
    • 5,832 Thanks
    deannatrois
    With the provisio the seller has made, I wouldn't put any more money into the buying process until you have the survey results back. Expect there to be problems obviously but question the surveyor as to how significant these are and be prepared to take a good builder round there to find out the true cost of any repairs that are needed, and the urgency of them.

    Be prepared that any survey on any house will say the electrics are out of date (unless a house was built within the last year, they will always be 'not to current regulations because they change such a lot).
    When people ask for adviCe I do my best to adviSe them on the best course of action but would be extremely grateful if people asked for advice rather than advise
    • Steph1993
    • By Steph1993 8th Aug 16, 8:20 PM
    • 45 Posts
    • 20 Thanks
    Steph1993
    Thanks everyone.
    I have had the memorandum of sale sent to me today and the house has been marked as Sold STC also had all the paperwork sent to me by the solicitor so just need to get that back to them this week and I have got mortgage appointment on Saturday.
    Anyone know on average what timeframe I would be looking at to complete?
    • Riggyman
    • By Riggyman 8th Aug 16, 8:28 PM
    • 69 Posts
    • 44 Thanks
    Riggyman
    8-12 weeksish
    • Clutterfree
    • By Clutterfree 8th Aug 16, 8:49 PM
    • 3,385 Posts
    • 18,739 Thanks
    Clutterfree
    Depends how long the chain is.

    Ours has been 13 weeks to exchange, 15 weeks to complete.
    7 in our chain, we were 5th.
    Ageing is a privilege not everyone gets
    • Steph1993
    • By Steph1993 8th Aug 16, 9:01 PM
    • 45 Posts
    • 20 Thanks
    Steph1993
    We are both in no chain so would you reckon it would be abit faster?
    • copperjar
    • By copperjar 8th Aug 16, 9:47 PM
    • 718 Posts
    • 1,603 Thanks
    copperjar
    First house I ever bought with no chain was 6 weeks! That was 15 years ago mind!
    Total debt 1.11.10 23,446
    Save 6k in 2015 #129 6121.66/6000
    Save 6k in 2016 #39 3996.70/6000
    • MobileSaver
    • By MobileSaver 9th Aug 16, 6:41 AM
    • 943 Posts
    • 1,304 Thanks
    MobileSaver
    We are both in no chain so would you reckon it would be abit faster?
    Originally posted by Steph1993
    There are 101 things that can slow down completion. a chain is only one of them. Typically the slowest part is your solicitor waiting on the searches from the council etc.

    All you can do is respond to all your solicitor's requests immediately but if your seller takes a week to respond to each of their solicitor's requests then completion will not be quick.

    So ultimately it's how long is a piece of string and it will take as long as it takes. I wouldn't get too excited and start making too many plans on the basis completion will be quicker than normal...

    Amazon Prime Customer?
    Don't forget to cancel your automatic renewal unless you are happy with the price hike to 79 a year!
    • nic_c
    • By nic_c 9th Aug 16, 9:20 AM
    • 484 Posts
    • 325 Thanks
    nic_c
    There are 101 things that can slow down completion. a chain is only one of them. Typically the slowest part is your solicitor waiting on the searches from the council etc.

    All you can do is respond to all your solicitor's requests immediately but if your seller takes a week to respond to each of their solicitor's requests then completion will not be quick.

    So ultimately it's how long is a piece of string and it will take as long as it takes. I wouldn't get too excited and start making too many plans on the basis completion will be quicker than normal...
    Originally posted by MobileSaver
    Is your solicitors a big/small firm? Be prepared to phone yours weekly if you haven't heard for a while. They may have lots of cases and yours can drop to the bottom of the pile without periodic nudges. The searches etc are now typically done electronic, so don't take long. However its easy for delays to rack up if two solicitors are waiting for the other to respond first.
    • Fizzy11
    • By Fizzy11 28th Aug 16, 9:51 AM
    • 102 Posts
    • 280 Thanks
    Fizzy11
    I'm glad you got it. However remember even at this stage there are reasons why EAs aren't trusted. Regardless of what you think of this EA they aren't acting for you & don't always want the best for you. There are reasons why they are one of the most hated professions.

    Make sure your solicitor does as little as possible until you have at least an AIP. No point charges accruing.
    • Steph1993
    • By Steph1993 21st Sep 16, 8:02 PM
    • 45 Posts
    • 20 Thanks
    Steph1993
    I'm glad you got it. However remember even at this stage there are reasons why EAs aren't trusted. Regardless of what you think of this EA they aren't acting for you & don't always want the best for you. There are reasons why they are one of the most hated professions.

    Make sure your solicitor does as little as possible until you have at least an AIP. No point charges accruing.
    Originally posted by Fizzy11
    Thank you we are almost there with it all now completion has been set for 6th October.
    • anotheruser
    • By anotheruser 22nd Sep 16, 7:00 AM
    • 2,141 Posts
    • 1,360 Thanks
    anotheruser
    ... I will ring them ... put an offer of 85,500 as best and final offer and if they want ... I've got 500 extra.
    Originally posted by Steph1993
    So 85,500 isn't your "best and final" then...
    Make it your best and final, and stick to it.
    Last edited by anotheruser; 22-09-2016 at 7:11 AM.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 22nd Sep 16, 8:39 AM
    • 983 Posts
    • 1,325 Thanks
    ScorpiondeRooftrouser
    So 85,500 isn't your "best and final" then...
    Make it your best and final, and stick to it.
    Originally posted by anotheruser
    It's always best to read the whole thread before responding.
    • AdrianC
    • By AdrianC 22nd Sep 16, 9:12 AM
    • 11,165 Posts
    • 9,466 Thanks
    AdrianC
    ...frankly, even noticing that the original post is a month and a half old would be a good start.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

123Posts Today

2,006Users online

Martin's Twitter