Gutted! Should I offer lower?

Crashy_Time

eve824 said:

You don't know what your total budget is until you've sold your house, surely?

Exactly, that might not be as straightforward as the OP hopes in this market.

Okydoky25

When I sold my S/O flat I had lots off full asking offers. It was the housing association that chose my buyer at just before exchange they dropped the offer by £6k (Full asking was £165k) I had no choice by then but to accept the loss which came fully out of my share. 

Basically what I am saying is I personally would not even be thinking about making an offer until you have a buyer. Even then make sure you have some spare money for the just in case scenario. 

RJM90

In response to a lot of previous comments/questions - as our property is shared ownership, we can only list for the official valuation and the price can't be negotiated. The frustrating thing for us with HSBC is that we including mortgage/rent and overpayments on the mortgage we are paying nearly £1000 a month - I would have thought our bank would be able to see this and would be more than happy to offer us a mortgage that would only be £650 a month instead.

So as an update... I found out last night that some mortgage providers do accept child benefits as part of the loan amount and it's just HSBC that don't. I did an agreement in principle with both Santander and Barclay's and both came back at what we were hoping. 

We viewed the property earlier this morning (we were the first to view) and as expected fell in love with the place. We rang straight away and put an offer in £1000 above the asking price (£171,000). Unfortunately, they didn't take us seriously as they want us to have our property under offer before they proceed. I explained the housing association has potential buyers lined up and our property will be available to buy from Friday when we receive the RICS valuation back but they didn't seem interested. They got back in touch and explained that they'd received another offer and although it was rejected as it was below the asking price, they expect the property to be sold in the next 24 hours. 

Very disappointing, especially because we loved the property so much. Seems crazy to me that they won't take you seriously until you're own property is lined up to be sold when shared ownership properties work so different to normal ones. Oh well!

RJM90

Sorry £191,000 was the offer, not £171,000!

babyblade41

I'm afraid I won't allow viewers at all until they are under offer 

RelievedSheff

As I said in my previous post. You are not proceedable.

I'm not sure why you even went to view it when you are not in a position to buy it!!

meeemee

When we were on the market before Xmas we were not even allowed to view until we were proceedable, saves alot of wasted time and heart ache. 

saajan_12

RJM90 said:

We viewed the property earlier this morning (we were the first to view) and as expected fell in love with the place. We rang straight away and put an offer in £1000 above the asking price (£171,000). Unfortunately, they didn't take us seriously as they want us to have our property under offer before they proceed. I explained the housing association has potential buyers lined up and our property will be available to buy from Friday when we receive the RICS valuation back but they didn't seem interested. They got back in touch and explained that they'd received another offer and although it was rejected as it was below the asking price, they expect the property to be sold in the next 24 hours. 

Very disappointing, especially because we loved the property so much. Seems crazy to me that they won't take you seriously until you're own property is lined up to be sold when shared ownership properties work so different to normal ones. Oh well!

So you're not proceedable.. you have no idea you'll get an offer anytime soon, whatever the valuation. An agent will also say they have so many buyers ready, it still comes down to viewing, demand for that property vs any other, etc. 

Seems crazy to me you took everyones time to view when the UK housing market works so different to what you're imagining. 

RJM90

saajan, we have been told by the housing association they have buyers lined up who are requesting properties like our own - all that is needed is to get it on the market which will happen a week today. We're not in the business of messing anyone around - the reason we viewed the property was because we fell in love with it as soon as it came on the market. We're just hoping perhaps the property lasts a week on the market and we can then hopefully go again, but chances are it'll be snapped up.

stormCat99

Until you've accepted an offer on your own property you are not proceedable, so no right minded vendor would even consider accepting any offer.