Diary of a House Search

Davesnave

Good luck! ....but you know better than most that people make their own luck.

My first house was lucky in the sense that I spotted it in time, but the rest was down to knowing the area and realising that certain places had more potential than others in the gentrification league tables.
Anyway, I sold the house privately 10 years later for 6x what I paid for it. By then it was up-together, but that was mainly because someone set fire to it for me, fortunately before I'd completed the refurb! Not a strategy I'd recommend, but it did get the work done quickly and to a much better spec than I'd have managed.:D Loss adjusters have probably improved since those days.....:o

lessonlearned

Second viewing today for DS2 little house.

Cat Lady has decided she doesn't want any more viewers.

Apparently she has one interested party who is doing a 3rd viewing today.

She is blithely assuming that because they have viewed 3 times, not only is she going to be receiving an offer today but that it will be for the full asking price.

Poor Daniel is tearing his hair out.:rotfl::rotfl:

Barmy old bat......Talking about counting your chickens before they've hatched.

lessonlearned

Now the fun begins.......

Made my first offer. Rejected, as expected.

Just made our 2nd offer. :rotfl:

DaftyDuck

lessonlearned wrote: »

Now the fun begins.......

Made my first offer. Rejected, as expected.

Just made our 2nd offer. :rotfl:

That was a fast increase... didn't want to make them sweat even a little? Or just saving that for this weekend's "no further increase for the moment" to really make them sleepless for two nights...

lessonlearned

DaftyDuck wrote: »

That was a fast increase... didn't want to make them sweat even a little? Or just saving that for this weekend's "no further increase for the moment" to really make them sleepless for two nights...

I'm afraid I don't have the luxury of time, there is an investor snapping at my heels, trying to out smart me.

The Vendor is taking a 20% hit already, below market value.

So far the investor and I have gone in under the asking price. I am prepared to go to asking price - it's still a bargain....What will he do.

If I can keep the price down it would really help DS2 because we need to move the stairs and rejig the upstairs layout. So if we can just save enough to cover his legal fees etc that will be a big help to him.

I still want to help my other son, so if I can I need to try and shave a couple of grand here and there. It all mounts up.

Being a parent is an expensive hobby:rotfl:

lessonlearned

Just checked up on a property that I have been watching. I was going to make an appt to view. This one is for me, a nice little fixer upper in a very nice area.

It's near a couple of marinas and a few miles away there is a confluence of two rivers.

Yes - you've guessed - it's in a high flood risk area.

This is where the internet comes in so handy.

Whether it's flood risk info, potential environmental hazards, possible planning applications, crime statistics, sold prices etc - it's all there at the click of a button.

Due diligence has never been so easy.........

You still cannot beat getting out there though.

Yesterday I did a drive-by of a possible house for DS1. Again a little terrace property in a great area, just a few minutes from the city centre.

Fantastic - till you saw the parking situation. No permits so it's right free for all. That's another one ruled out.

So today two hopefuls had to be struck off the "possibles" list.

Back to the drawing board.

lessonlearned

First of all - an update on our search for a property for DS2.

Offer declined. That was my third and final offer. I sincerely hope that I do not have to deal with that particular EA ever again.

I won't bore you with the details of his shenanigans, lets just say I am underwhelmed. His laziness and greed knew no bounds. He got shirty with me because I would not immediately agree to using their broker.

(Oddly enough I genuinely liked the broker and may well end up doing business with him).

However, I drew the line when said EA tried to get me to use his pet solicitor.

Now I am well aware that some lenders are very picky about which solicitors they will use. Many lenders will have a "panel" that they will only deal with. This leaves the purchaser with very little choice. If you want the loan then you have to use the lender's preferred solicitor.

However, it is the broker's job to advise the purchaser about this - when the lender has been chosen. It is not up to the EA to dictate terms as to which solicitor should be chosen.

I strongly suspect that in our case the EA has pushed the Vendor - an inexperienced first time seller who is seriously in debt and who needs a quick sale - to accept the Investor's offer.

In this particular case it doesn't really matter because our offers were pretty much neck and neck, so the vendor shouldn't be too much out of pocket.

Anyway for us having our offer declined is no big deal. I am happy to walk away. I have not spent any money. All it has cost me so far is an hour or so of my time on viewings and phone calls.

There is always another fish waiting to be landed;).

Lo and behold I have immediately found two other properties in the same area which look even more promising. So 2 viewings booked for Friday.

In the meantime I have now spoken to 3 different brokers so am making good progress there.

My verdict on EA's this week.

I hate to say this - but so far I am seriously underwhelmed.

Even getting viewings is proving very difficult. Not too bad when the vendor is in residence but if you are having to await the EA's convenience then it's a whole new ball game.

The delays are frustrating and wholly unacceptable. No evening viewings, some will manage a Sunday morning, many EA's only work 10 till 4 on a Saturday.

I rang an EA last Saturday at 2-0pm to book a viewing for the following week. Wait for this.....

"Oooh I can't get to the diary, the office has just closed and the computer is now switched off":rotfl::rotfl::rotfl:

(What's wrong with switching the bliddy thing back on again or is that just beyond your capabilities???)

"OK" said I, "Can you please telephone me on Monday morning so we can book an appt".

Yes - you've guessed - I am still awaiting the call.

Two weeks on and I'm beginning to think that a lot of you have a point ......the standards of service proved by the average EA leaves a great deal to be desired.

Anyway my quest continues.

I am resigned - it's going to be marathon - not a sprint.

So with that in mind, I'll say my fond farewells and close this diary down.

I think as diaries go it will be just be too repetative and dull......

We don't need another "All EA's are hopeless thread".

I'd better get that training academy set up.:rotfl::rotfl:

jibbyboo

Thanks for sharing your experiences Lesson - it has been invaluable to have your experience and insight! MSE should have you down as an expert for consultation on house viewing and purchasing IMO.

Best of luck to you and the family, I hope you find what you're looking for.

J

lessonlearned

Just thought I would resurrect the thread to give you quick update.

After a couple of abortive attempts we have now found our first "diamond in the rough".

The boys have decided to pool their resources and go for a shared purchase. This way they keep their outgoings to a sensible level so that they can still have a social life. They also get to buy a bigger and better house than they could afford if they were buying one each.

The plan is buy this one, renovate it and then either sell on and split the profits or one of them buy the other one out.

It will all be drawn up as a legal and watertight "business" arrangement through the solicitor so that everyone's assets and interests are protected in case of the unexpected.

I'll try and post pictures at some point.

Anyway it is a largeish Victorian semi with good offstreet parking and garage in an "up and coming" area. It has been used as a student house :eek: so is in need of a fair dollop of TLC.

However, underneath the years of grime it has "good bones" and should scrub up well.

It has not been modernised to the point of butchery and still boasts many of it's original features. Obviously we will need a full structural survey before we can be sure that there is nothing too nasty.

Anyway we are going in with eyes wide open. I've taken on this level of restoration before so we are not fazed by it. However, this time I shall be assuming an advisory role with the boys providing the necessary brawn. The boys are quite happy to live on a building site for a few months. We'll give it a thorough clean and then they can move in.

Fun times ahead.

What were the EA's like on this one.

I only met a "key holder" for the viewings not a proper negotiator. He was pleasant but way out of his depth. He knew how to unlock a door and that was about it. :rotfl::rotfl:

He heard me discussing issues with the boys as we went round the house and stood by with his mouth wide open. Eventually he asked me how I knew so much........I took pity and put him out of his misery. He said "I could do with you teaching me how to do my job". :rotfl: Poor man.

What about the EA who did the negotiations. Rude and obnoxious until I gently put her in her place!!!! Now she is all sweetness and light.

The actual negotiations.

Went in at £8K under asking price, offer refused just as I expected. Upped our offer by £3K. However the revised price had to include all white goods, washing machine, tumble dryer, cooker, fridge- freezer, dishwasher.

Offer accepted. Job done.

Mortgage will be with Nationwide. I interviewed 3 brokers, ruled out one immediately. The other two both came up with Nationwide.

Just need to instruct the solicitors and broker today to get the ball rolling.

DaftyDuck

Upped our offer by £3K. However the revised price had to include all white goods, washing machine, tumble dryer, cooker, fridge- freezer, dishwasher.

A clever two-way negotiation. Well done. The vendor may not have really wanted those items, but it'd have cost £1500 top buy them new, even buying average quality. But... 2 boys, a washing machine .... a tumble dryer? "What're those straaange things in the kitchen by the beer cooling boxie thing, mum?"