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    • toddler9
    • By toddler9 4th Oct 17, 3:43 PM
    • 122Posts
    • 78Thanks
    toddler9
    Desperate for a particular house
    • #1
    • 4th Oct 17, 3:43 PM
    Desperate for a particular house 4th Oct 17 at 3:43 PM
    Hello All

    After some advice really. So after waiting for months for a property to come on the market that ticks all of our boxes, one finally came on the market 2 weeks ago

    We viewed and loved it and put our house on the market with the same agent on Friday. We live in a popular area and things tend to sell quickly. So far we have had 5 viewings all of which said the house was too small for what they needed. Not a lot I can do about that, but we have decided to take some furniture out today (armchair in living room and wardrobe in bedroom) to make it appear more spacious. More pictures will be loaded tomorrow to show this…

    Today the agent tells me they have had a lowball offer on the house we wanted to buy – he thinks it will be rejected. I laid my cards on the table and said what I was willing to pay for the house if ours should sell for close to asking price, and he said he will feed this back to the vendor as it is significantly more than the other people have offered. I am not sure what to do, we are desperate for this house. I talked to the agent about dropping the price of ours – it’s fairly priced considering the competition but I am worried there is quite a lot on the market in the same bracket at the moment. I said about dropping £10k then offering £10k less on the house we wanted to buy. He said have a think about it overnight…

    Another thought was to offer to rent the house we want to buy until we sold ours?

    Any advice appreciated thank you!
Page 1
    • spadoosh
    • By spadoosh 4th Oct 17, 3:53 PM
    • 4,371 Posts
    • 5,702 Thanks
    spadoosh
    • #2
    • 4th Oct 17, 3:53 PM
    • #2
    • 4th Oct 17, 3:53 PM
    Put your house on the market, get an offer and then look for properties.

    Doing it your way you find houses that you want that youre in no position to buy.

    Personally i wouldnt rush to drop the price of my house if i thought thats what its value was. It also highlights that youre desperate so expect every offer to be taking you for a ride.

    It does sounds like things are all moving quickly so it might all work out for you (5 viewings in a few days is pretty good). I would leave it at im prepared to pay £xxx however need to sell my house. Id expect them to say something like 'we'll accept (if its acceptable to them) but keeping it on the market as youre high risk'. Fair enough. When im in a position to proceed i will go in with the final offer... the £xxx amount and removed from the market.
    Don't be angry!
    • G_M
    • By G_M 4th Oct 17, 3:53 PM
    • 41,456 Posts
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    G_M
    • #3
    • 4th Oct 17, 3:53 PM
    • #3
    • 4th Oct 17, 3:53 PM
    Forgetthe renting idea

    The vendors won't want to be landlords, to get consent from their lender, to pay tax, to be stuck with you as tenants if yours does not sell etc etc etc

    If you want this property so much that money is no object, then drop the price on yours to ensure it sells fast, and offer the asking price on the one you want.
    Last edited by G_M; 04-10-2017 at 4:07 PM.
    • Natbag
    • By Natbag 4th Oct 17, 4:05 PM
    • 1,111 Posts
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    Natbag
    • #4
    • 4th Oct 17, 4:05 PM
    • #4
    • 4th Oct 17, 4:05 PM
    This was similar to us. Saw our perfect house, put ours up for sale with the same agent, luckily it sold quickly but our sale fell through and it took us a fortnight to find another buyer, just before the house we wanted was due to go back on the market.
    We did reduce the price a little, but stated 'offers over'. That way, notifications were sent via Rightmove and we generated some new interest and secured a price we were happy with quickly, so that may be an option.
    In the meantime, de-clutter and re-arrange. We had two viewers say the house was to small, so we cleared out more clutter, packed things away we didn't need, put some larger items away and moved furniture around/took some out to create more space and a better traffic flow through the open plan downstairs space. I think this definitely helped. On viewings, if you have small rooms, make sure you allow viewers to enter and you stay out, or it does start to feel small. Make sure all blinds and curtains are fully open, doors all open and all lights are on.
    Good luck, I hope it all falls into place for you.
    • dlmcr
    • By dlmcr 4th Oct 17, 7:14 PM
    • 131 Posts
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    dlmcr
    • #5
    • 4th Oct 17, 7:14 PM
    • #5
    • 4th Oct 17, 7:14 PM
    What from you have posted it does not really sound as if you are desperate for that house. You should sell your house first,complete on that transaction, move into rented, and that way you would ensure that you would be in a strong position to make a move as soon as your ideal house cam onto the market. As it stands you are in competition with first time buyers and cash buyers / investors. If I was selling your dream house I would favour those two groups rather than a "buyer" whose house has barely even been put onto the market far less being in a proceedable position.
    • toddler9
    • By toddler9 4th Oct 17, 10:20 PM
    • 122 Posts
    • 78 Thanks
    toddler9
    • #6
    • 4th Oct 17, 10:20 PM
    • #6
    • 4th Oct 17, 10:20 PM
    Thank you some very good advice!
    I am well aware that the norm is to sell first then look to buy but life doesn't always work out that way. The house we want to buy has very limited appeal - which is why we thought we could quickly get ours on the market!
    • chappers
    • By chappers 4th Oct 17, 11:41 PM
    • 2,705 Posts
    • 1,529 Thanks
    chappers
    • #7
    • 4th Oct 17, 11:41 PM
    • #7
    • 4th Oct 17, 11:41 PM
    All of this you have to sell first before buying is total pants, it happens the other way round all the time. different people work to different timescales and have different criteria for accepting offers.

    Sounds like you want the house and are willing to make a decent offer.
    Put that offer to the vendor and see what they say, the EA will let them know how proceedable you are or they will ask.
    See what happens and see if they will accept your offer, either outright or with condition that they will keep marketing it looking for a better offer.
    I wouldn't go panicking too much yet on your sale. Your house is obviously priced right and attracting interest and it sounds like you are doing the right things to try and generate a sale, one thing I would say is be careful of removing storage to try to create the illusion of space.
    If your offer is accepted or you need to up it, don't panic too much, if it turns out you can't get enough for your house to buy the other one, whilst it might be disappointing for you and a bit of a nuisance for the vendor you can always pull out of the deal.

    As an example we are just about to complete on the purchase of a property with 2 holiday lets and 12 acres of land where we are going to set up a campsite.
    It has taken us nearly 5 years of looking to find the right property in the right location and also had a couple of other deals fall down at the first hurdle. There is no way we could have accepted an offer on our place without having secured somewhere first.
    Wouldn't have even considered selling up and putting the cash in the bank when house prices in our area have risen around 10% year on year over the last 5 years.
    When you are looking for something specific that doesn't come to the market very often the general rules change.
    • Debtslayer
    • By Debtslayer 5th Oct 17, 7:31 AM
    • 394 Posts
    • 548 Thanks
    Debtslayer
    • #8
    • 5th Oct 17, 7:31 AM
    • #8
    • 5th Oct 17, 7:31 AM
    I wouldn't be dropping price on your house yet, you're getting viewings so it must be priced right and you said properties sell quickly in your area
    Need to stay calm and stop panicking. Put your offer in on the other house with a statement saying your house is on market and you're confident it will sell in X amount of weeks. Vendor may well accept especially if your offer is significantly more than offer they've had
    Current Mortgage 01.10.17 £113,513.88
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    • somethingcorporate
    • By somethingcorporate 5th Oct 17, 8:45 AM
    • 8,835 Posts
    • 8,519 Thanks
    somethingcorporate
    • #9
    • 5th Oct 17, 8:45 AM
    • #9
    • 5th Oct 17, 8:45 AM
    All of this you have to sell first before buying is total pants, it happens the other way round all the time. different people work to different timescales and have different criteria for accepting offers.

    Sounds like you want the house and are willing to make a decent offer.
    Put that offer to the vendor and see what they say, the EA will let them know how proceedable you are or they will ask.
    See what happens and see if they will accept your offer, either outright or with condition that they will keep marketing it looking for a better offer.
    I wouldn't go panicking too much yet on your sale. Your house is obviously priced right and attracting interest and it sounds like you are doing the right things to try and generate a sale, one thing I would say is be careful of removing storage to try to create the illusion of space.
    If your offer is accepted or you need to up it, don't panic too much, if it turns out you can't get enough for your house to buy the other one, whilst it might be disappointing for you and a bit of a nuisance for the vendor you can always pull out of the deal.

    As an example we are just about to complete on the purchase of a property with 2 holiday lets and 12 acres of land where we are going to set up a campsite.
    It has taken us nearly 5 years of looking to find the right property in the right location and also had a couple of other deals fall down at the first hurdle. There is no way we could have accepted an offer on our place without having secured somewhere first.
    Wouldn't have even considered selling up and putting the cash in the bank when house prices in our area have risen around 10% year on year over the last 5 years.
    When you are looking for something specific that doesn't come to the market very often the general rules change.
    Originally posted by chappers
    The last two houses I bought we offered before ours was even on the market. With a decent agent who uses a good photographer and presents the house well can get rid of a house at the right price very quickly.

    Our last agent was so confident he would sell it within 2 weeks that he gave us a very low commission % (0.9% inc VAT iirc) and no tie in. It took him 5 days to get a price within 2% of asking.
    Thinking critically since 1996....
    • Surrey_EA
    • By Surrey_EA 5th Oct 17, 8:46 AM
    • 1,157 Posts
    • 1,353 Thanks
    Surrey_EA
    We live in a popular area and things tend to sell quickly. So far we have had 5 viewings all of which said the house was too small for what they needed.

    I talked to the agent about dropping the price of ours – it’s fairly priced considering the competition but I am worried there is quite a lot on the market in the same bracket at the moment. I said about dropping £10k then offering £10k less on the house we wanted to buy. He said have a think about it overnight…
    Originally posted by toddler9
    What the viewers who have been round so far are telling you is that the price of your property is currently too high, and they feel they can find better value, and larger, elsewhere.

    If you want to sell quickly you need to make the price look attractive. Particularly if you've already seen somewhere you are keen to buy.
    • Surrey_EA
    • By Surrey_EA 5th Oct 17, 9:16 AM
    • 1,157 Posts
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    Surrey_EA
    I laid my cards on the table and said what I was willing to pay for the house if ours should sell for close to asking price, and he said he will feed this back to the vendor as it is significantly more than the other people have offered.
    Originally posted by toddler9
    Why would you do this when you have yet to establish what you will sell your present property for? Surely this will have a bearing on what you are prepared to pay?
    • goodwithsaving
    • By goodwithsaving 5th Oct 17, 9:40 AM
    • 651 Posts
    • 998 Thanks
    goodwithsaving
    Today the agent tells me they have had a lowball offer on the house we wanted to buy – he thinks it will be rejected. I laid my cards on the table and said what I was willing to pay for the house if ours

    How do you know what you can afford until you have had and accepted an offer on yours? Only a cash buyer could do that, and you aren't one.

    we are desperate for this house......I said about dropping £10k then offering £10k less on the house we wanted to buy.

    Why would another house be worth 10k less just because yours potentially is?

    Another thought was to offer to rent the house we want to buy until we sold ours?

    Stupid idea. Why put yourself in this position? What if yours takes 2+ years to sell and you come financially unstuck? The vendor, if any sense, will say 'no'. If he wanted to rent it, he would be doing that not selling it.

    Any advice appreciated thank you!
    Originally posted by toddler9

    I'm sure another house will come up at some point.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • hammy1988
    • By hammy1988 5th Oct 17, 9:48 AM
    • 75 Posts
    • 57 Thanks
    hammy1988
    Sorry, but if it was my house I was selling (your perfect house) I wouldn't accept any of your offers as you are not in a position to sell. You are setting yourself up to be gazumped.

    Before our house was on the market, we did not view any properties as we didn't want to set ourselves up for disappointment. When we had an offer, that's when we looked!
    • Wobblydeb
    • By Wobblydeb 5th Oct 17, 1:08 PM
    • 881 Posts
    • 1,372 Thanks
    Wobblydeb
    We're just working towards exchange having done the same thing!

    Stay calm - your house has been on the market for less than a week and you ARE getting viewings. The agent suggested you sleep on a price drop so I guess that they think you are being maybe a bit hasty.

    There has not been an acceptable offer for the next house yet. They've only been on the market 2 weeks so will not be accepting low ball offers at the moment. You have some time to play with, so I would definitely give it at least another weekend or two of viewings. The agent will not want to lose your commission, so will not sell the other house without giving you a good shot at it.

    Houses sell quickly around here too, but it still took us 3 weeks (after 20+ viewings) to reach an agreed offer. NB - we took an "offers over" approach although that is common for our agent. I wasn't sure at first, as the "over" price seemed low to me but it got us where we needed to be! We didn't put an offer in until we had an agreed offer on our house.
    I've got a plan so cunning you could put a tail on it and call it a weasel.
    • toddler9
    • By toddler9 5th Oct 17, 1:44 PM
    • 122 Posts
    • 78 Thanks
    toddler9
    I do feel I am being hasty and panicky but on the other hand this is the first house we have seen in the year which we actual want to buy. Hence why we haven't had ours on the market before now.

    I know what we can afford to offer on the house as the majority of the funds will be from cash rather than a mortgage so we have quite a degree of flexibility.

    New photos went onto Rightmove today to show uncluttered rooms- they look much better. I just spoke to the estate agent and they said that the vendor rejected the other offer but they are now in "negotiations"

    There isn't another house on the market we want to buy hence why I am feeling jumpy!
    • Surrey_EA
    • By Surrey_EA 5th Oct 17, 1:51 PM
    • 1,157 Posts
    • 1,353 Thanks
    Surrey_EA

    I know what we can afford to offer on the house as the majority of the funds will be from cash rather than a mortgage so we have quite a degree of flexibility.



    There isn't another house on the market we want to buy hence why I am feeling jumpy!
    Originally posted by toddler9
    If this is the case, reduce the price that you're asking for your own property to make it look as attractive as possible.

    Making rooms less cluttered is great, but won't make the rooms any bigger. To find a buyer quickly, and to avoid missing out on the house you are keen on, you need to make your property seem like a bargain.
    • Natbag
    • By Natbag 5th Oct 17, 2:35 PM
    • 1,111 Posts
    • 734 Thanks
    Natbag
    I do feel I am being hasty and panicky but on the other hand this is the first house we have seen in the year which we actual want to buy. Hence why we haven't had ours on the market before now.

    I know what we can afford to offer on the house as the majority of the funds will be from cash rather than a mortgage so we have quite a degree of flexibility.

    New photos went onto Rightmove today to show uncluttered rooms- they look much better. I just spoke to the estate agent and they said that the vendor rejected the other offer but they are now in "negotiations"

    There isn't another house on the market we want to buy hence why I am feeling jumpy!
    Originally posted by toddler9
    I remember the wait between seeing our perfect home and marketing and getting an offer on ours, it's so nervy! We managed to get our living room ceiling replastered, get the property valued, photographed, listed and sold at full asking price within one week but it still felt like the longest week of my life. As did the two weeks it took to find a new buyer when our first buyer pulled out, as we risked the house we were buying going back on the market. Hopefully all is well this time and we are creeping close to exchange.
    By marketing with the same agent, as we did, they have an interest in selling the property you want to you as they know they'll get 2 commissions, where as if they sell it to someone else they risk you withdrawing from the market and losing cash. We made this clear to them, we wanted that specific house or we weren't selling as nothing else suited our requirements.
    Just keep strong, and keep doing what you can around your home to improve its appearance and attraction to buyers, and don't panic too much, it is very early days.
    Are you doing the viewings yourself? If so, definitely look up some tips online - some of them seem a bit much/obvious but I think it all helps.
    • Quizzical Squirrel
    • By Quizzical Squirrel 5th Oct 17, 5:02 PM
    • 111 Posts
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    Quizzical Squirrel
    If the other people buy that house (and it's looking like a distinct possibility) then will you continue to market your house and rent somewhere?
    That would seem like the best strategy in your circumstances.
    • toddler9
    • By toddler9 5th Oct 17, 5:26 PM
    • 122 Posts
    • 78 Thanks
    toddler9
    If the other people buy that house (and it's looking like a distinct possibility) then will you continue to market your house and rent somewhere?
    That would seem like the best strategy in your circumstances.


    I am not entirely sure yet. We wouldn't rent as is it would be too much upheaval for our toddler and cats.

    Maybe something else would come along in the next week or two it is a possibility albeit slim.

    We have 2 more viewings booked in for tomorrow on ours now, so another 4 more to go. If by next week the other house is still available and we haven't sold ours then I will drop the price.
    • Quizzical Squirrel
    • By Quizzical Squirrel 5th Oct 17, 5:28 PM
    • 111 Posts
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    Quizzical Squirrel
    I'd drop the price now. At this time of year, every weekend matters.
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