We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
* We're putting in an offer tomorrow - Seller hasn't found anywhere yet, normal? *
CharleneUK
Posts: 3,206 Forumite
Evening all, it's been a while since I've been here, but I'm back at any rate!
We've found a house we really really like, it's been a bit of a struggle, but we're going to put an offer in tomorrow. Thing is, Seller hasn't found anywhere yet, nor has she and her husband been looking. She said there was no point, as her husband may find something and fall in love with it, but they may not get what they wanted for their current property. Is this how things are done these days, as we viewed another property yesterday and the couple said the same thing?
The history around this property is this (for those who are interested!):
It was originally on for £210,000, so we didn't look at it, as our maximum was around £195,00. We then saw it was on for offers over £184,950, so we viewed it, fell in love with it, so we put an offer in for £189.950. This offer was rejected, so we went back in at £192,950. The estate agent said it would probably be rejected as the vendor was looking for offers nearer to the £200,000 mark.
We were standing our ground though. We THEN saw that the property came off Rightmove, and went on again the next day at offers over £194,950!! We had a think about it, coupled with the recommendation from the estate agent and decided to go for a 2nd viewing.
We still really loved it, maybe more than the first time, so we were thinking of putting in an offer of £196,000 (Which the agent previously said would give us more bargaining power). That said day, the vendor called the agents and said that although she wanted nearer to £200,000, she really liked us and was willing to accept £195,000 and take it off the market.
So that's that. Tomorrow we will go in for that figure. What happens in terms of the vendor not having found something yet? When would you start processes like surveys etc? Wait a while till the vendor has placed an offer on another property or what?
Any views on any of the above would be most helpful!
We've found a house we really really like, it's been a bit of a struggle, but we're going to put an offer in tomorrow. Thing is, Seller hasn't found anywhere yet, nor has she and her husband been looking. She said there was no point, as her husband may find something and fall in love with it, but they may not get what they wanted for their current property. Is this how things are done these days, as we viewed another property yesterday and the couple said the same thing?
The history around this property is this (for those who are interested!):
It was originally on for £210,000, so we didn't look at it, as our maximum was around £195,00. We then saw it was on for offers over £184,950, so we viewed it, fell in love with it, so we put an offer in for £189.950. This offer was rejected, so we went back in at £192,950. The estate agent said it would probably be rejected as the vendor was looking for offers nearer to the £200,000 mark.
We were standing our ground though. We THEN saw that the property came off Rightmove, and went on again the next day at offers over £194,950!! We had a think about it, coupled with the recommendation from the estate agent and decided to go for a 2nd viewing.
We still really loved it, maybe more than the first time, so we were thinking of putting in an offer of £196,000 (Which the agent previously said would give us more bargaining power). That said day, the vendor called the agents and said that although she wanted nearer to £200,000, she really liked us and was willing to accept £195,000 and take it off the market.
So that's that. Tomorrow we will go in for that figure. What happens in terms of the vendor not having found something yet? When would you start processes like surveys etc? Wait a while till the vendor has placed an offer on another property or what?
Any views on any of the above would be most helpful!
"I did then, what I knew then. And when I knew better, I did better"
0
Comments
-
Do you have a mortgage?0
-
I guess the main downside is likely to be that the whole process is going to take even longer than it normally does. But as you've already waited a while, and are forewarned, then why not? If you love the house and can afford what they say, I say go for it!0
-
Hi there
It's very normal for someone to sell their place before finding somewhere themselves, yes.
Most vendors won't consider an offer until the buyer has a mortgage agreed and has sold their own place, so I'm unsurprised that they haven't found somewhere yet. They need to be able to say that they've sold their house (to you!) before any vendor will take them seriously, so I wouldn't worry about that.
Assuming you have a mortgage agreed (otherwise, get that first!), I would go ahead with the survey because it shows you're serious and not going to pull out in a few weeks' time, but I would hold off steaming ahead with getting contracts ready until they have found somewhere themselves. That way, in case they don't find somewhere, you're only out of pocket the minimum.
I hope that helps.
Cheers
KiKi' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".0 -
We have a mortgage in principle. We're first time buyers.poppysarah wrote: »Do you have a mortgage?"I did then, what I knew then. And when I knew better, I did better"0 -
CharleneUK wrote: »We have a mortgage in principle. We're first time buyers.
Charlene welcome back...
Sometimes certain properties are meant to be - in this case I think you should stick with it BUT keep an eye out for other properties in a similar price range.
One other thing to bear in mind is that the lenders valuation may have a bearing on the final price.
Good luck!0 -
Welcome back Charlene
Do not do anything that costs money until there is a complete chain. It's fine to fill out the mortgage application etc but don't pay for the survey until they are ready to move. Likewise, speak to your solicitor but don't go ahead with searches or anything until they've found somewhere.
Many chains collapse. At least start on the right foot with a complete one. If they don't find anywhere (I'm sure they will though) you don't want to have paid out money when you could have avoided it. The move won't take any longer for everyone starting the conveyancing at the same time.Everything that is supposed to be in heaven is already here on earth.
0 -
It's funny you ask because there's another thread with someone asking if it's OK to view houses when they haven't found a buyer for theirs. There are a reasonable number of people that think a vendor should find a buyer before they go looking at houses let alone making offers. Personally I'm looking for our new home but our house will be going on the market in the next week and if we find a buyer before a house then great.0
-
shirlgirl2004 wrote: »It's funny you ask because there's another thread with someone asking if it's OK to view houses when they haven't found a buyer for theirs. There are a reasonable number of people that think a vendor should find a buyer before they go looking at houses let alone making offers. Personally I'm looking for our new home but our house will be going on the market in the next week and if we find a buyer before a house then great.
There is no harm in doing what you are providing all parties know the score. Todays 'not yet sold' is tomorrows 'sold' thus in a position to proceed.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Now that they have a buyer for their house (you), then it puts them in a much stronger position to go and view other houses.
It's a lot of stress and effort constantly having your house tidy for viewers, so many people don't want viewers that haven't accepted an offer on their own house.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Assuming you have a mortgage agreed (otherwise, get that first!), I would go ahead with the survey because it shows you're serious and not going to pull out in a few weeks' time
I have to disagree with this. Don't pay out for anything, as soon as you do the seller has you over a barrel and can wriggle around deciding what they want to include in the sale, when they want to leave etc. and you'd be out of pocket if you pulled out.
Secondly mortgage companies are still very jumpy at the moment. Our mortgage offer had a 2 month application to completion deadline on it, and they refused to extend. If you apply now then the chances are that the mortgage offer will expire before you complete.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards