Considering pulling out of a purchase

badger09

Thrugelmir said:

elsien said:

Thrugelmir said:

Cal514 said:

For the first house, I offered £12k over asking and will do the same for the second, maybe even higher depending on competition.   

Will you mess the next vendor around as well. When another more desirable property comes on the the market. 

Better to do it now rather than further down the line if something else does come up.
Bottom line is it's a financial decision. OP wasn't planning on messing anyone around, as you put it. If they see a property they like better and it's affordable, then so be it. 

Reasonable to assume that the price differential is for a reason. People rarely give their properties away cheaply.  The price of the first property didn't deter interest from more multiple parties. If the OP wishes to spend £50k less on a property then that's easy enough to do. Just means making compromises. Free lunches rarely exist. 

The elderly vendors who won't start looking.... would be a warning flag to me, unless you're prepared for a long wait for the detached property.

FWIW, we fit that description when we put our home for the last 20 years on the market end of July last year. There wasn't much point looking in earnest as we knew our niche house didn't have mass market appeal, but we said we would move into rental if necessary. We found somewhere immediately we had offers, but had to go into temp accommodation anyway when vendor withdrew. Most elderly couples won't be prepared to do that.

TripleH

It could depend on whether the couple are moving away to be nearer grandkids.

My mother has clearly said she will rent once her house has sold. She is downsizing and knows her house is what will cause any delays but she would clip me round the head if I dare imply Sheila's elderly (nearby chair permitting).

Thrugelmir

badger09 said:

Thrugelmir said:

elsien said:

Thrugelmir said:

Cal514 said:

For the first house, I offered £12k over asking and will do the same for the second, maybe even higher depending on competition.   

Will you mess the next vendor around as well. When another more desirable property comes on the the market. 

Better to do it now rather than further down the line if something else does come up.
Bottom line is it's a financial decision. OP wasn't planning on messing anyone around, as you put it. If they see a property they like better and it's affordable, then so be it. 

Reasonable to assume that the price differential is for a reason. People rarely give their properties away cheaply.  The price of the first property didn't deter interest from more multiple parties. If the OP wishes to spend £50k less on a property then that's easy enough to do. Just means making compromises. Free lunches rarely exist. 

The elderly vendors who won't start looking.... would be a warning flag to me, unless you're prepared for a long wait for the detached property.

FWIW, we fit that description when we put our home for the last 20 years on the market end of July last year. There wasn't much point looking in earnest as we knew our niche house didn't have mass market appeal, but we said we would move into rental if necessary. We found somewhere immediately we had offers, but had to go into temp accommodation anyway when vendor withdrew. Most elderly couples won't be prepared to do that.

We aren't discussing your move though or what you would do. People differ in their approaches and views. . 

badger09

Thrugelmir said:

badger09 said:

Thrugelmir said:

elsien said:

Thrugelmir said:

Cal514 said:

For the first house, I offered £12k over asking and will do the same for the second, maybe even higher depending on competition.   

Will you mess the next vendor around as well. When another more desirable property comes on the the market. 

Better to do it now rather than further down the line if something else does come up.
Bottom line is it's a financial decision. OP wasn't planning on messing anyone around, as you put it. If they see a property they like better and it's affordable, then so be it. 

Reasonable to assume that the price differential is for a reason. People rarely give their properties away cheaply.  The price of the first property didn't deter interest from more multiple parties. If the OP wishes to spend £50k less on a property then that's easy enough to do. Just means making compromises. Free lunches rarely exist. 

The elderly vendors who won't start looking.... would be a warning flag to me, unless you're prepared for a long wait for the detached property.

FWIW, we fit that description when we put our home for the last 20 years on the market end of July last year. There wasn't much point looking in earnest as we knew our niche house didn't have mass market appeal, but we said we would move into rental if necessary. We found somewhere immediately we had offers, but had to go into temp accommodation anyway when vendor withdrew. Most elderly couples won't be prepared to do that.

We aren't discussing your move though or what you would do. People differ in their approaches and views. . 

True. And I'm sure your approach and views expressed on this thread have helped OP immensely.

andy444

I'm actually doing something similar to the OP in that I'm already in the process of buying a house but I'm viewing another property tomorrow. The other property is in a location I'd prefer to live in and will be £10-20k cheaper than the property I'm currently buying. Going to have a look round and find out the seller's position in finding an onward property etc. 

lookstraightahead

I've never really kept looking once I've found a property - to me it suggests you're not happy with it.

SavingPennies_2

lookstraightahead said:

I've never really kept looking once I've found a property - to me it suggests you're not happy with it.

Me too, on both occasions I've bought I stopped looking once the offer was accepted and the property taken off the market.. because I'd found what I wanted, and didn't offer on anything unless I actually wanted to buy it!

MysteryMe

According to the OP the semi is not over priced and there does not seem to be a massive difference in location to make it a £50k difference. For a detached to be so much cheaper than a semi suggests that the detached is not going to be to the same standard internally or there are maintenance issues or they are encouraging a bidding war so the OP may not see the savings they hope for. There is a lot to be said for bird in the hand being worth two in the bush, the OP may end up with neither as obviously the original vendor will immediately put the semi back on the market.

Cal514

lookstraightahead said:

I've never really kept looking once I've found a property - to me it suggests you're not happy with it.

The only reason I'm in this quandary is that the price I've offered on the semi is the maximum I could do whereas the detached is well within budget so would potentially give me more headroom for contingencies. I love the semi and if I'd kept away from Rightmove I'd have probably been happier, planning for exchange etc. 

MF2015

Don't underestimate the value of an outstanding school Vs a good school to some people.