Thinking of pulling out

deeboy12

Given your multiple posts about different houses, your repeated finding of problems and reluctance to follow through on any of them, are you sure that house buying is for you?

housebuyer143

You are definitely making up issues. The broker has told you they valued it at the price you are paying. Most lenders do not give a figure only the the loan has been approved. They would not approve it if the value was different.
You broker works for you, be more trusting.

saajan_12

Martisha said:

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. - no, that means they valued it at the SAME OR HIGHER than you offered (barring small shifts in the same LTV band). Otherwise they'd come back saying you need a higher LTV product or higher deposit or not approve the mortgage. 
 
i do not feel ok offering above asking price for this house knowing it is not in the condition you could straight move in. - there's no rule that asking price = perfect house. Instead, the asking price should account for the visible condition and any known issues. You'd then deviate from that if A) new issues are unearthed and you disagree about the value overall. 
I'd just focus on how it compares to prices other houses are selling at (adjusting for condition etc). 

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. - they'll always do that, they want commission. I'd focus on whether those other properties are better / worse and cheaper / dearer than this one. 

Sounds like you're focusing on the wrong thing. some of this may be priced into the asking, or may not be. You need to focus on how this property compares to what else is available, including the relative prices and condition. Perhaps get some other viewings in to help you decide, but then do let your vendor know asap. 

Martisha

saajan_12 said:

Martisha said:

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. - no, that means they valued it at the SAME OR HIGHER than you offered (barring small shifts in the same LTV band). Otherwise they'd come back saying you need a higher LTV product or higher deposit or not approve the mortgage. 
 
i do not feel ok offering above asking price for this house knowing it is not in the condition you could straight move in. - there's no rule that asking price = perfect house. Instead, the asking price should account for the visible condition and any known issues. You'd then deviate from that if A) new issues are unearthed and you disagree about the value overall. 
I'd just focus on how it compares to prices other houses are selling at (adjusting for condition etc). 

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. - they'll always do that, they want commission. I'd focus on whether those other properties are better / worse and cheaper / dearer than this one. 

Sounds like you're focusing on the wrong thing. some of this may be priced into the asking, or may not be. You need to focus on how this property compares to what else is available, including the relative prices and condition. Perhaps get some other viewings in to help you decide, but then do let your vendor know asap. 

Re the lender valuation: we have 20% deposit, lender is Nationwide and I do remember when remortgaging with them in the past that when they did valuation, instead of providing me the exact figure, they said that the lowest MV of the house is X. I understand it as if their valuation was below that X amount, then they would told us etc. 

GixerKate

Are you a first time buyer?  If you post a link to the house you are referring to then I'm sure there are people on here who can advise if its a good price for the size and location etc.

A 3 year house and the bath needs replacing?  I'm in a 2 year old house and I'm puzzled on what could have happened to require a bath to be so damaged that it needs immediate replacement?

Martisha

GixerKate said:

Are you a first time buyer?  If you post a link to the house you are referring to then I'm sure there are people on here who can advise if its a good price for the size and location etc.

A 3 year house and the bath needs replacing?  I'm in a 2 year old house and I'm puzzled on what could have happened to require a bath to be so damaged that it needs immediate replacement?

There is more damage then bath, flooring and the door. We were told that one kid is adhd, hence the damage.

born_again

But if house is for sale then you would fix the issues on the bath.
Sounds to me like they have £££ issues & are trying to off load quick, but need a certain amount. If it is a house that you really like. Put in a offer you are happy with. Tell EA that this is your offer even if rejected & you are now looking elsewhere but if they change their mind you will think on it if nothing else is found.
If no one else is interested then they may bite.

Sarah1Mitty2

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?

How many other offers do they have at the moment?

Martisha

Sarah1Mitty2 said:

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?

How many other offers do they have at the moment?

Sarah1Mitty2 said:

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?

How many other offers do they have at the moment?

None, it was only us who offered

lookstraightahead

I always start to dislike properties if I think the seller is being unreasonable / if I think I'm over paying. ! 

Sounds like your seller is not really bothered about selling, and you've picked up on it.