Price agreed too much maybe? - best way forward?

Justonemorecupoftea

Whatever you do make your decision quickly. The sellers will have made plans, financial decisions and possibly forked out quite a bit of cash already. 

My buyer pulled out recently, then came back begging for their offer to be reaccepted (which we foolishly did) only for her parents to spook her again and for her to pull out. As far as we were concerned the chain was complete and we paid for survey and searches etc. We have now likely lost the onward purchase and 8 weeks of house buying time, so will also miss the September stamp duty holiday cut off. 

The girl's parents and her inability to make choices about her life will have cost us £000s. 

powerful_Rogue

If there is anything worse then FTB's - It's the parents of FTB's!

When I was selling, had a young couple come round and view. They loved the house. Was there for ages working out how they would place their furtniture etc.

10 minutes after they left, a call from the estate agent as they wanted a 2nd viewing. This time, they brought mother along.

My goodness did she come out with some rubbish! Boiler is 10 years old? That will need ripping out and a new one installed. Mid terraced house, are the walls fire proof walls? Oh, you've never heard of fire proof walls, well if there was a fire nextdoor, this house would be burnt to the ground. What's the plumbing like in this property............and more along the same lines.

Needless to say she put daughter/son in law off. Lucky really as would have hated having to deal with them through the process!

comeandgo

One reason I have never and never would sell to FTB.  They or their parents are tooo much hard work.  

purplebutterfly

My surveyor didn't include a valuation with my survey but gave me the links that surveyors use so I could do it myself.  

 He said they look at all the properties in a local area and check for sale prices and ACTUAL sold prices of similar properties.  They also use the BICS rebuild calculator and the Nationwide House Price Index calculator.  

https://calculator.bcis.co.uk/
https://www.nationwide.co.uk/about/house-price-index/house-price-calculator


I'd already done all of that before putting in an offer but I assumed that professionals had some magical way to discern the "true" value of a property.  Apparently this is not the case and any house is only worth what someone will pay for it. 

Why not put a link to the listing on here and see what people say?  There are some amazingly knowledgeable people who have been buying and selling for years - which is, presumably, why you asked for advice here in the first place.

Gavin83

Me and my wife must be unique FTB. We offered the asking price, which the lender agreed with (no down-valuation) , we have no intention of messing the vendor around and we’ve barely involved our parents!

Redwino222

Gavin83 said:

Me and my wife must be unique FTB. We offered the asking price, which the lender agreed with (no down-valuation) , we have no intention of messing the vendor around and we’ve barely involved our parents!

You are like gold dust!  My real issue is with people bidding, then having second thoughts, then trying to price chip.

it happened to me three times all with FTBs.  Parents seems to get incredibly involved which is frustrating when you assume the person you are dealing with has the autonomy to make these decisions but then discover they don’t.  My dad finds is hysterical - he says there is no way in his generation parents would have been involved - phoning estate agents, financial advisors and solicitors on their adult children’s behalf.  I do wonder how some of these people manage in work🤣.

There also seems to be an expectation now that you will end up paying less than you bid, so many people seem to immediately want to find excuses (or as happened with me mummy and daddy take over and the whole game changes).

jazzyja

comeandgo said:

One reason I have never and never would sell to FTB.  They or their parents are tooo much hard work.  

Bit of a daft comment. Like all FTB have annoying parents. I'm a FTB and nothing like that. Least I've no chain and can just crack on as fast as possible 🤷‍♀️ which I am 😊

Irishpearce26

comeandgo said:

One reason I have never and never would sell to FTB.  They or their parents are tooo much hard work.  

Not all FTBs are bad and not all parents of FTBs are bad. I think this situation albeit horse has bolted is genuine and by the sounds of it if the mortgage is approved they will proceed.

Keswick1uk

This is likely to be as a result of house prices rising so far above earnings. Large deposits often mean parental involvement. Some will see that as a reason to pass judgement or "help".

AdrianC

You'd think that somebody in a position to be an FTB would be mature enough to make their own decisions without having the parents second-guess them at every turn, wouldn't you?