Have I done the right thing??

bopsybunny

After being the first potential buyers to view our house, we had family members telling us to put in a low offer, but after careful consideration, we offered full asking price. We knew the house was worth that, and we were willing to pay that price. We knew how much we wanted the house and didn't want to lose out for the sake of quibbling over £5-10k. We also knew based on recent sales in the area that if we didn't offer asking price, someone else would. If it's your dream home, I'd just go for it.

[Deleted User]

Honestly, I tried for a year to 'get a good deal' thinking flats weren't worth any more than what I was offering.
I knew the market fairly well after a year of searching but had to sort of have a stern word with myself.
Sometimes, something that is perfect to you, is worth paying a few extra grand to get your 'dream'.
As long as you don't think you're ridiculously overpaying, stick with your original offer!
In the end, the flat I offered on, I added an extra 2k on top of what she paid a year before because quite simply I wanted it. I didn't want to lose out over 2k.

DigForVictory

I'm going to presume your dream home is backed by a solid survey as well as your fiercely beating heart?

If so, pay up smiling & prepare for the "ye gods what have I done?!" when you first move in (which is a Wholly Normal Shock as few sellers include a full deep clean after they've packed & left) then make it yours & prove your family misguided by living there happily for decades.

Best of luck in your dream home!

Nutella18

Yeah it’s in Scotland so we have a home report/valuation. Apparently the sale fell through as it is of non standard constriction(I know I know) and they were tied to certain lenders. I know people in area who secured with Halifax on the exact same property so I am crossing everything that I get the mortgage for it ... just a waiting game now ... can’t cope ��

Nutella18

It’s NSC apparently they were tied to a specific lender ... i know of those in area who have mortgaged through Halifax so fongers crossed :eek:

letitbe90

Davesnave wrote: »

You've been given a second chance on what you call a 'dream house,' but now your family think your initial offer was too high.

What's changed? Never mind what others think, you've seen comparable properties, and provided you know what some of them actually sold for, you'll be able to judge if this one is worth the amount you offered.

It doesn't matter what others think; it's what the house is worth to you that counts. Provided that's based on careful research, not just sentiment, you won't go far wrong.

This.

Having gone through the FTB process, what changed is probably bad advice from friends and families. They seem to think we can lowball 20% and win a property because “it’s a buyers market” etc. Some say there is nothing to lose in offering ridiculously low but realistically, it might make me take you less seriously as a buyer, what is to say you don’t have affordability issues or flake on the sale, or ask for another reduction 2 days before exchange?

diggingdude

i wouldn't hit people too hard o price. i did as knew they were desperate. in return they trashed place between exchange and completion to get their own back. it was ok for me as was always ripping things out but could be devastating for others

KatieDee

One of the things I've learnt from the house buying experience is to be realistic about price. In the grand scheme of things, given how much you spend throughout the process, a few thousand pounds is negligible if you're able to secure the home you truly want.

I imagine if you're an investor or you're looking to make money on a property, it makes far more sense to try and low ball and save money where possible. However, if it's a family home you're looking for, I'd rather spend a bit more and know I've secured it, than potentially save £10-£20 a month on the mortgage repayments but miss out on something I loved.

csgohan4

I hate meddling relatives, when the vendor pulls the plug for gazundering, it's you who take the fall out and not your arm chair relatives


They will likely say the Vendor was being greedy and 'you will find a better one' rhetoric

Davesnave

My Dad was sceptical when I showed him the house we were buying for £70k 30 years ago.


"It's not very well built." was his overriding gripe. I suspected as much, because people didn't get 1/4 acre thrown-in on a typical estate semi without a bit of corner cutting, even in the 1940s.


Anyway, it didn't fall down during our 21 years, and now, at around £1/2 million, it seems somewhat over-priced to me, but the people we sold to love living there.