Debate House Prices


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Gazundering?? will I burn in hell?

Hello all,
My little saga....

Myself and partner are at the end stage of a house purchase on a part buy scheme. We have been on the list for some time when a nice three bed room town house became available for the same as we pay per month in rent.

When the housing assoc approached us regarding this house they hinted that the vendors were having difficulties and the bank was due to step in shortly as such the only reason we were being allowed to offer on the property was we had previously been vetted by the HA and they know we had everything ready to go and could complete swiftly. We got the survey , nominated sols, confirmed the mortgage and did the HA interview all in days of making the full asking price offer... 8 weeks later and a large chunk ‘o’ change vanished in fees we still had nothing from the vendor.. diddly squat

I then discovered that the owners were shining us and the HA on as they thought that by selling they were making themselves voluntarily homeless and as such thought if stayed until evicted the HA/Council would have to home them. I called the HA in a panic, who laughed their socks off and basically said they were deluded if they thought in this day and age that that would get them rehomed and they would have a word in their shell like.

So this week we suddenly have gone from 0 to 60 and they nominated sols and contacts are flying about and are chasing like bejesus

However.... in the mean time....

A identical if not better house on the same street has slashed its asking price by £15000 and I hear some others of the same style in the area Oakridge Village, Basingstoke RG21 have also gone for less (can’t find proof of that though) so we are now not sure that the house is worth what it was at the beginning of this....

I have looked on mouse prices and nothing for the area is showing. As there is no EA involved and as the housing assoc are non profit can you gazunder them?

We are both hard working people who have 5 jobs between us to save for a house as such I do not want to pay more for anything than it’s worth, however it’s been our driving ambition for a number of years to get a home of our own (we have some renting stories that are just dire) and a scheme like this is the only way we can afford it as we happily can afford the mortgage and sundries but not a deposit of 25% of what a house round here is worth (we can only get a mortgage of £100,000. (Edit : actually that is a lie we can get one for £150,000 but i think that this is too much for our budget and will not give room to manoeuvre should we have an unexpected bill or redundancy, illness)

Because we already mentally wrote of the money because of the shenanigans of the vendors we are sort of hovering between gazundering or just pulling out...
Please note I have a cognitive disability - as such my wording can be a bit off, muddled, misspelt or in some cases i can miss out some words totally...

Comments

  • mr.broderick
    mr.broderick Posts: 3,778 Forumite
    1,000 Posts Combo Breaker
    Tygermoth wrote: »
    Hello all,
    My little saga....

    Myself and partner are at the end stage of a house purchase on a part buy scheme. We have been on the list for some time when a nice three bed room town house became available for the same as we pay per month in rent.

    When the housing assoc approached us regarding this house they hinted that the vendors were having difficulties and the bank was due to step in shortly as such the only reason we were being allowed to offer on the property was we had previously been vetted by the HA and they know we had everything ready to go and could complete swiftly. We got the survey , nominated sols, confirmed the mortgage and did the HA interview all in days of making the full asking price offer... 8 weeks later and a large chunk ‘o’ change vanished in fees we still had nothing from the vendor.. diddly squat

    I then discovered that the owners were shining us and the HA on as they thought that by selling they were making themselves voluntarily homeless and as such thought if stayed until evicted the HA/Council would have to home them. I called the HA in a panic, who laughed their socks off and basically said they were deluded if they thought in this day and age that that would get them rehomed and they would have a word in their shell like.

    So this week we suddenly have gone from 0 to 60 and they nominated sols and contacts are flying about and are chasing like bejesus

    However.... in the mean time....

    A identical if not better house on the same street has slashed its asking price by £15000 and I hear some others of the same style in the area Oakridge Village, Basingstoke RG21 have also gone for less (can’t find proof of that though) so we are now not sure that the house is worth what it was at the beginning of this....

    I have looked on mouse prices and nothing for the area is showing. As there is no EA involved and as the housing assoc are non profit can you gazunder them?

    We are both hard working people who have 5 jobs between us to save for a house as such I do not want to pay more for anything than it’s worth, however it’s been our driving ambition for a number of years to get a home of our own (we have some renting stories that are just dire) and a scheme like this is the only way we can afford it as we happily can afford the mortgage and sundries but not a deposit of 25% of what a house round here is worth (we can only get a mortgage of £100,000. (Edit : actually that is a lie we can get one for £150,000 but i think that this is too much for our budget and will not give room to manoeuvre should we have an unexpected bill or redundancy, illness)

    Because we already mentally wrote of the money because of the shenanigans of the vendors we are sort of hovering between gazundering or just pulling out...

    What is the question?
    Only you can decide this or do you want people like !!!!!! carol etc to tell you to pull out cause you'd be crazy to buy a house at the moment, then you'd feel better when you do what you've already decided in your own mind ?:confused:
  • Not very friendly Mr Broderick, but right you need to decide what is right for you. Personally I would offer lower and be prepared to walk away if it isn't accepted. Good luck whatever you decide.
  • Please read my post and answers to it. I am in a similar position and will ask the houssing association to give me better price or we just walk away. I share your despare.

    I am one step from pulling out .We got the survey , nominated sols, paid reservation fee etc etc they still want to sell at inicial price but prices alreday down .They arrange the survey and all of them work for them so the survey is the same price today than 2 months ago.

    We will pay the same we are paying on rent montly (morgage/rent) BUT plus service charge, utility bills....so it is not that cheap plus they rise every year this.

    I agree with Carolan78 offer lower.

    afforable housing but I am having my doubs that it is really afforable housing. Everybody want still a peace of the cake so they will sell as high as they can and lie as much as they can

    Yes..it is probably crazy to buy now
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