to those buying in these difficult times! AKA buyers support network

lostinrates

QTPie wrote: »

Asked for more money on what grounds???

QT

Buyers who pulled out before have come back...

lostinrates

Panic over...for today.

I think it might be on again off again until exchange.

People say renting is stressful, but this buying business is a nightmare!

Chris_Quartly

Exchanged today, will complete on the 20th! Exciting but scary times ahead

Tony_R

I thought I'd join this. This is our second attempted purchase after the last one fell through four months ago, due to the sellers (a building company selling a PX to us) were really underhand and we told them where to go.

This time it seems far more straight foward, so far

About 5 weeks ago we put an offer of £250,000 based on a house valued at £275,000. That was rejected, a week later we increased to £250,000 + £2k for fixures and fittings which was also rejected.

We decided to view some other houses below £250,000 but the standard between this and those was obvious. So two weeks later we increased to £255,000, and agreed to the stamp duty. That was 13 days ago (a Thursday, 29/4). The sellers have already found their house (and have a bridging loan) and are 3-4 weeks from completion. They then want to own both houses for 4 weeks so they can move over slowly and decorate it etc. They want us to be ready in 8 weeks.

Since then this has what we've done.

Friday (30/4) and Saturday (1/5)- searched for a better mortgage offer than the AIP we had from the last house, and found a 5 year fixed rate at 4.99%.

Applied for a mortgage on Tuesday (4/5), paid £210 to upgrade the free valuation to a Home Buyers report. We also appointed our solicitor (same one as last time).

Accepted for Mortgage on Wednesday (5/5), posted off payslips as proof of income.

This Monday (10/5) - surveyors carried out the valuation and homebuyers report.
Yesterday I received a letter from surveyor asking us to sign it and we should get the report 7 days after they get our signed letter.
Sent it off today, also called them as I had a query on the letter, which they were helpful with. They said we should have the report by Saturday.

Our solicitor has been on hold, as he is starting at a new company on Monday. Hopefully I'll have the survey by then so he has everything he needs.

QTPie

lostinrates wrote: »

Panic over...for today.

I think it might be on again off again until exchange.

People say renting is stressful, but this buying business is a nightmare!

Good

We are going to view a house from a speculative mail out to targeted houses tomorrow... pretty exciting... will be interesting: firstly will we like it, secondly can we persuade her to sell (downsizing and wanting to move closer to her daughter).

QT

lostinrates

Good luck QT.

I will NOT miss viewings. I'm amazed people do it as a long term hobby.

what I am wondering is what to do now. We're going to start sorting through the junk we have acquired. seeing what should maybe be offered on freecycle or to our current village fete. (oh, I guess I should see if the new place has a fete or anything...) . I'm also thinking of packing things we are not likely to use between now and the move. e.g. I could start washing an dpacking extra linen etc. I think its too cold to do the same with winter clothes, but maybe some of them can be packed.

I'm planning on marking the boxes we pack now with which room they should go to, but the stuff in storage I'll have to decide as as it arrives at house.

Hopejack

It's been a long time since I posted on this thread but finally we've sold our property to a FTB - took 12 weeks (10 weeks from the offer) due to an issue with them getting their mortgage - got sorted in the end.

We are now in the process of buying a place which needs a lot of work (DH isn't keen!). I love the house and the location is perfect - it's over budget and sadly we have to pay the stamp duty as it's over the £250k mark but I'm hoping it will be worth it. My (old) EA valued the house but didn't get the business, and so having seen the place and knowing the area, she thinks we have got a really good deal for the place as we've secured at £20k under the asking price due to the work/modernisation.

Things are moving quickly with our mortgage - got it approved in the branch and the valuation has been done - it's only been 4 weeks since we offered! There is a chain of 3 (inc us) but we are the only ones needing a mortgage and the top of the chain is an empty house which is good - plus all sales are through the one EA - a valid point for them ensuring they don't take their eye off the ball to mess up the chain!

My biggest concern is getting the work done, we are moving in with my parents (no mean feat with 2 young children and lots of stuff!) and putting our main furniture in storage while the bulk of the work is done. I had a builder lined up but he's been unreliable with my friend's house/job so I'm discounting him, this means getting more builders in once we complete and get the keys (I don't feel able to ask for access again before that as it's an elderly couple). Potentially, it could take us a good while to get a builder who is reliable and can do the job at the right price and then them fit it into their schedule! Argh!

Still, I keep telling myself it will be worth it eventually!!....

azkaban420

Hi all,

I hope it's ok to add myself onto this thread prematurely!! I am trying to sell my house so I am on the other support thread, but I saw a house I really liked in Jan, placed an offer (up for £250k, finally agreed on £235k), had it accepted, then was gazumped by someone else when I couldn't sell in time - fair enough, as my house didn't have an offer, the house stayed on the market for better offers.

Some time has moved on and about a month ago I did get a firm offer on my property. When I went back to the EA about the house I liked he told me the house's sale had 'just dropped again' and that he was sure the vendors would be more than happy to pick up negotiations from where we left off. Unfortunately our offeree pulled out as they couldn't get a mortgage (cry) so we were back to square one.

I've been keeping an eye on the property I liked and it's still been on the market (available) all this time, except today it wasn't on the web. I called the EA and they told me that 'for the 5th time the vendors have decided not to move'. Bascially according to her they got several offers over the course of time but as they couldn't find anything quick enough they'd pull out or something. Someone apparently offered them full asking, which they accepted, but then decided to take it off the market the next day.

NO IDEA what is going on but the EA told me that when I sold if I wanted to get back to them, they'd ask the vendor the question if they were still interested to sell, etc. I emailed her back to say that's all fine, but if we do sell and are interested in continuing negotiations with the vendor, I am concerned about their reliability, and has any buyer lost any money in searches etc, due to them pulling out?

Sorry for the long-winded post but I actually had a couple of things in mind:

1) Not knowing all this is happening, I was hoping if I have to take an even lower offer on my property to sell it, I was thinking of going back to these people and re-negotiating a lower price with them too, since their house supposedly hasn't sold either;

2) I know this is all hypothetical, but if they've had an offer for the full asking price and pulled out, why does the EA think that if I come back still interested, that the vendor may still sell to me, at the offer I had placed? She seemed a bit fed up of it but also glad that I was interested (if that makes sense?)

Sorry if it sounds like waffle but I'm just confused now - I know I need to sell before I even do anything with another house, but even so...


Az

Hopejack

Az

Personally, I would keep looking for another house - that vendor doesn't sound too reliable at all to me. It would be a pity to go so far down the line for them to drop out again - and if asking price didn't move them then what do they want???

I know it's easier said than done when you love a place, but hopefully there will be more coming on....

My Mum hung on for 6 weeks last year for a house she loved while the vendor 'looked for something to buy' - in the end he pulled out as he said he couldn't find anything - 6 weeks wasted by my Mum which left her in an awkward position with her buyers as they wanted her house! So she ended up moving in with us, furniture in storage. She has now found a house and moved in a few weeks ago - it's taken a long time but imo, the house she now has is much better than the original one - fate!

azkaban420

Thanks Hopejack, I've tried not to set my heart on it too much but it is very good value for money in comparison to everything else I've seen, even though there is a bit of modernisation required (which I don't mind). Will keep looking for other places, who knows, as you said, something else better may come along...shame though :S

Az