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Outrageous update! Stressed FTB!
Comments
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That sounds like very good advice.
Wish we were'nt so emotially involved.
We've been extremely naive and foolish havn't we?
We've just upped the price at every request because we love the house, but now it just feels like corporate greed is at play. There's no emotion, no humanity, just money.0 -
Trouble is as you've discovered buying a house is as much heart as head. However, consider that if you proceed with this house at a higher price, you will forever feel slightly ripped off and that thought will nag at you, and chip away at your love for the house, and potentially be a bone of contention in your relationship (one of you blaming the other for insisting on having it).
Don't feel bad for being emotional - its entirely understandable as its a home you are looking for not just a hunk of gold as an investment. However the time is now to mourn and move on. Walk away with no further comment and let them wonder. Its not worth hoping they back down etc - you'll find something better and in time wonder why you wanted this one.Adventure before Dementia!0 -
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You've said yourself that £140k is a stretch. The reality is you do not have anything else to offer so they can't squeeze you for a penny more. If they won't budge, you'll have to move on. Its no longer playing games. If they were hoping to push your offer higher, they might come chasing if you walk away but treat that as a bonus, don't hang your hat on it. As the others have said, mourn this loss and move on to finding something even better and for less money!0
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Hi
I agree with every one else. Its time to walk away and tell the EA why.
I would also look at every EA in the area to see what they have on offer. Or you could drop leaflets through peoples letter boxes in areas you are interested in to see if you can find someone willing to sell.Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
OK, put it this way....how bad would you feel if you were 5 weeks down the line, you've completed your surveys and your solicitor is about to exchange when they ring you and ask for another £5k? You've already said you initial offer was a stretch, now what do you do? Pay the extra £5K and take the pain because you have no choice, or walk away and lose hundreds from fees etc? You're right, house buying is as much about heart, but you have to let your head win in this case. Business is business and this is the biggest financial decision of your life. If it were me, I wouldnt trust the EA or the vendor as far as I could throw them. Any price you agree now isnt binding until exchange. Promises arn't worth the paper they're not printed on and you are looking at a very nasty situation if this goes bad. I'd walk away and tell the EA, "I dont trust you anymore, goodbye". This sort of game this early is just a portent of what is to come.Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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I hardly slept last night.
I know your'e all right about this. We gave them the ultimatum with a deadline of this lunchtime, but we've both got a very bad taste in our mouths about this now. I really dont trust them anymore.
The thing thats adding to our stress is we live in a quite bad area and we're meant to be applying for primary schools for our little boy come this September. The schools were we live are pretty poor to say the least (even made national headlines), and the local school to this new house is outstanding.
We had just put so much of our hopes on this one and feel very very let down.
We thought about renting somewhere else but the rentals are too expensive, and it's reasonably priced to live here, but the quality of life is rubbish (drugdealers, crime etc). Just wanted something better for our little ones.
We only are able to look at a house like this one because we have a good deposit which we obtained through very unfortunate circumstances, otherwise it would only be a pipe dream. Looks like its going to stay that way.0 -
if you have £140k budget, why hang on for this house, fall in love with another one and tell them where to go!Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
Update...our offer of £140k has been rejected! The price they want has increased to £144k!!
Felt like crying when the EA got back to us this morning, and now I'm really angry.
This vendor (Morris Homes apparently, not Barretts) has no integrity or scruples. They told us the price they wanted and have now reneged on the verbal agreement!:mad:
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We must be interested in the only property that is increasing in price!! All others seem to be dropping! This is so wrong surely! Are there no laws or code of conducts they have to abide by?
Hubby has rang to say they have til tomorrow noon to accept the agreed offer, thereafter the offer is £130k and we walk away.
Any advice/oppinions appreciated.:o
There never has been a verbal agreement. Never. Thinking that there is just contributes to your anguish now.
The law and code of conduct which applies is that the property is theirs to sell at a price they want.
As for dropping the offer to 130, I think that they may well know all too well that you are desperate for this house and they will just laugh at your posturing - even to the point of losing the sale..... The thing thats adding to our stress is we live in a quite bad area and we're meant to be applying for primary schools for our little boy come this September. The schools were we live are pretty poor to say the least (even made national headlines), and the local school to this new house is outstanding.
We had just put so much of our hopes on this one and feel very very let down.
We thought about renting somewhere else but the rentals are too expensive, and it's reasonably priced to live here, but the quality of life is rubbish (drugdealers, crime etc). Just wanted something better for our little ones.
We only are able to look at a house like this one because we have a good deposit which we obtained through very unfortunate circumstances, otherwise it would only be a pipe dream. Looks like its going to stay that way.
The above may appear useless as advice. If you are still intent on this house, you do need to take it on board and walk away rather than let this run any further along the present lines. And if you choose to look at other properties, I suggest that you look at how you present yourselves, so that you come across as keen to make a good purchase rather than desperate to get out of a bad area.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Hubby has rang to say they have til tomorrow noon to accept the agreed offer, thereafter the offer is £130k and we walk away.
Any advice/oppinions appreciated.:o
Have you been reading this forum a bit too much? I thought comments like that were restricted to being made by posters who aren't trying to buy a house. No genuine buyer has ever come to me with an offer like that (and I have a feeling I know where I'd tell them to put offers like that as well)
What did that achieve exactly? Do you not want the house at £140k then? Either you want it at the price you've offered or you don't. If you weren't happy with £140k then fine, but why was it £140k to lunchtime?
You're dealing with a corporate seller. No one takes kindly to threats so you're more likely to do damage than help your own situation with anyone when you react like that, but a corporate seller's reaction to what you did is likely to be one of deciding you're a bit of a time waster anyway and brush you off.
Sticking at the negotiations, leaving the offer on the table and communicating with the EA, regardless of their mistake (which is where I think the problem arose, not the vendor btw) and biding your time might have been a better option. Softly, softly catchy monkey.
I hope there is something else out there for you, I'm sure there will be. Next time though, remember that house buying is stressful, that there aren't really any rules except one of honesty, regardless of whether you feel you've been wronged yourself. Don't behave as if there are plenty of fish in the sea and you have all the time in the world, if you do not and the primary school thing is important to you. I think that is more important to you than mind games.
Negotiation is key, if you don't get what you want straight away, stick at it - don't spit your dummy out. If you give people the distinct impression that you're difficult to do business with and especially capable of dropping offers (gazundering is a cardinal sin!) then they will avoid doing that business with you. I've said it a hundred times on this forum, but flattery will get you everywhere.
I've been dealing with corporate vendors as well and we got our fish by waiting, keeping in contact with the EA and then pushing harder at the point. I find them much easier to persuade in a downward direction than owner occupiers because they will respond better to the market. If there genuinely is no other interest, then waiting will probably get you the result you were after. Are the occupiers still there or have they moved to the new build? If they are there, it might be that the wait for their house to be built and before moving in could be a long one anyway...
If you're still interested, I'd speak to the EA again. I'd be surprised they put forward your last offer.Everything that is supposed to be in heaven is already here on earth.
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