Offer accepted...now I'm panicking

MrsO1987

I hope someone could give me some advice.

My husband and I got an offer accepted yesterday on a property which was on at £385k - we offered the asking price, we have no chain since we sold our shared ownership place last year and have been living with parents since clawing away as much money as possible for the deposit and have 15%.

I'm now panicking. The house is lovely but it was the max MAX end of our budget, but I'm now worried that we may have been hasty (because of living with parents!) and worried that it's above the market value.

How can I find out if it is actually worth what we offered? We're starting proceedings to get a mortgage in place, do they do a valuation before agreeing the mortgage? Just want to ensure we're not overpaying given that it's considerably more than we thought we would be looking to buy, and want to have reassurance that it's structurally sound to avoid future nasty surprises as well.

Thanks in advance

libf

Valuation before mortgage offer, yes.

prettymoney

Hi MrsO1987,

Your mortgage company will do a valuation yes as they won't lend money if the house isn't worth what they are lending.

Have you done a search to see what other properties have sold for in the area recently?

Nothing is set in stone - you are in a strong position as you have no chain so don't panic. Has the estate agent given you any feedback? (not that I would completely trust them of course!)

Good luck and hope it all works out for the best xx

MrsO1987

Hi,

Thanks for your reply, I did have a bit of research and there are a few hours which sold recently for about 20-25k less (well, as I'm led to believe on Rightmove but they may well have gone for more).

The estate agent didn't really give me much feedback, I know there were at least 2 other offers and that it was pretty close, but that's it! Yes I'm with you on that you definitely can't trust them.

That's reassuring that the bank do a valuation too, I will relax now and hope it all pans out!

Thanks

Hoploz

If it's a long term home and you can manage the repayments then relax. Other people offered somewhere near by the sounds of it. You didn't go way above the asking price, so it must be reasonable. Presumably you've seen other houses on the market at a similar amount, and you prefer this one, so to you, it is worth more.

G_M

It is worth .... what you think it's worth to live there.

The house is lovely

Is it where/how you want to live? Will you be happy living there? For 3 years? 5? 10?

Prices will change so much over time that your happiness is far more important than the so-called 'market price'.

What else have you seen? Anything as nice as this for a cheaper price? No? Then buy it and live happily ever after.....

Chanes

I agree with G_M, it is a home you are buying. If you love it and love living there that is worth a load of money as it is!

Landofwood

Well the lender will do a valuation survey which may come back lower, but normally comes back what you offered if if the real value is 'close' to your offer.

Then you should instruct your own survey and depending on what this throws up, you may be within your rights to renegotiate price.