Greed? or foolish not to put back on the market?

heidir

so.... we just sold our house, open day was offered the asking price ( we only saw one EA, they were also selling the house we loved)

We accepted the offer.... proceeded to offer on dream home!

We have since discovered 2 houses currently going through the sale process on our street have sold for 10k more.. :-(

What would you do??? remarket and try and get more and risk losing the house we really want....

such a dilemma ... 10k is a lot of money!

booksurr

10k is a meaningless sum of money without the context of whether that is 10% of a £100k house or 1% of a £1M house

either way I fail to see why you need "support" for what is your decision, not the decision of strangers on the internet

heidir

ok sorry let me explain better...

We've sold our house for 200k which at the time i though was ok... now 2 in our street have sold for between 208k - 213k. Im worried that we are being rash in our decision as we are so in love with this other house that potentially we are doing ourselves out of money..

We will walk away with 68k in equity ..when that has a potential to be 78k

Im not asking for support... im asking for advice, if it was you would you go back to market but risk losing the house you've offered on ( i know they wont wait)

10k is not a lot to some i know

Sambella

Equity can be wiped out in a heartbeat if there is a house price crash.

I would be loathe to turn down an offer I had accepted for £10k and possibly lose the house I really wanted.

Would you like it if the sellers of the house you really want do the same to you?

The house you buy may very well increase in price shortly after purchase thus increasing your equity there too.

mozza78

if you were none the wiser about the other 2 houses would you be happy? It seems like yes.. so just sell and move to the house of your dreams. If you're greedy then sounds like to me it could all slip away.

Mickygg

You are talking as if there is a guarantee if you remarketed you would get another £10k.
Is the chance of getting an extra £10k worth losing the house you're buying? Only you can answer that.

G_M

How would you feel if

* you went ahead. Would you spend the next 10 years going "If only we'd re-marketed and got another £10K" ?

* you demand another £10K off your current buyers, they walk away, and you find a new buyer at £10K more but not before losing your 'dream house'?

* you pull out, re-market, and end up getting (close to) the original price?

Have you actually looked at the other 2 houses? Are they identical?
* in size?
* in age?
* in condition?
* in services (eg fancy Aga, internet-controlled heating etc)?

seven-day-weekend

heidir wrote: »

ok sorry let me explain better...

We've sold our house for 200k which at the time i though was ok... now 2 in our street have sold for between 208k - 213k. Im worried that we are being rash in our decision as we are so in love with this other house that potentially we are doing ourselves out of money..

We will walk away with 68k in equity ..when that has a potential to be 78k

Im not asking for support... im asking for advice, if it was you would you go back to market but risk losing the house you've offered on ( i know they wont wait)

10k is not a lot to some i know

If you are able tio be afford the dream house by selling yours with a firm procedable offer of £200k, I'd just do that.

jimbog

How can you be certain what the other two actually sold for if their sale is still going through? Maybe they didn't get the asking price. Maybe they needed work doing to them. Maybe they are smaller etc. as GM said.
You're doing well - you have a buyer at what you felt was a fair price, and more importantly you are buying your dream house

lewishardwick

On the flip side. I'm buying a place for £193k, one on the same development has just sold for £185, another is on the market for just under that.

Doesn't mean I reduce my offer.

If that £10k would have resulted in cash, I could see your point, if it's equity, it's not real money, yet.

FBaby

That difference is not usually if they have a nicer garden, better decoration, newer boiler system, maybe added a loo downstairs when you haven't, done open plan, newer kitchen/bathroom, integrated wardrobe, so many things that can make little improvements that add up.

Also, what do you mean by 'my street'. The difference between one end of my old street to the other would have been about this in value, even though it wasn't long, but one side could call itself to be in part of the poshest area, the other end wasn't and off a main road.