pls help

metso

Hi Guys / Gals,

I feel like i'm losing the plot here having spent all night up worrying having put an offer in on a flat and having had it accepted.

My situation is I'm living at my mums house with my Girlfriend where we been living off and on whilst saving for a property.

Its taken years to save a large enough deposit & get all the other things together like 3 years good accounts etc to find a property in London (Where my work is)

I'm finding it very difficult to make decisions because i'm not experienced in buying property and ever one around me, my mother & GF seem to be pressuring me to buy, get a move on, so I feel like i'm making rash decisions.

I feel like the moneysavingexpert forum gives me some balance and I very much appreciate your views because they come from a unbiased view.

I went on a viewing off a property yesterday, a 2 bedroom flat 112 years left on lease in London E2, its got a car parking space within a gated community and its a good flat, (well for London it is) I'm already making compromises because it doesnt have any outside space & no balcony. It's on the top floor and feels secure, which seems to be important to me because I tend to go away alot for work for periods of time so could end up leaving the property unattended.

The property has been on the market for 2 weeks and had received an offer well under the asking price. In my haste, I made my mind up there and then and put an offer in at asking price... it wasn't long before I got the call back saying it was accepted...

Naturally I feel like i've been stupid and was too hasty, I should have taken a moment to think about it away from the property, but I didn't, so I'm trying to deal with how I feel about it.

Part of me feels like phoning the agent and saying sorry, I was too hasty and realise i've over bid on account of not being able to afford it having done my sums etc and wish to retract the offer and would like to resubmit a more realistic offer. Is this done, Do people do this?

Researching at home i've since found similar flats with flats for the same price so it seems like its the going rate, but London is going crazy or thats the vibe I feel, is is that self inflicted because I want to satisfy everyone and get this flat.

Thanks again...

richardw

Decide what your 'best and final' offer would be for the property.

Withdraw your high offer and then submit your 'best and final' offer, if it isn't accepted be prepared to walk away.

Don't make up stories.

hazyjo

You've already shown your cards, I'm afraid. No EA will advise their client to take a lower offer from you, and, if anyone did that to me unless it was after a survey showing unforeseen problems, I would probably wave them goodbye.

IMO, you're taking a big risk in withdrawing your offer. They'll probably fear you'll go for another drop just before exchange and/or after survey.

Either give up on this one and find another, or stick with the price you offered. If it compares to other SOLD prices for similar nearby properties, then you haven't done too bad.

Jx

demontfort

Here's what I'd do:

Withdraw the offer - You've offered too much and the flat isn't exactly what you want. The EA won't care less if you withdraw so early on but may not be too accommodating towards a lower bid.

Focus on your priorities - I'd choose interior space, parking space, balcony and so on over location. You may have different priorities but these may not be achievable right now in the current market on your current budget so in my mind location is the one to drop.

Consider a wider range of locations- I'm guessing that you're looking at central, trendy areas where prices are still very frothy and it seems you neither have the head nor the stomach nor possibly the finances for a bidding war right now.

Relax, take some deep breaths and tell your Mum and GF to sod off - Take your time, yes the market is heating up a little but there is also a lot of hype. You won't miss out there are thousands of properities for sale in London right now and there will be thousands for sale next year most at very similar prices. So don't feel railroaded into making a sky high offer for a place that isn't right. This is the biggest financial commitment you have made to date and if it's your money then only you should decide when, what and where to buy and for how much.

PaulCooper

Go with your heart, lose it for the sake of trying to save a couple of grand & you'll regret it.
Make a decision, go with it, never question your decission making or you'll undermine confidence in yourself.
Paul

Out,_Vile_Jelly

I once viewed a rental flat, made a panicked hasty decision and paid a holding fee. Over the weekend I realised it was far too small and I'd made a mistake. Wrote off the money and told the agent I'd changed my mind (surprisingly reasonably, they actually gave me 50% back). Was a real relief to know I could choose somewhere better.

You've spent ages saving for a deposit, why rush into signing up to somewhere you don't like that much?

I recently offered on a house at the viewing, but it was after seeing several very similar properties in the same location so I know exactly what I wanted and how they were priced by then.

Seabee42

Buying in a rising market (so the papers say anyways) is it seems a deliberate ploy to make people feel they have to rush to buy.

If you buy you maybe living there for a longtime. If you must have outside space what else is available that can provide that? A mortgage is a big long term commitment for most people so absolutely make sure you want it. In the long run whether its the right property will matter a lot more than getting a few k of the asking price.

I would go and visit it again its clearly okay. Decide whether its what you want. If there are a few properties available in your area you may already have seen something else that is possible view that as well.

One of the things that I have found noticeable is that there are not many properties available and only good ones tend to go quick.

DaftyDuck

I'm with demontfort here, and he's expressed it so well, it doesn't really bear repeating at length (unusual for me:D).

You are really not sure. You are under pressure from women in your life, loved ones at that.

Withdraw your offer. You are unlikely to get a lower one accepted, that's human psychology.

Don't beat yourself up over it. Quietly start again, being more confident with the knowledge and experience you've gained.

freeisgood

Do you love it? I would not buy something that I did not love and get excited about. You could always just withdraw the offer.

Go have a chat with your girlfriend and explain that you are nervous about buying and feel under pressure perhaps. Buying is a huge commitment, remember, it is your hard earned money too.

jayss

Can you see yourself living in the flat long term and being happy with it as your home?

Is your Mum pressurising you to buy, or to move out?

Errata

Do what pleases you. You mother and GF can say anything they fancy, they're not putting their money on the line or paying the mortgage and they won't be living in it.
You've now done some research and know it's priced correctly. The offer that was turned down may have been made by a chancer, someone walking around with their head in the clouds, or a gormless FTB.