About to Exchange / Cheap - Closer Properties Came Online

getmore4less

mazibee wrote: »

Dear Seniors / Experienced ,

We FTBs, ( realized buying house is a very difficult process) Everything ready from everyone's side to set for exchange June 17 (Our Solicitors, Vendors Solicitors, EA , everyone trying to persuade to exchange as early as possible as the chain is involved.

Today 2 properties came on the Zoopla and Rightmove (both of these properties are closer and cheaper, advertised for £325K, the one we are about to exchange was advertised for £385K, reduced to £365K and offer accepted at £350K

I have already paid the following amounts

£300 to solicitors for Searches
£700 for Building Survey
£265 for Timber Survey

Any suggestions what to do at this time, as getting very nervous and confused (cant explain my situation):sad::sad::sad::sad:

What research had you done to establish the place you offered 350 on was worth that amount?

Have these 2 new properties invalidated that research in any way.

How do the 3 properties fit in that research?

there are loads of factors other than location and price.

A key one is the "priced to" factor.

The current one seems to have been priced high to extract a decent price.

what if these 2 are priced to sell create interest and a bidding war then go for more than current asking.

you got £35k below initial, won't take much if priced well to get these £325k places up close to £350k

What does your research tell you these new ones are worth(to you)?


You are about to blow well over 1/4 million pounds the odd few £k on expenses is not something to be worrying about or driving the deal

Davesnave

Fire_Fox wrote: »

Do not buy if you are not confident in your prior research, and/ or if you are not totally confident this house is for you.

The OP's track record here doesn't indicate a position of confidence in this property, but there's a possibility that this is a character trait and they would feel this way about any house.

We don't know how many other houses they have looked at in detail, and that's surely the most important factor.


I originally disliked the property I'm own now, but I still agreed to buy it because I recognised good value. That recognition came from viewing a large number of properties in the same category and realising I wouldn't do any better without waiting an unacceptably long time.

The idea that one must 'fall in love' with a house is often promulgated on this site, which is lovely for those who experience these warm,squashy feelings inside. Some of us less emotional people have to make do with a pragmatic decision, though the 'lurve' can come along later simply by living in the place and eventually feeling at home in it.

getmore4less

I remember now this was the HW search back in Dec-April.

RM, 14 properties have come up in the last 14 days £300k-£350k

Since location in HW can be critical you need to look carefully at what makes any of the stuff coming on better than what you have in progress.

getmore4less

Back in Dec I did a more like this 3beds 1mil HP13 and got these numbers


0-300k 18/17
0-325k 52/36
0-350k 94/58
0-375k 126/76
0-400k 153/94
0-425k 167/107
0-max 228/136

these are the numbers for the same search


0-300k 18/17
0-325k 45/48
0-350k 84/76
0-375k 112/103
0-400k 133/125
0-425k 155/136
0-max 219/165

Stock is down, sell through higher.

have you been monitoring the numbers and LR sell through prices to confirm your choice/price or have you just looked in the last week because you are getting pressure to commit?

KatieDee

Davesnave wrote: »

The idea that one must 'fall in love' with a house is often promulgated on this site, which is lovely for those who experience these warm,squashy feelings inside. Some of us less emotional people have to make do with a pragmatic decision, though the 'lurve' can come along later simply by living in the place and eventually feeling at home in it.

Couldn't agree more, Davesnave.

Having this mindset caused my search to last far longer than it should have done, and caused me a lot of anxiety when I finally had an offer accepted. I pulled out of one house purchase (which looking back, was for the best) and had doubts right up to exchange on the following one. The house suited our needs, the price was within our budget and it was in the area we wanted. It took me a long time to accept that there are compromises that need to be made when buying property, and I was never going to get that perfect home within my meager budget.

I had a constant fear that "the one" was due to come up the following week, which stopped me from getting excited about the house I ended up buying. It was only closer to exchange that I started to recognise the achievement of actually being able to purchase a home, and that it had actually met all of our needs on paper.

It's about managing your expectations as a buyer, which I think is a natural part of the process for most people after you've viewed a handful of properties. I wish I'd have known this earlier though, as it would have saved me a lot of stress and doubt!

getmore4less

This seems to be the new one you are talking about

if it is have a good look at the garages at the back and the shared drive.

guess this is the one you are currently dealing with

Soundgirlrocks

getmore4less wrote: »

This seems to be the new one you are talking about

if it is have a good look at the garages at the back and the shared drive.

guess this is the one you are currently dealing with

If that is the case stick with the one you have! Much nicer and more potential

ProDave

If you pull out, that puts a "black mark" on your record.

If I were selling and had two offers, and I found one of them had just pulled out of another deal, days before exchange, I would NOT be taking his offer seriously.

ProDave

This seems to be the new one you are talking about

if it is have a good look at the garages at the back and the shared drive.

guess this is the one you are currently dealing with
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Scary. They both have the same carpet, picture 4 of the first one and picture 6 of the second.,

mazibee

Thanks everyone for their valuable comments and suggestions.

Sorry for not replying individually as I was trying not to comment to avoid mind blowing thoughts.

Being FTB, I have realized that, house buying is a very daunting , nerve wrecking process.

As per suggestions of senior experiened forum members, I have turned the alerts off and will exchanging in the next few days