Price agreed too much maybe? - best way forward?

RelievedSheff

Redwino222 said:

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).

I kid you not we have had young people turn up with their parents for job interviews!

A sad sign of the times we live in today 🤔

AdrianC

I don't blame the offspring...

Keswick1uk

Job interviews? Oh my.

I've had letters from parents asking for work experience for their A star children and thought that was bad enough. I do reply though, these kids are only 14 or 15, and ask for the child to write, email or call to discuss why they want experience with us. Some do. Some don't. 

theoretica

How similar is the property in question to the other ones used for valuation comparison?  Are we talking cookie cutter estate of identical 10 year old houses or everything a bit different and old enough that they have all had different alterations?  How consistent are the prices of the comparisons? This will all affect how precise a valuation may be.  For some reason home valuers put a single figure onto a property when an auctioneer selling a table or something puts a fairly wide range of estimated price - giving less of a false sense of precision, and even that can be very off on occasion if two people like it.

lookstraightahead

Without first time buyers there's hardly any chains. You need a bottom of chain.

without the parents of first time buyers, many FTB wouldn't buy because parents financially help out their children. This obviously means they have a vested interest.

Parents are interested and it's up to a purchaser to be advised by who they like.

lookstraightahead

comeandgo said:

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

I'm about the same age as the parent of a first time buyer. Would you not sell to me either? Are my points invalid? 

Do you sell to anyone who is selling to a first time buyer? When you sell, who starts the chain off for you? 

lookstraightahead

Irishpearce26 said:

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.

Exactly. If people genuinely don't want to sell to FTB they need to tell the agent to make sure there are no FTB anywhere in the chain.

Redwino222

I agree that not selling to FTB would limit your market - particularly if your house is on the cheaper end.

I just wish people were more mature about it.  Of course talk to whoever you want about whether you are making a sensible decision - but don’t wait until your bid is accepted and the house is off the market to start allowing parents to second guess it.

Gere we have a mother very involved in both daughters purchases. So much so that she is talking as if it is a joint purchase, Questioning whether the price is correct and looking to reduce the offer.  Neither daughter is seeking this advice - she claims they can’t because they don’t have accounts on moneysaving.  

She appears to have provided their deposit so she is understandably invested in the decisions - but she weights in after the adult women have made their bids not before.  Both posts seem to be about reducing the offer.   That seems typical of what I have seen.  Nothing wrong with her taking an interest but Had these questions been asked before bid was made and accepted it would have saved a lot of potential heartache for the person selling the house.

maybe my fingers have been burnt too many times - but I am wary of a parent who tries to question a transaction they aren’t legally part of after it has been agreed.

hopefully this works out and the two adult women in question are happy with their homes.

comeandgo

lookstraightahead said:

comeandgo said:

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

I'm about the same age as the parent of a first time buyer. Would you not sell to me either? Are my points invalid? 

Do you sell to anyone who is selling to a first time buyer? When you sell, who starts the chain off for you? 

lookstraightahead said:

comeandgo said:

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

I'm about the same age as the parent of a first time buyer. Would you not sell to me either? Are my points invalid? 

Do you sell to anyone who is selling to a first time buyer? When you sell, who starts the chain off for you? 

In Scotland we don’t have chains and when I buy I buy land build our own so it’s only selling I’m interested in and my solicitor was told no FTB after I had a very bad experience with mother of FTB so never again but as I’m likely to be taken from this house in a box I will not be involved in any more selling.

[Deleted User]

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!

As a FTB myself, I wouldn't dream of messing the sellers around. Some of the stories on this thread which have incurred the sellers thousands of pounds are alarming. Maybe it's different here in Scotland, but renegotiating after an offer has been accepted leaves a very bad taste. Certainly, if someone is committing to possibly the biggest purchase they will ever make, presumably with their own money, they will ideally have done the leg work beforehand so the offer they put in is well-considered and final. The seller is not there to cater to the buyer's every whim.