buying a house - help!!!

zulfia

Hi, We started looking for a house about 3 weeks ago, I was exited about the house we saw on the first day and was ready to buy it, then we found another house, put an offer, then somebody else put an offer and our final offer was 10,500 more then initial price. It was accepted. Now I think it is too much, and a solicitor contacted us through the agancy saying that we need to sign the contract. Meanwhile I talked to a few people in the area and they all said that the house needs some work, so I am wondering if we could lower our offer on the basis that we only had a brief viewing and had not done a survey. Contract has not been signed yet.

We also found some cheaper houses in a different area that we like very much. So can we pull out of this agreement, is so - what is going to be the price of it. Alternatively, can we lower the price of the house, or, if our offer was a ceratin amout, we should stick to it?

I would really appreciate if somebody could give an advice, thanks, x

Running_Horse

Walk away and put it down to inexperience. But next time don't mess vendors about with your naivety. They are real people too, and your stupidity will impact on their lives, and those close to them. If you are that silly, then use these forums for good advice from those who have been there.

LydiaJ

Until and unless you exchange contracts, you can do what you like. You can (and should) say that you won't exchange until you've had a survey done. You can lower your offer on the basis of what the survey says. You can pull out altogether. With no contract, you're not committed to anything. But remember that the vendors have the same freedom to change their minds too.

Don't sign contracts until you are sure about buying this. Pulling out after exchange is very rare for good reasons - it usually costs you an enormous amount of money, for a start.

CloudCuckooLand

Calm down, dear...!

Sounds like you need to avoid getting emotional about every pile of bricks you see...

You say there has been no survey...did your mortgage company not get one done? The signing should not be asked for until you have surveyed, is the solicitor working for you or the estate agents...?

SJCJDCLSC

If you haven't paid any money out at the moment then the financial price (I think) would be nothing. It would be better to pull out now before more money goes into the deal. If you exchange contracts remember you are legally bound to buy the house and just having a change of heart won't get you out of it.
Have you got a mortgage offer on the house? Like Lydia says you will want a survery done before you exchange but also your mortgage company are going to want a valuation. If their valuation doesn't marry up with your offer you are going to be in a pickle. If the house 'needs work' you might find getting the mortgage you expect won't pan out.

Like others have said, you need to make up your mind and not mess people around. Talk to your partner and discuss what you really want from a property. If you pull out and view more houses, don't make an offer at the house if you are the impulsive type, as in my experience EAs can put pressure on you like by saying there is another viewing this afternoon etc which makes you think you will lose the house unless you act right away. Even if you call 1 hour later to make an offer at least you will have had time to cool off!

The people who are selling the house you offered on sound like they are doing alright out of your offer - but they did have another interested party so don't buy the house out of guilt. Walk away now if you have major doubts or if you do want the house make sure you know what you are buying before you go near the contract!!

sprocker1

Quite simply a house is worth as much as YOU are willing to pay for it! (and of course how much the mortgage company are willing to lend against it!)

Unless of course you are looking to buy, do up and sell on at a profit........

Soot2006

We did this with the first house we put in an offer for - let ourselves get chased upwards in the excitement. When we reached the absolute Max we could borrow (£15,000 higher than our self-imposed limit!!), we started wondering where else we could get money to get that house. Luckily we were outbid again and gave up (with lots of tears). If the EA had called me to sign the contract I would have run there like an idiot and signed anything, I was so caught up in the emotionality of it!

The good news ... Instead of £190,000 + stamp duty,
we got a similar house for £175,000 -- first bid accepted for a quick sale.

It's easy to get over excited, but the more houses we viewed, the more rational we became. We only offered on three in the end. That first over-excited offer, then a silly offer on an overpriced house that was rejected outright (worth a try but not worth the haggle!) ... and finally the one we bought :-)

pie81

1) As long as you haven't exchanged contracts, you can pull out. you may need to pay for any work your lawyers have done towards the sale, but you wouldn't need to pay anything else.

2) Or you can reduce your offer. But the vendor may say no to your reduced offer, in which case you have the choice either to pull out or continue with your original offer.

3) It sounds like you need to look around a bit more, to become more certain of what is available and what you want, before you make any more offers.

4) Don't exchange contracts on ANY property without getting a survey done.

Good luck.

thriftyamy

Running_Horse wrote: »

Walk away and put it down to inexperience. But next time don't mess vendors about with your naivety. They are real people too, and your stupidity will impact on their lives, and those close to them. If you are that silly, then use these forums for good advice from those who have been there.

god it's the same on every forum I've ever looked at - people are so intolerant of n00bs! I don't think there's a lesson to be learnt, the same thing could happen due to an unsatisfactory survey result...

At the end of the day as everyone says, the contract marks a commitment, until then you're free to do what you like, and as unkind as it may sound, worry about your own game, not messing vendors around or hurting their feelings

everyone knows how complicated house buying and selling can be, if the vendors don't expect the occasional hiccup they're being very naive.

i was once told that one in 3 sales fall through before exchange, i've never been that unlucky but I think it's sensible to always expect things to change/go wrong

in conclusion, if you've changed your mind, now's the time to get out!

stivy

The advice on the forums is really useful for those who are buying for the first time. I know it seems stupid that someone would even consider spending many thousands of pounds without really knowing what they were doing but at least the people who end up here (like me) have the sense to seek people out who can offer some pointers.

Reading the forums has become a kind of religion now, and something must be sinking in because I feel a lot more confident about the process.

poppysarah

Stop. Look. Listen.
Find a safe place to cross.

Yes, pull out. You've spent only 3 weeks looking for a house.

Are you getting a mortgage?
Why did the solicitor contact you through the agency? Had you picked the solicitor?

When spending a huge amount of money you should take the time and trouble to research everything properly.
From picking the solicitor to viewing houses.

View at least twice before you make an offer. Take someone round with you who is more calm and sensible and will point out the roof is falling off (Parents perhaps)
View more houses.