Thinking of pulling out

Martisha

House was for sale for £475k when we went to view it. We knew it was overpriced and that it will not sell at this amount.
It is only 3 years old house but has not been looked after at all. Flooring upstairs needs redoing, front door are broken, bath is broken etc. 
We went for second viewing and reluctantly offered £450k (wanted to offer less but EA did not let us).
Offer has been rejected anyway.
2 weeks has passed snd they reduced the price to offers over £450k.
We thought that its silly not accepting £450k. EA called us and asked if we want to increase our offer, which we stupidly have to £455k. EA said that they will not sell it at £455 and min is £455k
After a week, when they did not have any other offers they accepted our.

However, we now think that the house its not worth the price offered, especially that needs work doing.
We have been given a mortgage but its going to be very expensive and I do not feel comfortable with it. Everything has happened so quickly as EA snd broker were pushing us to apply that I did not have time to think this through properly.
I think that this property is worth £440k max, not £455k
If we go ahead we will not have any savings left, no money for decoration, no money for buying some essential things that you always have to buy when moving etc
The whole situation has made me very anxious and instead of feeling excited I feel fearful.

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

user1977

Martisha said:

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

Was permission granted? Had they done any of the work?

Even if work hasn't been done, I'd normally expect valid planning permission to be mentioned, as a selling point. 

But why be suspicious about it not being mentioned? I don't see any downsides to it.

Martisha

user1977 said:

Martisha said:

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

Was permission granted? Had they done any of the work?

Even if work hasn't been done, I'd normally expect valid planning permission to be mentioned, as a selling point. 

But why be suspicious about it not being mentioned? I don't see any downsides to it.

Yes, council has granted permission but none of the work has been started.
EA and the advert was quiet about it.
i dont know why, as usually they mention those things in the property description.
that is why I dont know why they applied and paid for it and after a year are selling.

user1977

Martisha said:

user1977 said:

Martisha said:

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

Was permission granted? Had they done any of the work?

Even if work hasn't been done, I'd normally expect valid planning permission to be mentioned, as a selling point. 

But why be suspicious about it not being mentioned? I don't see any downsides to it.

Yes, council has granted permission but none of the work has been started.
EA and the advert was quiet about it.
i dont know why, as usually they mention those things in the property description.
that is why I dont know why they applied and paid for it and after a year are selling.

Maybe they preferred to move rather than expand the current place. Why be suspicious about it?

Martisha

user1977 said:

Martisha said:

user1977 said:

Martisha said:

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

Was permission granted? Had they done any of the work?

Even if work hasn't been done, I'd normally expect valid planning permission to be mentioned, as a selling point. 

But why be suspicious about it not being mentioned? I don't see any downsides to it.

Yes, council has granted permission but none of the work has been started.
EA and the advert was quiet about it.
i dont know why, as usually they mention those things in the property description.
that is why I dont know why they applied and paid for it and after a year are selling.

Maybe they preferred to move rather than expand the current place. Why be suspicious about it?

Because EA did not mention about it.

jj_43

It does appear you are looking for reasons to pull out and as you say your not comfortable with the mortgage level. I would pull out in your situation.

user1977

Martisha said:

user1977 said:

Martisha said:

user1977 said:

Martisha said:

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

Was permission granted? Had they done any of the work?

Even if work hasn't been done, I'd normally expect valid planning permission to be mentioned, as a selling point. 

But why be suspicious about it not being mentioned? I don't see any downsides to it.

Yes, council has granted permission but none of the work has been started.
EA and the advert was quiet about it.
i dont know why, as usually they mention those things in the property description.
that is why I dont know why they applied and paid for it and after a year are selling.

Maybe they preferred to move rather than expand the current place. Why be suspicious about it?

Because EA did not mention about it.

But why would there be any reasons negative to you for that?

london21

Martisha said:

House was for sale for £475k when we went to view it. We knew it was overpriced and that it will not sell at this amount.
It is only 3 years old house but has not been looked after at all. Flooring upstairs needs redoing, front door are broken, bath is broken etc. 
We went for second viewing and reluctantly offered £450k (wanted to offer less but EA did not let us).
Offer has been rejected anyway.
2 weeks has passed snd they reduced the price to offers over £450k.
We thought that its silly not accepting £450k. EA called us and asked if we want to increase our offer, which we stupidly have to £455k. EA said that they will not sell it at £455 and min is £455k
After a week, when they did not have any other offers they accepted our.

However, we now think that the house its not worth the price offered, especially that needs work doing.
We have been given a mortgage but its going to be very expensive and I do not feel comfortable with it. Everything has happened so quickly as EA snd broker were pushing us to apply that I did not have time to think this through properly.
I think that this property is worth £440k max, not £455k
If we go ahead we will not have any savings left, no money for decoration, no money for buying some essential things that you always have to buy when moving etc
The whole situation has made me very anxious and instead of feeling excited I feel fearful.

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

The EA did not have to mention the planning permission.

There could be various reasons why they applied for planning permission and did not go ahead, maybe change in circumstances, maybe costs too high etc.

If you do not want the property anymore or comfortable with the price then pull out, but might not be able to transfer the interest rates you got to another property.

Has the property been valued by the mortgage company and did they accept the price you offered?

The broker might have rushed the application because interest rates are constantly changing and likely wanted to secure a good deal before yet another increase. 

The EA might not have accepted the lower offer because maybe someone else offered and already got declined or the seller stated their expectations and had a minimum amount they would accept.

Hard to know what is in their mind, make the decision best for you as the EA is working for their commission from the seller.

Bendy_House

I suspect that these things were simply not worth mentioning, that's all.

I would imagine that PP for such extensions would be pretty much a 'given' for a house like that, so not a 'biggie'. If, for example, they had received PP for a whole new dwelling in their garden, then THAT would be worth mentioning, and would almost certainly add a sizeable sum to the value!

Why haven't they built them? Probably just because they've decided a move to a bigger house is a better call for them. Or even a smaller house with perhaps a larger plot - who knows? Who cares...

It is entirely your call what to offer for this house, or even to pull out. They have only recently accepted your offer? You haven't engaged solicitors yet? In that case, do what you wish.

You certainly have some serious misgivings, so if you truly believe the house is overpriced, then you revise your offer to what you believe is fair and acceptable to you. It is perfectly reasonable to take into account changing financial circumstances, such as the increase cost of living, and almost-certain increased mortgage repayments. And a possible slowing market.

Just work it all out - dispassionately, matter-of-factly - and re-submit. Do not be intimidated by the EA. (They've already shown themselves to be 'oles by not submitting that lower offer. My understanding is that they are obliged to do so, tho' perhaps the vendor told them to strictly not to do so.)

Just keep in mind that whether you buy or not, these folk - vendor and EA - will soon not be part of your life! Mind you, if you are too flighty, then the EA might be extra-wary the next time you show interest in one of their houses...

So, do your sums. Check the local market - what's happening to house prices? See what else has come on in that ~£450k bracket. Make a decision - go for it, revise, or pull out. Do what is right for you.

Martisha

Bendy_House said:

I suspect that these things were simply not worth mentioning, that's all.

I would imagine that PP for such extensions would be pretty much a 'given' for a house like that, so not a 'biggie'. If, for example, they had received PP for a whole new dwelling in their garden, then THAT would be worth mentioning, and would almost certainly add a sizeable sum to the value!

Why haven't they built them? Probably just because they've decided a move to a bigger house is a better call for them. Or even a smaller house with perhaps a larger plot - who knows? Who cares...

It is entirely your call what to offer for this house, or even to pull out. They have only recently accepted your offer? You haven't engaged solicitors yet? In that case, do what you wish.

You certainly have some serious misgivings, so if you truly believe the house is overpriced, then you revise your offer to what you believe is fair and acceptable to you. It is perfectly reasonable to take into account changing financial circumstances, such as the increase cost of living, and almost-certain increased mortgage repayments. And a possible slowing market.

Just work it all out - dispassionately, matter-of-factly - and re-submit. Do not be intimidated by the EA. (They've already shown themselves to be 'oles by not submitting that lower offer. My understanding is that they are obliged to do so, tho' perhaps the vendor told them to strictly not to do so.)

Just keep in mind that whether you buy or not, these folk - vendor and EA - will soon not be part of your life! Mind you, if you are too flighty, then the EA might be extra-wary the next time you show interest in one of their houses...

So, do your sums. Check the local market - what's happening to house prices? See what else has come on in that ~£450k bracket. Make a decision - go for it, revise, or pull out. Do what is right for you.

Thank you for this.
I did not engage solicitors yet as was having doubts. Broker applied for mortgage and I am pretty sure that this lender will not allow to transfer it to a new property.
I did ask the broker at how much the lender valued the property, but he did not tell me. He only said “lender approved the price that you offered”. This made me feel that they valued it less.
 
i do not feel ok offering above asking price for this house knowing it is not in the condition you could straight move in. 

The market is pretty slow in here, houses are not selling for months and many priced reduced. Especially the expensive ones are not selling quick. 

Other EA’s are calling me constantly inviting for viewings, saying that vendors could accept less etc, so this means to me that its not good.

Sarah1Mitty2

So it looks like there will be plenty of other houses in your market, you think it is overpriced, just pull out.