Doubts after having offer accepted on a house

kayles94

We viewed a house and put an offer in for the asking price. The same day the offer was accepted but I felt a sense of dread and so did my partner. We had since gotten over that, viewed the property a second time and loved it. Since then the house next door has been put on the market for less and I’ve started to have doubts. The house isn’t perfect and the third bedroom is so small that the space isn’t usable for a bedroom. The garden is also east facing which also isn’t really what we want. The house isn’t a forever home but could possibly be a long term home. We have spoken to the estate agents about why the other house is cheaper and it’s because they want a quick sale and it isn’t as nicely decorated as the one we put the offer in on. The venders aren’t willing to budge on the price and the house prices in the area are starting to drop. 

The estate agents are starting to put pressure on us to make a decision on if we want to proceed. The added stress of this and other things is starting to make me ill so a decision needs to be made soon. I don’t feel like I  love the house or the area but there’s nothing really wrong with it. I’ve created a pros and cons list but I still haven’t come to a decision. There are more cons than pros but I’m still reluctant to drop out. Part of me thinks I can find a better house next but the other part of me doesn’t want to drop out and regret it. 

Any advice on how to help me come to a decision?

swingaloo2

Is this the first tme you have bought a house? I ask because I remember when I bought my first house I was so exited about actually buying a house that I got carried away and went for the 2nd one we looked at. I had doubts but brushed them all off and later looked back and wished I had listened to those doubts.

Ask yourself the question- If you were gazumped tomorrow by someone putting in a higher offer would you be relieved or dissapointed? Whats your gut reaction to the question? Go with your gut.

kayles94

swingaloo2 said:

Is this the first tme you have bought a house? I ask because I remember when I bought my first house I was so exited about actually buying a house that I got carried away and went for the 2nd one we looked at. I had doubts but brushed them all off and later looked back and wished I had listened to those doubts.

Ask yourself the question- If you were gazumped tomorrow by someone putting in a higher offer would you be relieved or dissapointed? Whats your gut reaction to the question? Go with your gut.

Yes we are first time buyers. We had viewed about 10 properties before putting an offer in on this one. I’d be surprised that someone put a higher offer in (the house didn’t have that much interest) but don’t think I’d be that disappointed. I’m still struggling to decide if I just have cold feet or if I’ve lost interest in the house.

Skiddaw1

I think in general there's a parallel between having doubts about a house and doubts about marriage. If you need to question, it's the wrong decision....

GDB2222

kayles94 said:

We viewed a house and put an offer in for the asking price. The same day the offer was accepted but I felt a sense of dread and so did my partner. We had since gotten over that, viewed the property a second time and loved it. Since then the house next door has been put on the market for less and I’ve started to have doubts. The house isn’t perfect and the third bedroom is so small that the space isn’t usable for a bedroom. The garden is also east facing which also isn’t really what we want. The house isn’t a forever home but could possibly be a long term home. We have spoken to the estate agents about why the other house is cheaper and it’s because they want a quick sale and it isn’t as nicely decorated as the one we put the offer in on. The venders aren’t willing to budge on the price and the house prices in the area are starting to drop. 

The estate agents are starting to put pressure on us to make a decision on if we want to proceed. The added stress of this and other things is starting to make me ill so a decision needs to be made soon. I don’t feel like I  love the house or the area but there’s nothing really wrong with it. I’ve created a pros and cons list but I still haven’t come to a decision. There are more cons than pros but I’m still reluctant to drop out. Part of me thinks I can find a better house next but the other part of me doesn’t want to drop out and regret it. 

Any advice on how to help me come to a decision?

So, the identical, next door house is available more cheaply. From sellers who are clearly more motivated to proceed. You haven't got at all far in the conveyancing process on the first house.

Of course, you should withdraw your offer on the first house and put an offer in on the second one.

The decorations are not worth worrying about, as most houses need redecorating after the old furniture has been moved out.

I can't say whether either of the houses is suitable for you. Mostly, house buying involves compromises, but the transaction costs are quite high, so you don't want to buy somewhere you won't be happy living in for a few years.

If you do buy the second house, you'll be living next door to the people in the first house, which could be a tad embarrassing. However, you have treated them fairly by asking whether they will lower their price, and they have refused. I really can't see that they have anything to complain about, if they insist on trying to get an excessive price for their house.

lookstraightahead

House prices I think will start coming down anyway, so no surprise the one next door is cheaper, but you don't need to compare and you probably wouldn't if you were happy.

In fairness to the vendors you need to make a decision - they're not budging so maybe tell them you don't want it, they might come down on price and then you will feel better, or walk away.

we've just bought a 200 year old house which I pestered about but to be fair my husband really wanted. I'm now so glad we bought it.

Go back and have another look. Maybe it is just the price that's putting you off .

metalloz

I'm in the same position but 4 weeks in and have spent nearly £1.5k. After I put my offer in the property down the road had a further price reduction, which meant it was £50k cheaper. There were downsides to it though as it's a leasehold with what sounded like a flakey freeholder and it needed modernisation inside. The one I offered on is in near perfect condition and I like how it has been renovated.

I am waiting for the mortgage valuation to come back because they should hopefully pick up on whether I have made a terrible mistake...

Other than the price point, I am really happy with the decision because I have viewed about 20 properties over 4 months and this really stands out as my favourite. It does have an East facing garden but decided to compromise given I like all the other features.

london21

kayles94 said:

We viewed a house and put an offer in for the asking price. The same day the offer was accepted but I felt a sense of dread and so did my partner. We had since gotten over that, viewed the property a second time and loved it. Since then the house next door has been put on the market for less and I’ve started to have doubts. The house isn’t perfect and the third bedroom is so small that the space isn’t usable for a bedroom. The garden is also east facing which also isn’t really what we want. The house isn’t a forever home but could possibly be a long term home. We have spoken to the estate agents about why the other house is cheaper and it’s because they want a quick sale and it isn’t as nicely decorated as the one we put the offer in on. The venders aren’t willing to budge on the price and the house prices in the area are starting to drop. 

The estate agents are starting to put pressure on us to make a decision on if we want to proceed. The added stress of this and other things is starting to make me ill so a decision needs to be made soon. I don’t feel like I  love the house or the area but there’s nothing really wrong with it. I’ve created a pros and cons list but I still haven’t come to a decision. There are more cons than pros but I’m still reluctant to drop out. Part of me thinks I can find a better house next but the other part of me doesn’t want to drop out and regret it. 

Any advice on how to help me come to a decision?

iF it is not a yes yes then likely a no.

If you are having cold feet haven viewed twice maybe pull out as you have not gone far in the purchase process.

You stated price in the area is coming down, what about viewing the motivated seller's property and maybe putting in an offer or give it a break to see what happens to prices and make a more informed decision.

You need to dig deep, is it the property you do not like, is it the area, the price etc.

Review your pros and cons lists, speak with your partner to make a decision.

goodwithsaving

Buying a house is a big thing. Everyone experiences nerves. If you have viewed that many, you need to consider what made you offer in the first place. That said, having had someone pull out after a long time into the sale, if you are going to pull out then make your minds up soon.

Sunsaru

Trust your instincts. Instincts are not the same as nerves.

andy444

I think most people have slight doubts about whether they have successfully bid for the correct house or if a better place may be elsewhere. Buying a house is a big decision.

Go with your gut on whether you think it's the right thing or not.