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Waiting for response from vendors to our final offer...
Cissi
Posts: 1,131 Forumite
We *may* finally be close to getting our dream home - I'm obviously a bit anxious so would appreciate some company
We've been renting for the last few years - we sold in 2005, not in order to "cash in" on a future HPC even though we believed it had to come sooner or later (just as well as we'd have been out by a couple of years!) but because we wanted/needed more space, and renting it was far cheaper than buying at that time. Since interest rates have tanked this is obviously no longer the case and we need to move as the rent is eating into our savings. Like all STRs we obviously aren't prepared to pay 2007 peak prices, which is what most vendors in our area still seem to expect. Things have finally started to move with a number of promising price reductions and a few more realistically priced properties on the market.
This house that we love has been on the market since sometime in 2007, with one 10% price reduction since then. We finally went to view it a few months ago, but preliminary discussions showed that the vendor's expectations were still above what we would have been able/willing to offer. They then accepted an offer from someone else, but this recently fell through, the house came back on the market and we made contact again through the agent. After a few rounds of negotiations we've increased our offer to our absolute top line, which they have said is their absolute bottom line (a fair bit lower than they were prepared to consider last time round).
Now the agent claims that they've had another slightly higher offer - not sure if this is genuine or just an attempt to get us to come even higher (which we can't and won't). We're cash buyers (no mortgage) but I don't know the position of these other buyers... So now we're waiting for that final phone call!
Some numbers for anyone interested: the current asking price is 10% below the 2007 asking price - which was in line with what others were asking at the time and some sold for similar amounts, although this one obviously didn't so was probably a bit overpriced. Their previous deal which fell through was for 10% below current asking. Our best offer is 13 % below asking, the other (supposed) offer on the table is 11.5% below.
If we manage to close this deal we'll be buying a house that was way out of our reach just a year ago, and where we'd be happy to stay forever
We've been renting for the last few years - we sold in 2005, not in order to "cash in" on a future HPC even though we believed it had to come sooner or later (just as well as we'd have been out by a couple of years!) but because we wanted/needed more space, and renting it was far cheaper than buying at that time. Since interest rates have tanked this is obviously no longer the case and we need to move as the rent is eating into our savings. Like all STRs we obviously aren't prepared to pay 2007 peak prices, which is what most vendors in our area still seem to expect. Things have finally started to move with a number of promising price reductions and a few more realistically priced properties on the market.
This house that we love has been on the market since sometime in 2007, with one 10% price reduction since then. We finally went to view it a few months ago, but preliminary discussions showed that the vendor's expectations were still above what we would have been able/willing to offer. They then accepted an offer from someone else, but this recently fell through, the house came back on the market and we made contact again through the agent. After a few rounds of negotiations we've increased our offer to our absolute top line, which they have said is their absolute bottom line (a fair bit lower than they were prepared to consider last time round).
Now the agent claims that they've had another slightly higher offer - not sure if this is genuine or just an attempt to get us to come even higher (which we can't and won't). We're cash buyers (no mortgage) but I don't know the position of these other buyers... So now we're waiting for that final phone call!
Some numbers for anyone interested: the current asking price is 10% below the 2007 asking price - which was in line with what others were asking at the time and some sold for similar amounts, although this one obviously didn't so was probably a bit overpriced. Their previous deal which fell through was for 10% below current asking. Our best offer is 13 % below asking, the other (supposed) offer on the table is 11.5% below.
If we manage to close this deal we'll be buying a house that was way out of our reach just a year ago, and where we'd be happy to stay forever
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Comments
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Good luck:beer:There are many things I'd like to say to you, but I don't how...0
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Good luck, I so know what your going through at the moment so you are not alone.
As your in a better position to buy then hopefully the vendor will go with you as potentially they could miss out on another sale which would cost them more money in the long run. Fingers crossed for you0 -
Yay, they've accepted :j:j:j
We're so happy about this! Out of all the houses that we've viewed over the past few years (mainly in the last 6 months), this is the one that feels like the perfect one for us - feels like this is meant to be! We're convinced that houses have a long way further to fall, but assuming that this goes through we've got it for 22% below the original asking price, so we feel we've done ok - especially when we take the cost of continuing to rent into consideration.
Can't wait for DH to come home - guess who'll be cracking open the champagne tonight? :beer:0 -
Congratulations
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
CONGRATULATIONS!
That's fantastic news. I'm awaiting a reply for my offer. The vendor said it 'felt' too low...they also said they were considering installing a kitchen to sell it for more (I replied saying I would not be interested if this was the scenario) and put forward my proposal again with the fact I'm a FTB etc etc. Here's hoping that they will respond (which they were supposed to do today!). I'm thinking of playing the ultimatium card if they do not partake. The house has been for sale for sometime now and fallen through twice. It's obviously costing them money sitting there empty. Let's hope they see sense and give it up to me....sorry just realised I was rambling and nothing of relevance to your news - congratulations again and I wish you all a lot of hapiness. :j"The future needs a big kiss"0 -
Good luck Typeractive!0
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Great news congratulations and hope all moves forward quickly :beer:Looking for the perfect home and saving to make becoming a MFW easier
MFiT3 48103/50000 Saved So Far :j0 -
Thanks! We've instructed our solicitor and are getting the ball rolling, hoping to exchange in 3-4 weeks.
The vendors apparently got another higher offer this morning but decided to stick with us because of our position. I just hope the other party doesn't come back with an even higher offer... This is nerveracking stuff!0 -
congratulations to you:beer: every happiness in your new home. x0
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Congratulations & well done.:T It will be nice for you to have your own home once again after the past few years of renting.
I hope it truly does turn out to be your dream home & you'll be happy there for many years to come.
Don't forget to invite us to your first barbeque.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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