House purchase. Bidding wars.

MelaBella

deleted. thanks all for advices

Fire_Fox

Welcome! You are foolish to offer that much if it is not worth it or you can't get a mortgage after the valuation. What are land registry sold prices like for the building and area? For sale prices are often unrealistic with vendors in negative equity or wanting to minimise their losses.

You can pull out at any point up to exchange of contracts, don't spend hundreds of thousands of pounds unless you are sure this is a long term home and you can afford to take a loss. If you are getting jaded take a break from house hunting for a few months.

Mickygg

It's easy to get carried away when you find a place you like. But paying 8% over sounds high. If it was 8% on £100k then not so much, but as its London I suspect its nearer £200k and therefore more like £16k which is a lot.If you're not happy with this go back to the EA and renegotiate. If they won't then pull out, or you'll be forever worrying you have overpaid.
Also do lots of research on right move, zoopla etc and see what you think the place is worth. If you still think you are overpaying, do something about it.

eddddy

Another way of approaching it is to wait for the mortgage valuation. If the valuation matches what you're paying, perhaps you will feel happier about the situation.

If the valuation is lower than what you are paying, you have a solid justification for starting a re-negotiation - which may be more successful than just saying "I changed my mind about how much I want to pay".

But obviously, you will incur fees along the way. If the re-negotiation fails, and the cash buyer steps back in, you will lose some money.

MelaBella

deleted. thanks

MelaBella

eddddy wrote: »

Another way of approaching it is to wait for the mortgage valuation. If the valuation matches what you're paying, perhaps you will feel happier about the situation.

If the valuation is lower than what you are paying, you have a solid justification for starting a re-negotiation - which may be more successful than just saying "I changed my mind about how much I want to pay".

But obviously, you will incur fees along the way. If the re-negotiation fails, and the cash buyer steps back in, you will lose some money.

The problem is that im in a rush to buy, this is due to some personal reasons. What if valuation matches the price and I still want to re-negotiate? How should I reason it? I hope the mysterious cash buyer (if he ever existed in a first place) will get lost later in the process, so i guess i need to do it later in in the process just before the exhange.

MelaBella

also this property has single glazed sash windows, moreover 1 window is broken and i surely need to double glaze them all, just googled the prices (I am based in London) and fainted, doest it cost around 1K to put a new double-glazed window? it will add at least 6k to the price then? shall i back off before the survey or after?! hmm what a dilemma

sorry i am so new to this dont know what to do!

anselld

MelaBella wrote: »

also this property has single glazed sash windows, moreover 1 window is broken and i surely need to double glaze them all, just googled the prices (I am based in London) and fainted, doest it cost around 1K to put a new double-glazed window? it will add at least 6k to the price then? shall i back off before the survey or after?! hmm what a dilemma

sorry i am so new to this dont know what to do!

You only "quite like" the flat.
You already thought you were over paying by 8k.
You think there is another 6k you were not expecting.
... and you cant decide if you want to spend more money on a survey?

MelaBella

deleted. thanks