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

Davesnave

Maybe you're less fussy than me, but in my world, houses I'd be happy to swap with what I currently own are like hen's teeth. For that reason, if I found something I loved, I wouldn't risk losing it.

£10k ....pffft!

I'm talking in the context of a modest property.

As GM points out, the other houses in your road won't be identical, and even if they're similar, something like aspect can make a considerable difference to the way they feel when one is inside them.

I lived for two decades in a double cul de sac of 40 essentially similar houses, but there were only 2 or 3 more properties there which I'd have considered buying. The rest would never have been right, regardless of monetary input.

NicNicP

How much do you want your dream house? We fell in love with a house and ours wasn't on the market so when we put it up for sale we put it on at a realistic price rather than trying for more money. Potentially we could've got more for it but that would possibly have taken longer which means we'd probably have missed out on the house were now in. If the other houses hadn't been sold for more you'd have been happy with your sale price. I'd think long term and continue with the sale and purchase. Did you get your new property at a good price? If so, offset that against your sale price.

jamei305

What would you do if you re-marketed and the highest offer you had was £190K?

marksoton

You're in the driving seat to secure your "dream" home (whatever that is ) and have got a reasonable price for your current property.

And you're considering sabotaging the whole thing?

Jesus wept

amersall

I echo all the other posters, don't be greedy and be happy that you have got your dream house.

AdrianC

heidir wrote: »

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!

Let me tell you a tale of somebody who thought that they could improve on the offer they'd accepted...
https://forums.moneysavingexpert.com/discussion/5412781

KRB2725

There's nothing to say that your house would achieve 10K more & whilst you test the market you could lose both your current buyers and your onward 'dream home' purchase.

I wouldn't even consider it.

If you didn't feel 200K was fair then you wouldn't have accepted the offer!

saajan_12

I’m usually very ‘think with your head not your heart’ but your house will be something you see every day and can make a big difference to your daily life.. a better layout for entertaining can be more fun.. more lighting / better d!cor can help you relax.. a certain location can make errands less stressful..

Meanwhile £10k more will be £10k off your mortgage, so you’ll pay it off slightly earlier or have slightly smaller payments.. what could that buy you each month?

This is a Money Saving forum, and non-quantifiable feelings aside, you may not even be financially better off by remarketing.
- Additional solicitor charges for reissuing contracts on your sale and conveyancing on the new purchase if it falls through
- If prices are rising in your area and you have to find another house you like, you will be offering x months later. So if its comparable to the ‘dream house’ in value, the price of the new one may have risen
- May not necessarily find a buyer offering £10k more, the other houses on your street may be more turn key / better decorated / better aspect / shorter chain / ..

I don't think it's greed, but I just don't think remarketing will benefit in the long run.

Bonfire_Bride

We bought our house 1 month before the "official" market crash in 2008.


We have just sold it for 8k less than we bought it for, after spending thousands doing it up. We didnt have a mortgage on the property but it's still a loss.


Our dream home is far more important than money to be honest. How do you know how much the others have sold for? They may be marketed at a certain price but the amount they have actually sold for wont be made public until the sale has gone through.


I would stick with it, but then again, my property was on the market for a long time.

phoebe1989seb

Bonfire_Bride wrote: »

We bought our house 1 month before the "official" market crash in 2008.


We have just sold it for 8k less than we bought it for, after spending thousands doing it up. We didnt have a mortgage on the property but it's still a loss.


Our dream home is far more important than money to be honest. How do you know how much the others have sold for? They may be marketed at a certain price but the amount they have actually sold for wont be made public until the sale has gone through.


I would stick with it, but then again, my property was on the market for a long time.

Similar story here. We bought our last-but-one house in late 2007 and spent about £40k replacing the 1980s 'improvements' that were out of place in a Tudor building We could easily have spent loads more - fortunately we didn't! We found an amazing Georgian project house early in 2011 and in order to secure it we sold ours for £20k less than our previous purchase price - not taking into account the further £40k we'd spent on it.

However, we achieved a sale in ten days, when all the predictions were that it would take months to shift a house that was very niche for the area (ours was the only large historic house in a sea of small modern bungalows), but for us securing our onward purchase was way more important than the sums involved. Admittedly we were not reliant on a mortgage so like Bonfire we could swallow the 'loss' but I can imagine it would have been pretty unpalatable to some

In the OP's shoes I would be weighing up how likely it is that my greed would see me losing the 'dream' home and base my decision upon that.