Ready to set exchange date, seller has no where to go, options.

Gizmo22

BJV

What would you do regarding the sold recently then the huge price increase?

westernpromise

Gizmo22 wrote: »

several houses are on for example £280,000 and when I look at the sold history they have last sold only 1-2 years ago for between £30,000-£50,000 less. These are not immaculate done up houses, no new extention, or kitchens. These are making me nervous. Should I avoid?

Invite the agent to explain why they are worth 20% more than 1 to 2 years ago, citing sold prices on Zoopla in support. Probably they are just kite flyers. If they bought at £220k and can now get £260k they'll sell, but if the house is still only worth what they paid, they'll stay put.

The takeaway for you really is to question the agent about who the seller is, what their circumstances are i.e. where they will go upon selling, and why they are selling. You will get no good answers to those in the case of kite flyers. If it's a probate sale, ask how many executors there are - if there are two, either can veto a sale, so if one's greedy and the other desperate, they will never proceed. If it's a sale to fund care home fees, is the property vacant yet? If not, the real seller may be the kids, who won't sell unless they get enough to fund the care plus some for themselves. Etc, etc.

The ideal seller is someone who's got two houses and is moving to the other, or indeed is buying a new build retirement home and will move out and rent at the builder's expense if it's not ready on completion day...

Lolly88

Offer what you think the house is worth and what you are prepared to pay. Also look how much other similar houses have sold for recently in the same areas, as a guide point, do not let the price they are asking for guide you...often these can be very unrealistic, they will aim high in the hope that someone will offer that.

Gizmo22

Hi all,

Still no news on current house!

Anyway, viewing booked. I have explained our position and been quite firm that I'm not a time waster and would only view if the current owners are in a position to move swiftly, following advice from this thread.

I have been assured that the current owners should we wish to put in an offer and they accept ect can move to a scale that suits us as they are happy to move in with family if needs be. The owner is more than happy to talk to us at the viewing regarding time scales.

After being well and truly being stung before, does this sound good or am I listening to estate agents waffle?

Anything else I need to be asking?

Thanks all

robatwork

Problem is, people can tell you they will move out in 3 months whatever to ensure a sale, and even mean it. Then come the time they get cold feet.

Until exchange and signatures, nothing is certain apart from uncertainty.

This is the situation we have in England and Wales, and no government has taken the whole house buying "problem" by the horns. No political mileage in it.

So you can ask all you like. All you can do to ensure a smooth transaction is to be lucky.

Debtslayer

Gizmo22 wrote: »

Hi all,

Still no news on current house!

Anyway, viewing booked. I have explained our position and been quite firm that I'm not a time waster and would only view if the current owners are in a position to move swiftly, following advice from this thread.

I have been assured that the current owners should we wish to put in an offer and they accept ect can move to a scale that suits us as they are happy to move in with family if needs be. The owner is more than happy to talk to us at the viewing regarding time scales.

After being well and truly being stung before, does this sound good or am I listening to estate agents waffle?

Anything else I need to be asking?

Thanks all

Unfortunately you can only go by assurances the seller gives you, but I would be asking why they're moving. Are the upsizing, downsizing, moving areas etc..
Have they already been looking? Seen anything they like?
That will hopefully give you a good gauge to how keen they are to move
How long has it been on the market?
Good Luck. Hope you find somewhere and move soon X

Gizmo22

Thanks again,

Trying to weigh it all up, now two new houses to view, second one states no chain but is over budget!

Decided to go at this business like. Going to view, offer what I feel fair. If accepted great if not move on. If it's going to happen it will.

Need some perspective as I am a person that does everything to budget, keep things cheap, own brand everything. All of a sudden I attempt to buy a house and suddenly ah well offer another £5,000

Having chatted to several friends, it's like playing with monopoly money!

One last thing, Estate agent on the phone to confirm viewing asked if I knew how to find the property, I replied yes thank you, he replied, ok, good girl!

Sigh, singing let it go.....

ChasingtheWelshdream

Gizmo, I do feel for you.

However, we had the exact situation when we moved. We too were relocating so were unable to 'pop up' very often.

On the day of exchange, the vendors decided they were not going to go into rented/family after all, but would start looking at places to purchase.

Our kids needed to get in to school, I had a job waiting. We pulled out as I got the distinct impression they would never find 'the right place', and in fact they still haven't moved a year later.

In desparation, we put an offer in on another, empty house we had already viewed but rejected.

12 days later we exchanged on the new house. (We had no mortgage so could push things through very quickly, and had to as the house was going to auction).

Despite our initial disappointment, now we are here the house has actually worked out much better than the one we lost - better price, better area, better layout, better potential (although much more work!! :rotfl:)

So, in essence, although we were gutted to lose our original choice, we are much happier with our second choice.

I hope they same goes for you. :beer:

Gizmo22

Hi all,

Just an update, pulled our offer on the property.

We have offered on another house, so here we go again, worried about the whole thing, our mortgage broker has again been fantastic, he has contacted everyone he can, all moving in the correct direction.

The current owners are very keen to be out by Christmas, so going to be very very tight, just hope moving the mortgage is quick! Oh and searches, solicitors.

Good luck to anyone buying a house

Debtslayer

Gizmo22 wrote: »

Hi all,

Just an update, pulled our offer on the property.

We have offered on another house, so here we go again, worried about the whole thing, our mortgage broker has again been fantastic, he has contacted everyone he can, all moving in the correct direction.

The current owners are very keen to be out by Christmas, so going to be very very tight, just hope moving the mortgage is quick! Oh and searches, solicitors.

Good luck to anyone buying a house

Good Luck Gizmo
Hopefully will all be fine this time
Keep us posted X