At what point do I pull out?

forum_posts

I remember watching an episode of Grand Designs and the people said it was good to have a north facing view as the light was even throughout the day - they were painters/artists. Personaly, I'd choose south facing as you can always block the sun but it would be hard to get more sunlight in to your gaden.

getmore4less

We have south, no evening sun on the patio next to the house


evening sun it is what obscures the SW to NW aspect that is important.


shower attached to combi should be mains pressure don't need any extra power.


No point in discussion at that level of detail.

stick your offer in and leave it with them.

keep looking.

SephirothX

Yeah I have left an offer on the table for now. I think they feel it is worth more than it is. I can't afford their price without stretching too much.

SephirothX

My second offer got rejected. Really need to draw this to a conclusion tomorrow as things are starting to move with the other property again and I don't want to mess them about too much. So I can either withdraw my interest and stick with the first one or try again offering 160k. I can't go higher than that.

I just realised this property has 10% more floor space than the other property. Apparently that adds 5% in value. So that changes my assessment of its value but that would mean the property across the street was sold under value.

forum_posts

You are talking yourself into buying the 2nd property. How much is the difference between the houses? Can you justify to yourself the difference in price?

SephirothX

The difference is 10k. If the extra 10% floorspace is worth +5% (a figure I saw online) then the difference in price is 2.5k. That's before factoring in a garage, easier parking, more expensive interior fittings etc. But I feel the first house was a bit over priced. Still seems worth the cost if the extra floor space is worth what I think it is. It would take longer to complete than the first house however.

wantonnoodle

I would say if your heart is set on the second one (which it sounds like it is), I would go for your best and final offer on the place, and even if it is rejected, leave it on the table for a couple of weeks.

We offered on the house we are in the process of buying, which was offers over £250k. Our max budget was £250k, so we couldn't go any higher. The offer was initially rejected, as they wanted nearer £260k, but we left it on the table until the end of October, which was about 2 weeks or so away at the time. The 28th October, they came back and accepted it. The market around the area never really picked up after the referendum, so I think that the extra time the offer was on the table gave them the impetus to review the siutation and the market.

Given it was a BTL which was empty and the LL wants rid, I guess the offer was always likely to be accepted eventually as they would want to cut their losses as there are 2 mortgages on the property (one for the LH, one for the FH which was bought at a later date by the LL, we're buying both LH and FH titles) which still need paying.

SephirothX

Yeah I put in my final offer this morning and they didn't outright reject it but I haven't had a response yet. They must be considering it this evening. Kinda expecting it to be rejected to be honest.

I can't just leave it on the table for a couple of weeks because the estate agent of the first property contacted me yesterday saying things are moving and they will be wondering why I haven't instructed the searches. It's starting to get awkward for me because I don't know what to say to the estate agent and haven't replied yet because I was waiting on the status of this offer.

getmore4less

when you say progressing is that rental?

they could be trying to get you more committed and will suddenly find a property and it will drag on longer.


how long has this 2nd one been on? With offers over they may be adjusting their expectations if you are the only interest at this price point..

SephirothX

With the first one the vendors are going to buy a new build ready in the summer and are going to rent somewhere so they can sell theirs to me quickly. I received this news yesterday. That's why I want to make a quick decision - before they sign any tenancy agreements. So I can pull out or commit before they spend money on that kind of thing.

With the second one it has been on the market a month but only reduced to its current price a week ago.