About to exchange, seen cheaper house on same street!

ashli_2

Also, we have the tightest of budgets for the rennovations that need doing, and an extra grand would tip the balance quite nicely.

seven-day-weekend

The other house actually sounds completely different to yours, so why should it be a comparable price?

My hoiuse in the UK is a mid-terrace, but the houses are all different inside (and outside too). The only resemblance they have is being a terraced.

I would not base the price of my house on the price of someone else's.

Bun

The house that you are buying sounds like the new one, but with wall removed to make a more practical living space. It would cost you more than 4k to do this to the newer one, not to mention the replacement fees etc.
Personally I would be really unimpressed that this has come up just before exchange - you have got what you want for the money you thought it was worth.

pinkzebra

Remember, you will have to pay for another survey etc, and your solicitor may charge you more money too. Double glazing doesn't come cheap either.

Plus, you may not even get the other house - someone may offer a higher price than you, then you would have no house at all!

I would stick with the one that you are buying.

telfordwhite

The fact that there is no chain is worth 4k IMO.

The vendor will probably feel like wringing your neck if you pull out now.

Perhaps I should let our buyers know that next door have just put their (inferior) house on for 25k more than we accepted...Do you think they'll up their offer....?

sarah_elton

Double-glazing just cost £3,600 for my two-bedroom flat, which was for five windows and no doors.

£4k difference is very little (what's the purchase price?).

ashli_2

Oh well, the buyer has refused to negotiate further. And we're not going to pull out, and I am not desperate enough to call her bluff.

No harm in asking though :rotfl:

KMK

I have just been at the receiving end of someone pulling out at the last minute just before exchange, for a very unconvincing reason. All the contracts had been signed when they withdrew. We are now surrounded by packing cases with nowhere to go and potentially out of pocket because of solicitors' fees, surveys on next property etc. We were absolutely gutted by the 11th hour withdrawal and still picking up the pieces.

I know that it is not illegal to renege at the last minute, but it causes immense distress to others and considerable financial loss that is often irrecoverable Surely treating other people involved decently and with integrity is more important than last minute savings? If a major, unexpected defect in the house were to emerge or a personal crisis to happen, then it might be understandable, but otherwise the honourable way is to proceed at such a late stage. Or am I old fashioned?

mr.broderick

zag2me wrote: »

Threaten to pull out unless they take your lower offer! You are the one giving them all your money, don't forget that. Is a 5000 pound reduction worth being nice?

The way the law works in the UK means that nothing is set until you exchange your contracts, a verbal agreement means nothing until you do that.

Good heavens...

So i market my property for £200000 and agree a deal. 2 months in to the process a house comes on the market on our road for £205000..What do i do? Ask for more money?

$$$_12

mr.broderick wrote: »

Good heavens...

So i market my property for £200000 and agree a deal. 2 months in to the process a house comes on the market on our road for £205000..What do i do? Ask for more money?

Not necessarily. But if another buyer comes along offering £215K would you ditch the first?

Perhaps not - but plenty of sellers would.