Would you accept this offer on your house?

sonastin

Its easy to get mesmerised by the numbers and %ages when it comes to buying property so maybe take the financial side out of the equation for a minute and look at the quality-of-life point of view...

Which is going to be more bearable...
Living in the area you are unhappy in and managing the commute to work?
or
Moving back in with your Dad?

Either option gives you time to get the money side sorted (either by saving to top up your deposit, waiting for a higher offer and/or waiting for asking prices in the new area to come down) but day-to-day life will be very different depending which way you go.

Pumpkin7

Gosh thank you all for the replies. So many different opinions... and everyone one of them is something that has gone through my mind at some point or another!

Is it possible to accept the offer but say we are still keeping it on the market? Im sure I read of people doing it?

However I imagine if someone said that to me I would just retract the offer as it pointless for me as a buyer?

Pumpkin7

sonastin wrote: »

Its easy to get mesmerised by the numbers and %ages when it comes to buying property so maybe take the financial side out of the equation for a minute and look at the quality-of-life point of view...

Which is going to be more bearable...
Living in the area you are unhappy in and managing the commute to work?
or
Moving back in with your Dad?

Either option gives you time to get the money side sorted (either by saving to top up your deposit, waiting for a higher offer and/or waiting for asking prices in the new area to come down) but day-to-day life will be very different depending which way you go.

I think that is a very sensible way to think- how will it effect us day-to-day. Though I am trying to look at in long term and not to short term

Either option is as unappealing as the other. I really, really am unhappy where we are. I really don't like the thought of a 30 minute communte on an A road every morning to the school. However the journey is failry straight forward. Its more that I have had enough of this area. I wanted to move last year but it wasnt right for a few reasons.

My dad house would solve that but he is getting work done to his house its a total state. So again we would be in a building site (after just living in one for past two years while we did this up). Plus he is not the easiest to tolerate at times. I actually get on with my dad since we stopped living together!

Though it will be nice for my daughter to see her grandad more...

Sigh!

Just as another thought- one thing concerning us is our mortgage AIP. Well my dp mortgage has been more to the point- the mortage is based on him only as I am newly self employed. We are due to marry in 2 months. Our broker told us he might lose some of the funds as I would be classed as his dependant. The reality is that Im not as I have my own income but it cannot be taken into account. She isnt sure what they would say but she thinks they might offer him a much less of a mortgage.

We are concerned if it hasnt been sold by Novemeber when we marry that we lose a large part of the mortgage offer making it impossible for us to move should this happen.

westv

Pumpkin7 wrote: »

I really don't like the thought of a 30 minute communte on an A road every morning to the school.

How old's your daughter? Can't she get a bus/buses to the school if needed?

Pumpkin7

westv wrote: »

How old's your daughter? Can't she get a bus/buses to the school if needed?

Ha no, she has only just turned 4 years old! She will be starting reception which is what prompoted the move- I don't want her to start school in this area

Jackinbox99

whitesatin wrote: »

All these figures, a house will sell for what it is worth.

My house was valued, this time last year, at £442,500. I thought it was overpriced so kept reducing it. I have (almost) sold it for £306,000 or thereabouts.

No "profit" whatsoever as I have spent around £75,000 on improvements over the past few years. It is in tip-top condition, a period house.

I will expect to pay a lot less than asking price when I get round to buying in the next few months.

It's the way things are just now.

Wont work like that. Ive just bought a house and nearly all the houses i put offers in on, the seller refused to drop the asking price AT ALL. One house, I even had to offer 10k more than asking price to get offer accepted. Looking at the sold prices, im having to pay the same as prices were 2 years back.

Now its coming to me to sell my house. Looking on right move, houses like mine needing tons of work and no garage are going for 150k. Mines just had 35k spent on it, completely refurbished, new kitchen / bathrom / plastering / decorating / hallway / staircase. Even had the garden all landscaped and a massive double garage built.

Whats the estate agents verdict? House is worth 160k. So, effectively that 35k of work I paid for has only boosted the value by 10k. I need a quick sale, so I fully expect I will end up having to let it go for 155k. Meaning that for 5k more than a crappy house someone has a house with 35k of work and in perfect tip top condition.

missile

It depends where you live? Some areas are increasing in value others continue to fall.
It depends on how anxious you are to sell? Only you can answer that one:j

firstaspect

In my opinion the only reason I care what my house sells for is if it enables me to get the house that I want to move into. Not too fussed on figures and percentages. If selling at that price enables you to buy what you want then go for it, if it doesn't then maybe say no.

sonastin

If your daughter was a teenager, I was going to suggest that she moves in with her grandfather during the week so that she can get to school, you don't have to commute, and you can have a bit of peace and quiet during the week!

But I'm guessing at 4 there probably aren't as many teenage strops so you'll probably miss her too much for that option!

wherediditallgothen

geoffky wrote: »

This offer could be a massive offer when you look back in 12 months time..i bought recently and got 39% from peak asking price so your offer seems good but only you can decide.

Good point. There are so many unknowns at the moment as to how low house prices could drop, and how quickly they will go. Whether you should accept depends on whether you feel it's the right offer at the right time. It's less than you really want, but the only definite reason to decline is if it's less than you NEED.

You may be better off waiting for a better offer, but you are just as likely to be kicking yourselves in a few month's time when maybe you can only dream of a £430K offer.