Price agreed too much maybe? - best way forward?

lookstraightahead

comeandgo said:

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.

Someone will eventually sell your house though.

Gavin83

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).

Maybe it’s an age thing. We’re quite old for FTB and the house we’re buying isn’t your typical FTB house. We’ve effectively skipped the starter home. I guess I can understand someone in their early 20s involving their parents but for someone like me, in their mid 30s it would seem very bizarre!

The only reason I’d consider reducing my offer is if the survey turned up something major that clearly wasn’t already factored into the price. I would expect anyone to do this though!

AdrianC

Gavin83 said:

Maybe it’s an age thing. We’re quite old for FTB and the house we’re buying isn’t your typical FTB house. We’ve effectively skipped the starter home. I guess I can understand someone in their early 20s involving their parents but for someone like me, in their mid 30s it would seem very bizarre!

You're far nearer the average FTB age than "someone in their early 20s". Sources vary, but somewhere around 31-34 is the most commonly quoted figure.

AnotherJoe

Madeinireland101 said:

My daughter has agreed to purchase a property at a price just under the asking price. After some checking on various price valuation websites I am not sure she has agreed a price that reflects the true value of the property. We are going to proceed to getting it valued by the mortgage lender. The valuation they do may be desktop or physical - not sure yet. I’m not sure how accurate those valuations are and although my daughter is happy with the house, she is quite inexperienced and not sure if she just got a bit excited about owning her first home.

Anyway - if the valuation comes in around the purchase price agreed we don’t really have an issue. She has a large deposit so we could cope if it was down valued but I suppose we are now thinking what % below the purchase price we should think about attempting to renegotiate the price or indeed pulling out if renegotiation isn’t possible.

As the property is only a couple of years old and is pretty good condition we were only aiming to get the basic mortgage valuation.

What would you do?

Thanks...

I would go back to basics. What else is there, in the same price range, that your daughter could buy?

I  also wouldnt try to pre judge the situation with the valuation but wait and see what it says. I woudl completely ignore price valuation websites, they can be off by 20 or 30% in either direction.

I dont see the point of getting a RICs surveyor in because what the house will sell for in future will be down to what other lenders surveys say not RICs.  RICS is what you get in for probate, divorce or similar just because ist an agreed number that HMRC/courts wont argue with. Doesn't mean its right though.

 FWIW if as a vendor I had my buyer say they were sending a RICS surveyor in (and maybe it can be done kerbside without visit, I dont know) Id be getting very nervous and getting my EA ready to put it back on the market again because i might view this as a whole cynical exercise in outbidding others at the start to cut them out and then dropping price last minute and so be worried about an exchange day gazunder.

Theres nothing magical about a RICS surveyor  and while its agreed their valuations can be used for tax purposes etc, that doesn't mean its infallible. A house may still be worth more (or less) than the survey says. Only Mr Market says what its worth.

One other point is this a cookie cutter house where its pretty easy to define a price or unusual and easy to disagree? My house for example is a bog standard estate type house easy to value because others the same or nearly so provide a benchmark. OTOH when i was looking there were some in a range of a mile or two that had a price easily £100k above what i was willing to pay but they were unique and very difficult to value. 

 

Crashy_Time

Justonemorecupoftea said:

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. 

Overpaying combined with mortgage rate rises would maybe have cost her thousands?