House we like already under offer by someone else but there’s an issue

Fisa002

Actually that’s really sensible advice. It’s probably going to cost more than I can afford judging from all your replies. So I won’t think too much about it. If it falls through I can only offer what I can afford and that’s it. If not then it isn’t / wasn’t meant to be.

JoJo1978

Fisa no need to apologise, it's a confusing as nerve-wracking business. The house we bought was under offer when we viewed it. Be prepared that it may take the vendor and current buyer a few weeks to decide what will happen so I'd express your interest and ask to be contacted if the situation changes.

Don't stop looking at other houses, as others have said the EA is doing his job by drumming up more interest in the house, works for vendor not you so take what says with pinch of salt. There'll probably be a lot more houses come on market in Feb and March so don't rush.

Fisa002

JoJo1978 wrote: »

Fisa no need to apologise, it's a confusing as nerve-wracking business. The house we bought was under offer when we viewed it. Be prepared that it may take the vendor and current buyer a few weeks to decide what will happen so I'd express your interest and ask to be contacted if the situation changes.

Don't stop looking at other houses, as others have said the EA is doing his job by drumming up more interest in the house, works for vendor not you so take what says with pinch of salt. There'll probably be a lot more houses come on market in Feb and March so don't rush.

Hi Jojo many thanks for that reply! House buying certainly is nerve-wracking! Yes your absolutely right. I think the EA knows I’m interested and has said he will call me next week. I’ll drop him a line if I don’t hear anything. In the mean-time I’ll carry on looking as you and others have suggested.

Just out of curiosity, did you end up getting your house that was under offer at the price advertised and how did you end up getting it. I’m just curious to know. Thankyou

JoJo1978

Hi Fisa, we offered 10k less than the asking price for our house and it was accepted immediately. We don't know how that compared to the previous offer, all we know is that fell through because the previous buyers were unable to sell but we'd sold our house already and could also have been cash buyers if necessary. 10k under was not a large % discount, it was more important to us and our vendors that we could both proceed quickly - each of us had had other failed transactions on sales and purchases last year and were keen to get the deal done.

We were the last people to view it before it was taken off the market and put under offer. We were chosen as 'back up buyers' by the vendors due to our circumstances and because we were travelling 120 miles to see it, they didn't have the heart to reschedule us once we'd booked train tickets. We all agreed that no offers would be made or accepted until they'd given the other party six weeks to try to sell. When that six weeks was up the EA rang us and said it would be going back on the market the next day. We booked in a second viewing and made an offer before many other people had had the chance to see it for the first time. Patience and communication was how we got it, also someone else's misfortune I'm afraid in that we sold before they did.

Fisa002

Jojo am really happy it worked out for you in the end. Hope your enjoying your house now.
I’ll keep this thread open and update my circumstances

Fisa002

Hi
I just thought I would update my thread.
So some good news.
The EA called me last wk after I last posted here saying did I want to view the house. I think the other offer fell through.
We viewed the house and put an offer in of 242 which was rejected. The EA reiterated what the vendor was looking for.
So I reordered yesterday at 247 and the EA called me to say it’s been accepted !
So happy, and wanted to thank those who offered advice.
Now to sort out my next steps! It’s seems like a scary road ahead !!!

JoJo1978

Well played and congrats Fisa! Get yourself over to the waiting to exchange thread for moral support!

spirit

I was wondering if the stamp duty at £250,00 had something to do with the previous one falling through and your offer now being under that threshold?

Fisa002

spirit wrote: »

I was wondering if the stamp duty at £250,00 had something to do with the previous one falling through and your offer now being under that threshold?

Spirit, I’m not sure tbh. I was told
There was a problem with the valuation at the bank with the current offer. I have a good sized deposit so hopefully I won’t have the problem but you never know. I wouldn’t like to guess

thelem

spirit wrote: »

I was wondering if the stamp duty at £250,00 had something to do with the previous one falling through and your offer now being under that threshold?

The £250,000 barrier doesn't exist any more. Stamp Duty was reformed in 2014 so you only pay on the portion above each band. Say a property sold for £255,000 (to a standard purchaser, so not a first time buyer and only holding one property at a time). Stamp duty would be 0% on first £125k, 2% on second £125k (=£2500) and 5% on final £5k (£250). Total £2750.