My offer was accepted below asking. Thoughts?

Yellowsub2000

Interest rates will be double digits soon then there will be masses of repossessions flooding the auction houses but still no buyers 

billy2shots

Delinja said:

Exodi said:

Delinja said:

https://www.rightmove.co.uk/properties/133780772#/?channel=RES_BUY

This is the property I am referring to.

I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.

I think this forum has a biased view on these sorts of things.

You have to appreciate, that people generally come to this forum with issues. It is, despite being statistically uncommon, relatively common on this forum to see threads where first time buyers are over half a year into buying a house, several thousand pounds lighter on solicitors and searches, and foaming at the mouth because they've just learned that the section 21 the landlord served wasn't valid as the landlord can't prove they provided an up to date version of the 'How to Rent' guide, so the process starts from the beginning. The tenants are routinely briefed by the council and various homeless charities to only leave the property by formal eviction, which can take many, many months to appear before a judge, and then can be adjourned by last minute defenses. It is not unheard of for evictions to take over a year.

However, as I said above, this forum is a bit jaded in this regard, as the 99% who have trouble-free tenants aren't posting single sentence threads of "tenant left with no issues ".

Also, I appreciate your comment of "I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.". I'd certainly agree it's probably very low risk but it depends on your appetite for risk. Even 1% is too much for some.

Yes, I fully appreciate your point. When I made this post I was still very much in shock, but having had a chance to think about it some more and do some more research, I think I have reached a point where I am confident in my decision. 

The main thing I have learned from this post is not to complete until tenants are fully out, which is totally valid and something I intend to do. 

Worst case scenario is I lose some money on fees and delay my search, neither of which is insurmountable for me. 

As for the actual price, well, it's clear nobody knows what the heck is gonna happen. Based on the the state of things today, it is a good value, and the bank will do a valuation anyway. 

Exchange. Don't exchange until then. 

Not completing after exchanging could see you in a right old mess. 

MultiFuelBurner

Yellowsub2000 said:

Interest rates will be double digits soon then there will be masses of repossessions flooding the auction houses but still no buyers 

The latest news is the current interest rises have destabilised the banks and to stop a banking collapse the expectation is for rates to stay the same or reduce.

Delinja

billy2shots said:

Exchange. Don't exchange until then. 

Not completing after exchanging could see you in a right old mess. 

Sorry, got my terminology mixed up, that's what I meant

Sarah1Mitty2

mi-key said:

https:\/\/forums.moneysavingexpert.com\/discussion\/comment\/80027117#Comment_80027117<\/a><\/p>

That is a 2-bedroom flat despite what the listing says. A store cupboard less than 4 foot wide isn't a bedroom.<\/p>

If the seller hadn't decided to misleadingly list it then they wouldn't have had to reduce the price so much to get towards the price of other 2-beds.<\/p>","bodyRaw":"[{\"type\":\"rich_embed_card\",\"children\":[{\"text\":\"\"}],\"dataSourceType\":\"url\",\"url\":\"https:\/\/forums.moneysavingexpert.com\/discussion\/comment\/80027117#Comment_80027117\",\"embedData\":{\"recordID\":80027117,\"recordType\":\"comment\",\"body\":\"

https:\/\/forums.moneysavingexpert.com\/discussion\/comment\/80025779#Comment_80025779<\/a><\/p>

How about this one, PropertyLog is showing 85k off so far?<\/p>

<\/p>

<\/p>

https:\/\/www.rightmove.co.uk\/properties\/118903316#\/?channel=RES_BUY<\/a><\/p>

I think with the OP`s budget they are going to get a bargain if they look around.<\/p>\",\"bodyRaw\":\"[{\\\"type\\\":\\\"rich_embed_card\\\",\\\"children\\\":[{\\\"text\\\":\\\"\\\"}],\\\"dataSourceType\\\":\\\"url\\\",\\\"url\\\":\\\"https:\/\/forums.moneysavingexpert.com\/discussion\/comment\/80025779#Comment_80025779\\\",\\\"embedData\\\":{\\\"recordID\\\":80025779,\\\"recordType\\\":\\\"comment\\\",\\\"body\\\":\\\"

&#13;\\\\n

Sarah1Mitty2<\/a> said:<\/div>&#13;\\\\n

&#13;\\\\n

Burtbot<\/a> said:<\/div>&#13;\\\\n

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

<\/div>&#13;\\\\n<\/blockquote>&#13;\\\\nThis one has been reduced by 50k, is there anything wrong with it?

https:\/\/www.rightmove.co.uk\/properties\/111503810#\/?channel=RES_BUY<\/a>
<\/div>&#13;\\\\n<\/blockquote>&#13;\\\\nI wouldn't recommend this one if you're looking for a 3 bed, you will be getting in each other's way all the time\\\",\\\"bodyRaw\\\":\\\"

\\\\r\\\\n

Sarah1Mitty2<\/a> said:<\/div>\\\\r\\\\n

\\\\r\\\\n

Burtbot<\/a> said:<\/div>\\\\r\\\\n

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

<\/div>\\\\r\\\\n<\/blockquote>\\\\r\\\\nThis one has been reduced by 50k, is there anything wrong with it?

https:\/\/www.rightmove.co.uk\/properties\/111503810#\/?channel=RES_BUY
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https://forums.moneysavingexpert.com/discussion/comment/80027239#Comment_80027239

Jesus, I have seen people pushing it, but trying to call the cupboard a bedroom in that flat is really pushing it ! I doubt you could even get a single bed in there and still open the door.

My point was that it would have sold at the original price not that long ago.

Sarah1Mitty2

What is going on with the Quote function?

Sarah1Mitty2

MultiFuelBurner said:

Yellowsub2000 said:

Interest rates will be double digits soon then there will be masses of repossessions flooding the auction houses but still no buyers 

The latest news is the current interest rises have destabilised the banks and to stop a banking collapse the expectation is for rates to stay the same or reduce.

Rates staying the same would mean offering low would be the most sensible option.

MultiFuelBurner

Sarah1Mitty2 said:

MultiFuelBurner said:

Yellowsub2000 said:

Interest rates will be double digits soon then there will be masses of repossessions flooding the auction houses but still no buyers 

The latest news is the current interest rises have destabilised the banks and to stop a banking collapse the expectation is for rates to stay the same or reduce.

Rates staying the same would mean offering low would be the most sensible option.

My response was regarding someone suggesting auction houses would be flooded with repossessions.

We have never paid full advertised price for any property we have purchased (12 and counting) 

So not sure why you needed to add that info when it wasn't in dispute.

p00hsticks

Sarah1Mitty2 said:

What is going on with the Quote function?

I think everything is back to normal now. 

MSE put in a new text editor a few days ago, realised it was causing some problems, made some fixes and then backed it out completely and reverted to the existing one. I think some posts that were trying to quote posts made under the new system whike they were still reverting to the old one have resulted in some odd effects like yours above.  

Sarah1Mitty2

p00hsticks said:

Sarah1Mitty2 said:

What is going on with the Quote function?

I think everything is back to normal now. 

MSE put in a new text editor a few days ago, realised it was causing some problems, made some fixes and then backed it out completely and reverted to the existing one. I think some posts that were trying to quote posts made under the new system whike they were still reverting to the old one have resulted in some odd effects like yours above.  

Ok, thanks.