Offer accepted but have I been stupid here?

sambessey

InMyDreams wrote:

It was all worth it though. Within minutes one way you're in the city centre, minutes in the other and you're in the Peak Distict. Nice and central for friends and family all round the UK. Really is the best of both worlds here. I'm sure you'll love it

yeah it's a great place to live- I lived there for three years at uni- and I like it so much I am buying a house there now! I am positioned very close to a park, and the way the parkland is laid out, I can run through woodland/ parkland all the way to the peaks- right from almost central Sheffield!

Thanks very much to everyone in this thread, I feel confident I have done the right thing now and look forward to exchanging this summer :T

Mental_Mentor

I agree with what you have done. I have done similar in the past to secure properties for renovation. There are a lot of developers out there!

An offer is just that - an offer! You can renegotiate the price after survey if you're not happy with it. Usually the vendor does not want to go through the hassle of putting it back on the market at that point. It's a risk, but worth it.

It's all psychology and a bit of a game.

wolfehouse

I live in scotland and have done the same twice now as my timing with the housing market stinks.
inflation has now made the first purchase overprice seem like pennies and if you live in the house for a long time a bit of overspend now will not matter in the end.
the other property has not made back the overspend after a few years and I will consider letting it out until prices catch up with what i spent on it.
the blind auction type bidding does leave a queezy feeling though. not nice.

DopeyDora_2

Yep, my mum & stepfather live in S10 (across Endcliffe Park from the Eccleshall Road) & entered a hotly contested bidding war which they eventually won. As others have said, it is a lovely area with good connections to the city centre & out into gorgeous countryside.

Dora x

meanmachine_2

wolfehouse wrote:

Iinflation has now made the first purchase overprice seem like pennies and if you live in the house for a long time a bit of overspend now will not matter in the end.
.

Sorry, you must be living in a different Scotland that has high inflation.

The Scotland I know, the one attached to England, has low inflation and low interest rates.

OP: That 10K you've just thrown away is still going to be a huge sum in 10 years' time.

Congrats. You are a money wasting expert.

mystic_trev

I wish I had that kind of money to waste!

eurows

I saw the house at the weekend and put an offer in yesterday. I went straight in at 10K over. I have had the offer at accepted.

Somebody please tell me this is a joke and some of the responses are in on the joke. You are making a BIG mistake. That 10K has to be paid back. Have you worked out how long it takes to pay it back. Let other people fight over houses. Soon as they start you pull out.

IR are going up soon. It will take even more paying back once they do. Why don't you make a note of all those on her who have said 'GO FOR IT' and when you are struggling to sell your house, stuck in negative equity when the rates do finally go up. They may all put too and bail you out.

Honestly, this is a site for people saving money, not egging them on to pay more. If you do go through with this, you deserve what ever comes your way.

meanmachine_2

eurows wrote:

Honestly, this is a site for people saving money, not egging them on to pay more. If you do go through with this, you deserve what ever comes your way.

The majority of this site is extremely sensible and populated by true money savers.

It's this property section that appears to be caught in some kind of parallel universe.

If moneysavingexpert were a town, this part of the forum would be the high security mental hospital.

ollyk

The latest Halifax report suggests that, while Sheffield has increased in average house prices by 104% since 2001, there has been a 0% increase in the 12 months uptill March - maybe Sheffield is fast running out of steam?

sambessey

eurows wrote:

Somebody please tell me this is a joke and some of the responses are in on the joke. You are making a BIG mistake. That 10K has to be paid back. Have you worked out how long it takes to pay it back. Let other people fight over houses. Soon as they start you pull out.

IR are going up soon. It will take even more paying back once they do. Why don't you make a note of all those on her who have said 'GO FOR IT' and when you are struggling to sell your house, stuck in negative equity when the rates do finally go up. They may all put too and bail you out.

Honestly, this is a site for people saving money, not egging them on to pay more. If you do go through with this, you deserve what ever comes your way.

Do you know Sheffield, the market and the area there at all?