Advice please....repossession house..am I a cow?

lexuslass

Hi... this has most probably been asked before but these forums are so long and laws change so my search didn't come up with any answers really..please feel free to move if this is in the wrong forum...I am normally the shopping board user but thought you guys here might help me!

My OH was doing up a place where he was originally from 130 miles away before he moved up here 3 years ago..we rented up here....he tried to sell his place with no joy and now rents it out..which pays for itself..we had looked at a house on rightmove before we moved into our current (rented) house 15 months ago that was up for sale for £470,000 - looked great but was out of our price range....

Anyway, we are in a really good position to buy a house....and the house we saw at £470k was reduced to £420k - turns out to be a repossessed house and now turns out to have 2 acres of land with it.... it was up at public notice the other week....we went to see it...needs a lot of cosmetic work done to it inside and out

An offer was made at £400k and we put our offer in before the public notice came in the local paper...we had outbid the notice offer before it was in the paper and ended up after a few days offering £425k which was accepted on condition that we exchanged within 28 days... we have mortgage in place with 25% deposit and had solicitors bills etc...and were ready to exchange next week after surveys etc.. but today have had a call saying we have been outbid..we have turned this around in what would have been 10 days!!! my OH was gutted tonight when he came home..he said he has upped his bid to £428k but the woman at the estate agents let it slip that the bid is now £430k...I have told him not to up his bid anymore and to retract his extra £3k.. am I a sh*t for doing so?

PasturesNew

Everybody has a price ... you stopped at yours. Somebody has to stop at some point. It all depends how much you want it, but don't let emotions come into it.

Detach yourself and really think hard if you were nudged up when you upped your bid earlier and now are lucky to have an escape route, or if you are now cutting your own nose off to spite your face.

Sit down, breathe deeply and honestly look inside yourselves, with honesty, to decide what needs to be done.

There's no place for stupidity or ego in house buying, you have to detach. Is it the perfect house? How much will it fall further? Are you being blinded by "money off" ... think it through rationally, like a business decision. Then at least you'll know you did the right thing for the right reasons.

Running_Horse

So you've started a discussion asking everyone to say what a nice person you are.

What a nice person you are.

Happy?

theartfullodger

As a wise old person I used to work for said when asked a leading, tricky, question once... "By simply asking the question you've answered it yourself".

If you're not sure you've got your priorities right then what would the Lexus go for?? (sold mine already...)

Cheers!

Robert_Sterling_3

It is an auction.
Bid what you like.
Moo-ve fast if you want it.

Wig

Plenty more fish in the sea.

maninthestreet

lexuslass wrote: »

Hi... this has most probably been asked before but these forums are so long and laws change so my search didn't come up with any answers really..please feel free to move if this is in the wrong forum...I am normally the shopping board user but thought you guys here might help me!

My OH was doing up a place where he was originally from 130 miles away before he moved up here 3 years ago..we rented up here....he tried to sell his place with no joy and now rents it out..which pays for itself..we had looked at a house on rightmove before we moved into our current (rented) house 15 months ago that was up for sale for £470,000 - looked great but was out of our price range....

Anyway, we are in a really good position to buy a house....and the house we saw at £470k was reduced to £420k - turns out to be a repossessed house and now turns out to have 2 acres of land with it.... it was up at public notice the other week....we went to see it...needs a lot of cosmetic work done to it inside and out

An offer was made at £400k and we put our offer in before the public notice came in the local paper...we had outbid the notice offer before it was in the paper and ended up after a few days offering £425k which was accepted on condition that we exchanged within 28 days... we have mortgage in place with 25% deposit and had solicitors bills etc...and were ready to exchange next week after surveys etc.. but today have had a call saying we have been outbid..we have turned this around in what would have been 10 days!!! my OH was gutted tonight when he came home..he said he has upped his bid to £428k but the woman at the estate agents let it slip that the bid is now £430k...I have told him not to up his bid anymore and to retract his extra £3k.. am I a sh*t for doing so?

Yes - definitely!

missymugwump

If its already bid up to above your bid
What would the point be in retracting or not ?
If you think they will care in any way you are mistaken

silvercar

So you outbid someone and have now been out bid yourself.

True Karma!

david29dpo

Are you asking if you are a cow to your OH?

Wig

Leave it, wait for them to come back to you to say the other buyer has pulled out (as if they even existed in the first place) Then drop your offer to 400K