Cant buy a house at any price!!!!

thescouselander

Having just recently found a buyer for our house we have been putting offers in on various houses. The trouble is we're seeing a lot of compertition from FTBs and other people otherwise not in a chain and the vendors are prioritising these offers over ours even though we have offered the full asking price on at least two properties.

It seems we will be reduced to either buying an undesirable house or having to pay way over the odds neither of which seems like a good idea.

I'm now seriously thinking we're going to have to move into a rented property first so we will be in a position to buy.

does anyone have experiance of this problem? Is this just a seasonal thing and a result of few houses coming on the market during summer or is this likly to be a longer term issue. For info we are looking to buy in the Bristol area.

GwylimT

I guess as a seller someone who isn't part of a chain is quite attractive.

somethingcorporate

Agree with the second post.

You know the reasons why you are not attractive and moving into rental so you can a) retain your buyer and then b) be a no-chain purchaser yourself will make you very attractive.

You've probably just been unlucky though, we managed to buy a house recently as part of a chain and got a massive discount off the asking too.

thescouselander

GwylimT wrote: »

I guess as a seller someone who isn't part of a chain is quite attractive.

Thanks for the insight but I had already worked that out for myself.

easilydistracted

The Bristol market has gone mad in some specific areas. We had better not get into which specific areas as I may find you are our competition . However to give you an example on one place, we were in a bidding war with another couple, they won as they were richer than us! Both couples being taken forward as serious prospects were FTB. The agent casually said they are some other offers but they are from people in chains and have been discounted because of this.

We are (possibly as the deal may be falling through) buying somewhere that needs lots of work. This has thinned the field a lot. It is the last few weeks things have gone mad and noone can quite work out if it will pass or not. Making contact with all the agents helped a lot. Of course you may be in higher numbers territory than us, but I would not think you will get a look in for somewhere nicely done up in the lower price end of popular areas. If this is what you are looking for I would wait a while or look to go into rented.

thescouselander

easilydistracted wrote: »

The Bristol market has gone mad in some specific areas. We had better not get into which specific areas as I may find you are our competition . However to give you an example on one place, we were in a bidding war with another couple, they won as they were richer than us! Both couples being taken forward as serious prospects were FTB. The agent casually said they are some other offers but they are from people in chains and have been discounted because of this.

We are (possibly as the deal may be falling through) buying somewhere that needs lots of work. This has thinned the field a lot. It is the last few weeks things have gone mad and noone can quite work out if it will pass or not. Making contact with all the agents helped a lot. Of course you may be in higher numbers territory than us, but I would not think you will get a look in for somewhere nicely done up in the lower price end of popular areas. If this is what you are looking for I would wait a while or look to go into rented.

That certainly matches our experiance. We're finding most houses coming to market are deceased estates where the previous owners had lived there for donkeys years and not done anything to the house - basically major renovation jobs. Anything in a moderately decent condition seems to be going to people without chains. We've actually got a decent budget available to us and we're not really looking at traditional FTB properties so its all a bit frustrating really.

harz99

thescouselander wrote: »

Having just recently found a buyer for our house we have been putting offers in on various houses. The trouble is we're seeing a lot of compertition from FTBs and other people otherwise not in a chain and the vendors are prioritising these offers over ours even though we have offered the full asking price on at least two properties.

It seems we will be reduced to either buying an undesirable house or having to pay way over the odds neither of which seems like a good idea.

I'm now seriously thinking we're going to have to move into a rented property first so we will be in a position to buy.

does anyone have experiance of this problem? Is this just a seasonal thing and a result of few houses coming on the market during summer or is this likly to be a longer term issue. For info we are looking to buy in the Bristol area.

Probably your best option given the problems you have experienced.

easilydistracted

We're looking at 10k of damp and timber works to get somewhere! And electrics hanging out the wall. We were luckily it was mortgagable. And that's before you start on the crazy neon decor. If we could step out of looking we would, but there are lots of factors influencing why we want to move now, and it is very hard to predict whether this is the start of an upturn in the market or just a blip. The agents did say that mid summer is their usual quiet time and it's just that this has come early, and may be no more movement till September. There's a little more coming on than when we looked a few weeks ago but not lots more.

thescouselander

easilydistracted wrote: »

We're looking at 10k of damp and timber works to get somewhere! And electrics hanging out the wall. We were luckily it was mortgagable. And that's before you start on the crazy neon decor. If we could step out of looking we would, but there are lots of factors influencing why we want to move now, and it is very hard to predict whether this is the start of an upturn in the market or just a blip. The agents did say that mid summer is their usual quiet time and it's just that this has come early, and may be no more movement till September. There's a little more coming on than when we looked a few weeks ago but not lots more.

I've asked a few estate agents - they seemed to indicate there is a severe shortage of sellers at the moment.

hazyjo

Do you actually have a buyer/complete chain at your end?

Jx

thescouselander

hazyjo wrote: »

Do you actually have a buyer/complete chain at your end?

Jx

Yes - thats just another reason why we want to get moving.