In budget..at last.

SamIAm_3-2

lostinrates wrote: »

All right.....where are the 70% club, I need cheering up.:(

It went on at new price on Friday, today its under offer. They had a good offer on Friday afternoon and a lower cash offer on Saturday and they have accepted the lower cash offer for speed. Lucky buyers!

Wow, that was quick.

lostinrates wrote: »

I don't think I can be accused of draggin my feet over this timescale in this market, even had I viewed today it would have been too late...our offer would have been cheeky and we couldn't compete with the timescale of cash as we'd need to try and finance and I'm fully aware we were punching above our weight here in budget and affordability.

I agree with Kez100. You were aware that the asking price was beyond your means financially. Even a cheeky offer sounded like it would have been a stretch which, if interest rates rocket, could have placed you in a really difficult position. A lucky escape perhaps?

lostinrates wrote: »

Having had a little weep I'm trying to be positive. This will ultimately be a wonderful home for the buyer, so someone will be very happy tonight. Also, it can't help but have an impact on pricing. It was on with two agents covering the areas I'm looking in and will go someway towards indicating current land price, in a downwards way. we may also have been saved a short trip to povertyville.

The moral to sellers is, this is in a good price bracket. It was in a very good price bracket at 40% more last week and that reduction saw a quick cash sale. It was not a forced sale, the sellers have already bought else where (and therefore in this bracket are seriously loaded, lol).

It's good that you can see the positive sides. Like you say, it will have an impact on other houses in the area. In a positive way too if you continue to look around there.

lostinrates wrote: »

Thank you all for the feedback and for listening to my bleating

No bleating here, as far as I am concerned. It was brave of you to post about something so personal IMO...not sure I would have the nerve to do it myself.

lostinrates

SamIAm wrote: »

Wow, that was quick.

Yep. I guess it is a good example of really well priced stuff selling: price it right it will sell quickly!



I agree with Kez100. You were aware that the asking price was beyond your means financially. Even a cheeky offer sounded like it would have been a stretch which, if interest rates rocket, could have placed you in a really difficult position. A lucky escape perhaps?
Yes. We would have been in a difficult position with high rates especially if they hit before 2010. After that we would have coped, but before that would have been a gamble. There is no way I can pretend this was a multiple I felt comfortable about...and others have taken me to task on this board on the mulitple I feel we can handle within affordabilty.

Its raised a few points for us: I didn't realise until now that while building/altering and adapting is not in the least frightening for me, that the planning process does raise (undue?- maybe disproportionate) concern for me.

It's good that you can see the positive sides. Like you say, it will have an impact on other houses in the area. In a positive way too if you continue to look around there.


Like it or not there is always a positive side. Sometimes its hard work to see it, but if you look its always there.
No bleating here, as far as I am concerned. It was brave of you to post about something so personal IMO...not sure I would have the nerve to do it myself.

Thank you. Its not such a risk is it? its fairly anonymous here. One might get a cyber bashing..but I hope I'm made of stearner stuff than that. One asks questions to challenge oneself....I'm afraid the motivation is quite selfish!:o

Its raised an interesting question. We've decided to raise the game a bit on the savings front and get back to our previous state of envorce miser-dom (misery?).

I think it also made clear that neither of us are thinking short term now.

ETA: Congratulations HP and economy peeps...we got a subject discussed without starting a war or with the marionettes being involved, hurrah, hurrah, hurrah

fc123

I missed this thread last night.......

A really deadly thing to say is 'Everything happens for a reason''......sooo annoying. One of those old wives tales that grates.
However, now I approach old wifedom, so many of them are actually true.

The mega-dream place will always be the one that stretches the ££££. It's how it is.

When OH was a kid, he would have £500 for a car. There was always a much better deal to be had for £600....except he only had £500....but to stetch to £600 would have got him a much better car.

Same with everything in life.

More dream properties will come up sometime in the future.....to be sure.

The compromise is how much is the dream worth? Working all hours and living on grits sounds OK, but the reality, year in, year out, can be a bit tiring but, unless you try it, one will never know.

Perhaps this sale won't complete? You never know.

FWIW, We've always stretched ourselves tight and you get used to the pressure in the end.
Can't advise either way though.......PM me a piccy...I love looking at dream places...;)

There's one on Chesil Beach with my name on it.....just waiting.

Davesnave

It's a booger isn't it? Why is it we always seem to want what's just beyond our reach? That's why I said: 'I've never come across that place which gave me the 'right' feeling inside and was also within my 'sensible' budget.'

You've been very brave posting this on here; it's a bit like the 'To those selling in these difficult times...' thread on the other channel. People there can be up and down so quickly.....and then, occasionally, some nutter cheers them up by saying their houses are all too expensive!

I agree that it isn't sensible to stretch at the moment, but then someone more entrepreneurial, like FC, might argue that risk is part & parcel of going into business.

Whatever.... if it's not going to be this one, there will be others along shortly. Every day is another chance to flick through Rural Scene, Symonds & Sampson, Stags, or whoever, and to dream.......The one thing we both know is that things are moving toward, not away from us.

fc123

Davesnave wrote: »

It's a booger isn't it? Why is it we always seem to want what's just beyond our reach? That's why I said: 'I've never come across that place which gave me the 'right' feeling inside and was also within my 'sensible' budget.'

You've been very brave posting this on here; it's a bit like the 'To those selling in these difficult times...' thread on the other channel. People there can be up and down so quickly.....and then, occasionally, some nutter cheers them up by saying their houses are all too expensive!

I agree that it isn't sensible to stretch at the moment, but then someone more entrepreneurial, like FC, might argue that risk is part & parcel of going into business.

Whatever.... if it's not going to be this one, there will be others along shortly. Every day is another chance to flick through Rural Scene, Symonds & Sampson, Stags, or whoever, and to dream.......The one thing we both know is that things are moving toward, not away from us.

I just had some PMing with LIR....then read the above. Multiples when the property is also going to generate an income are different to multiples of slary for someone buying a house to live in and paying the mortage down from a PAYE salary.

Mortgage to service much the same as paying rent on premises (in terms of ££££ going out each month....different long term as, with a mortgage, one day it disapears...by magic )



This thing about taking risks etc and me has come up a few times on this board...I always thought I was a cautious, entrepreneurial type.....but obviously not.;)

Stomaching risk is an individual thing...my old dad is helping to manage our cashflow at the moment and it's giving him kittens but we think it's quite good compared to normal.

I just spent the past 3 years up until August 08 playing it sensible, mainstream, taking no risks......could have sent us down the pan if we'd carried on.
It's a hard one to advise on really. Yummy place tho'.;)

fc123

Davesnave wrote: »

You've been very brave posting this on here; .

We should all be more brave....reclaim the board...I miss my late night therapy.

silvercar

In your heart you knew it wasn't for you. By posting on this board you were inviting people to talk you out of it. Had you thought it was for you, you would have posted on the housing board where the response would have been more favourable.

lostinrates

yes. I've had quite heavy business borrowing in the past...and a good record with the bank I used for business banking. Very different economic climate back then though and the fearlessness of being ina position where I started with nothing to lose. I am very, very out of touch with anything related to small business now....(hence emerging interst last week...trying to pass off as no ulterior motive ) but this would seem to be how we will need to look at funding if we go on in this scale of thought after a few nights sleep on it.

I'm not planning to look into anything this week though. Its so easy to get caught up in emotion and time is the best antidote to those who are trying to outrun caution. When the fear catches up with you you decide how commited you really are I guess.

lostinrates

silvercar wrote: »

In your heart you knew it wasn't for you. By posting on this board you were inviting people to talk you out of it. Had you thought it was for you, you would have posted on the housing board where the response would have been more favourable.

I disagree with that, not that anyone would or could now, but thats not my modus operandi.
I'm not afraid of challenge and I like to consider something from all angles. My feeling was more that I was using the board as a devil's advocate, seeing how I felt about strong repsonses.
I'm, in all sincerity, not too bothered about other people's opinions, but rather my own and DH's reasoning around the opinions that others pose and the queres they raise

lostinrates

fc123 wrote: »

We should all be more brave....reclaim the board...I miss my late night therapy.

Maybe sincerity is the key. I expected heat in this thread and yet it didn't alight.

yet:D