Selling/buying advice, Unsure what to do

dangermouse1977

We sold our house 9 weeks ago. It's a 3 bed semi with a double drive and garage. We sold for 300k but soon after, realised it was undervalued & could of sold for a lot more.(stupidly went with 1st valuation)
We have now been sold for 9 wks &  can't afford anywhere near what we could of back then! House prices have soared 30k & Our compromises are getting bigger by the hour!
We wanted our next home to be our forever one but the majority of properties in the area we want are ending in bidding wars & going way over asking price. We can't even compete now.

Being inexperienced in this, we really dont know what to do.
The last thing we want is to pull the plug on the sale and let the buyer down, but at the same time, I can't see us finding anything we want that we can afford. Houses just like mine have sold this week for 330k.

My other half has said why don't we just call the agents and explain but I know he won't be the one doing it. 
The buyer has been so patient. Would the agents prehaps approach the buyer to see if he can 
match current market value so qe are able to buy?
Help!

lookstraightahead

If I was your buyer I'm afraid I would walk.

I think house prices will come down after the hysteria of everything that's been happening.

You're effectively asking the buyers to fund your 'forever' home. You could ask them, but it's taking a gamble that they walk away. If you're happy to remarket that's fine. 

Remember the house may be 'down valued' by the lender - probably will.

dangermouse1977

This is very true and if i were our buyer, I would of already walked away.
The reason he probably hasn't is, he knows he couldn't get a house the equivalent to this for the price he has paid.

Suppose I shall call the agents tomorrow to see what they say

Thanks for responding 

ukri

You haven’t sold the house yet. Assuming you are in England, all you have done is make an unenforceable agreement to sell the property to the current buyer. Until exchange nothing is contractual.

If you can genuinely get 330k for the property that you have currently agreed to sell at 300k, you should remarket. You’d be mad to sell BMV to some random person. I’ll stress that this is IF you can genuinely get 330k.

lesalanos

For me you need to pull out now.

The only important people here are yourselves.  Yes the buyers will probably be annoyed but that's easier to live with than a lifetime of what ifs and regrets that you let your house go for 30k more than you could have got.

Its a simple business decision 

Ally_E.

When you wrote sold you house, I thought you actually completed, not just accepted the offer. If you are sure and think the house is worth more, do pull out. But be 100% sure you will be able to achieve higher price now that stamp duty holiday has finished. 

dangermouse1977

ukri said:

You haven’t sold the house yet. Assuming you are in England, all you have done is make an unenforceable agreement to sell the property to the current buyer. Until exchange nothing is contractual.

If you can genuinely get 330k for the property that you have currently agreed to sell at 300k, you should remarket. You’d be mad to sell BMV to some random person. I’ll stress that this is IF you can genuinely get 330k.

We knew it was under priced as soon as we'd sold but obvs too late as we hadn't done our research and since have gone up more.
I can't ever see is finding anywhere unless the demand goes down

dangermouse1977

Ally_E. said:

When you wrote sold you house, I thought you actually completed, not just accepted the offer. If you are sure and think the house is worth more, do pull out. But be 100% sure you will be able to achieve higher price now that stamp duty holiday has finished. 

Sorry for the confusion 😊

hazyjo

If you're sure, I'd just quit and start again in 6 months. Nobody, including a valuer, EA or future buyer, will take you seriously if you remarket again immediately now at 30k more.

Redwino222

I don’t think a fast moving market is for you.

why do you think you could have sold for 10% more nine weeks ago, were there higher bidders on your property that you didn’t accept?  The valuation from the EA is simply the starting point, the market will determine what the house is worth.

but as others have pointed out, your house is not sold and while you will greatly disappoint your buyers you can pull out.  Just do it quickly and be honest about your reasons.  You can’t find a house you like in your price range.

AdrianC

dangermouse1977 said:

ukri said:

You haven’t sold the house yet. Assuming you are in England, all you have done is make an unenforceable agreement to sell the property to the current buyer. Until exchange nothing is contractual.

We knew it was under priced as soon as we'd sold but obvs too late

You haven't sold yet.

You've accepted an offer. You've agreed to sell, but with no penalties if it doesn't happen.

The sale can fall through at any point until exchange, either side pulling out for any reason or none.
At exchange, it is legally obliged to complete - else there will be penalties on the side that does not complete.
The house isn't actually SOLD-sold until completion.