Gazumped

gelato_cat

Hi all

Just wanted to update you on our house purchase:

http://forums.moneysavingexpert.com/showthread.html?t=1509529
http://forums.moneysavingexpert.com/showthread.html?t=1495635

We've been gazumped! It wasn't a nice experience, I know we're not the first and won't be the last, and we're trying to learn some lessons from it. We've lost nearly £1.5k as we'd had a full structural survey and valuation survey done on it :rolleyes:

We've picked ourselves up, dusted ourselves off and made a new list of houses we want to view and will start again this week :A

Good luck to everyone else who is househunting and those trying to sell :beer:

Suze

gelato_cat

PS The solicitor was shocked when I told her... "I can't believe this has happened to you in this climate" she said! Tell me about it... I think the EA had a major part to play in it though, egging on the other buyer.

hethmar

I think there is quite a blip going on at the moment. We saw a cottage on sale two weeks ago. Rang up to ask about the details. The EA said not printed yet, but we can take you to see it tomorrow (its empty). We said wed wait til we had details in hand. The place sold the next day at asking price.

gelato_cat

You could be right... maybe people are calculating their interest-only payments and deciding to go for it (God help them if the base rate goes through the roof)!

The place we wanted to buy went for more than asking! After having been on the market since last August and reduced by 8% in November. The other joint agent had more than enough to do with that. But we've seen some nicer stuff now (albeit more expensive), so just have to go and view it...

Suze

hethmar wrote: »

I think there is quite a blip going on at the moment. We saw a cottage on sale two weeks ago. Rang up to ask about the details. The EA said not printed yet, but we can take you to see it tomorrow (its empty). We said wed wait til we had details in hand. The place sold the next day at asking price.

hethmar

Good luck

Swipe

You can still get interest only mortgages in this climate?

kunekune

No, but if you are currently renting, it is the interest portion that is the equivalent of rent. We pay £675 rent at the moment. When we move we will have interest payments of £50 a month (we have managed to get a mortgage at the BOE base rate). There'll be some extra tax to pay (FBT) but even then £500 more a month will go into 'savings', ie, paying off the house.

Cissi

kunekune wrote: »

£500 more a month will go into 'savings', ie, paying off the house.

But how much value will that house lose every month? More than £500 a month, I'll bet...

kunekune

That's the decision we've made; I wasn't asking for your approval, I was simply answering the question about interest only mortgages. This is not a 'do we don't we' thread, I suggest you keep the sniping for one of those.

pinkshoes

Cissi wrote: »

But how much value will that house lose every month? More than £500 a month, I'll bet...

Some people see a house as a home, not a lump of cash.

If you're not intending to sell for a long while, what does a price drop matter??


Rents in my street have gone up a lot recently, and my neighbours are now paying £900 a month, whereas my mortgage interest portion is now £550 a month. Plus I get my own home

worried_jim

This happened to me in 2003 and the estate agent was definitely in on it- it was his brother I was buying the house from, unbeknown to me at the time. Warning to all those viewing renovated properties thru hyman hill in suusex with cream carpets and coloured tiles in the new light wood kitchen, they are all owned by the ea's developer brother.