Selling our house we've already got an eye on one...

amyr

If this house is unique, and properties are selling within 5 days in your area, then there's a good chance it's going to be snapped up for more money by a proceedable buyer before you ever get a look in.

Taking a £9k hit on early repayment seems extreme too. When does that fee reduce?

lookstraightahead

Sorry if I'm wrong here but:

you've seen a house you 'must have' or nothing else
You haven't got your house on the market
You've had cash offers but they're too low, but haven't had yours valued anyway
you won't offer what the asking price is
you don't have a mortgage in place 
you won't waste your money on renting
you haven't seen the inside of this house?

The main thing I can see here is that it's unlikely you can afford it.

mrsmortgage

You haven't got your house on the market. -- correct

You've had cash offers but they're too low, -- correct

 but haven't had yours valued anyway -- incorrect (we've had 5 valuations at this point)

you won't offer what the asking price is - no I wouldn't 

you don't have a mortgage in place -- we have it all ready to go, our broker says it literally will take hours

you won't waste your money on renting -- no I won't, especially with 4 children a dog and a cat

you haven't seen the inside of this house? -- I have, in fact today is the second viewing 

wewilldoit

I noted you were renting last year so have you only just moved into the house you are in now recently? Would you need to pay early exit fee or port it? Does it look strange to buyers you have lived here for only a few months!? 

mrsmortgage

Thanks for the heads up @Waunakee I'll ask our broker 

SameOldRoundabout

Your broker says the mortgage will take hours? What for?! We ported our mortgage and still had to go through the full offer process; submitting all our up to date payslips etc. An MIP might take hours but you would need that in place prior to offering and ideally prior to putting yours on the market so you know it’s likely they’ll lend to you! I’m sorry to say this but I think you’re being a little unrealistic, you haven’t got anything in place to make you proceedable and if the houses go as fast as you say you won’t be able to move quick enough, plus if that’s the case at the price point it’s at your low offer wouldn’t be enough? 

Scotbot

JJR45 said:

mrsmortgage said:

I think it's really unfair to our potential buyers, but maybe we don't have a choice. 

Is it not unfair to other potential buyers and the owner of the other house if they accepted an offer and you pulled out as you could not afford it or could not sell?
That is why it works like it does, when everyone is proceedable it makes the chain. It is best for everyone.

While the market is like that at the moment I disagree it is best for everyone as it reduces supply. Many people won't list at the moment because there is too little to buy creating a vicious circle. I am one of them. When houses are selling so fast works much better if you see something you want, offer then market yours knowing it will be SSTC within a couple of weeks. No one is left waiting for the people higher up the chain waiting for a property thry like. Once you are on the ladder you tend to be more fussy about the next one. Lots  of threads on here about vendors who can't find anything holding up sales 

mrsmortgage

I've ported before. Albeit 7 years ago. A mortgage is specific to a house so the mortgage would go to that house is put an offer on. In the meantime we'd only need a MIP. Which I'm not adverse to get but my husband for some reason only wants to get that done once we're sure on the house and we have a clearer idea if we can afford it. 

The house we're selling sell within days the type of house we're trying to buy take a bit longer.

mrsmortgage

wewilldoit said:

I noted you were renting last year so have you only just moved into the house you are in now recently? Would you need to pay early exit fee or port it? Does it look strange to buyers you have lived here for only a few months!? 

We were renting up to March last year. When  you understand our  circumstances it makes a lot more  sense (it was the best we could afford at the time, but doubled our income just recently, the house is too small for us, so we're obviously trying to move to a bigger house now that we can afford it). 

lookstraightahead

mrsmortgage said:

You haven't got your house on the market. -- correct

You've had cash offers but they're too low, -- correct

 but haven't had yours valued anyway -- incorrect (we've had 5 valuations at this point)

you won't offer what the asking price is - no I wouldn't 

you don't have a mortgage in place -- we have it all ready to go, our broker says it literally will take hours

you won't waste your money on renting -- no I won't, especially with 4 children a dog and a cat

you haven't seen the inside of this house? -- I have, in fact today is the second viewing 

Ok so I was wrong on your valuations and you've seen the inside of the house, sorry.

You need to get your MIP otherwise you won't get any further. It doesn't mean you need to apply for a full mortgage (which takes ages by the way).

You need to have an offer on your house which is high enough to enable you to buy.

You need to have the funds to move via a mortgage.

I'm not sure really how else you can do it.