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  • FIRST POST
    • mazibee
    • By mazibee 13th Jun 19, 12:07 PM
    • 223Posts
    • 26Thanks
    mazibee
    About to Exchange / Cheap - Closer Properties Came Online
    • #1
    • 13th Jun 19, 12:07 PM
    About to Exchange / Cheap - Closer Properties Came Online 13th Jun 19 at 12:07 PM
    Dear Seniors / Experienced ,

    We FTBs, ( realized buying house is a very difficult process) Everything ready from everyone's side to set for exchange June 17 (Our Solicitors, Vendors Solicitors, EA , everyone trying to persuade to exchange as early as possible as the chain is involved.

    Today 2 properties came on the Zoopla and Rightmove (both of these properties are closer and cheaper, advertised for 325K, the one we are about to exchange was advertised for 385K, reduced to 365K and offer accepted at 350K

    I have already paid the following amounts

    300 to solicitors for Searches
    700 for Building Survey
    265 for Timber Survey

    Any suggestions what to do at this time, as getting very nervous and confused (cant explain my situation)
Page 1
    • cajef
    • By cajef 13th Jun 19, 12:17 PM
    • 5,052 Posts
    • 4,110 Thanks
    cajef
    • #2
    • 13th Jun 19, 12:17 PM
    • #2
    • 13th Jun 19, 12:17 PM
    Only you can decide which judging by the number of posts on here about your house purchase you find it difficult to do, you either go ahead with your present purchase or pull out and start again with a new one, in which case you will lose the money you have already spent, nobody here can make the decision for you, the choice is yours.
    I used to have a handle on life, but it broke.
    • foxy-stoat
    • By foxy-stoat 13th Jun 19, 12:22 PM
    • 5,083 Posts
    • 3,044 Thanks
    foxy-stoat
    • #3
    • 13th Jun 19, 12:22 PM
    • #3
    • 13th Jun 19, 12:22 PM
    You should not be looking on Rightmove if you are that close to exchange of contracts, as this is what can happen.

    You haven't even seen the other houses yet, you do not know what they would accept nor if there will be a bidding war and the final price exceeds the asking price, or if there are cheaper for a reason as there is something up with them.

    You have done your checks and happy to exchange @ 350,000 a few days ago - do that.
    • SmashedAvacado
    • By SmashedAvacado 13th Jun 19, 12:42 PM
    • 938 Posts
    • 922 Thanks
    SmashedAvacado
    • #4
    • 13th Jun 19, 12:42 PM
    • #4
    • 13th Jun 19, 12:42 PM
    (both of these properties are closer and cheaper
    Closer to what? If its a sewage works, i can probably understand the price differential.
    • hazyjo
    • By hazyjo 13th Jun 19, 12:52 PM
    • 12,327 Posts
    • 16,829 Thanks
    hazyjo
    • #5
    • 13th Jun 19, 12:52 PM
    • #5
    • 13th Jun 19, 12:52 PM
    As FTBs you will always be wondering if you're doing the right thing and buying the right house.

    It's an awful lot of money to be spending, so don't feel forced into buying the wrong one.

    Words of wisdom though - the grass often isn't greener. It wouldn't hurt to view (if through a different agent - might be a bit awkward if the same one you're buying through!), but before that I would check out the vendor's position. Are they chain free? Do they have a complete chain above? If no to either of those questions, tread very carefully as it could be months before they find somewhere, if at all. I've had people pull out before when they couldn't find somewhere to move to.

    Also, I've viewed houses that looked perfect on paper, but I hated in the flesh. Look at the details/streetview carefully to look for things such as shared drives, access issues, Japanese Knotweed issues, no window in bathroom, small rooms, bad layouts, petrol garages a few doors away, etc.

    Good luck.
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + 30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...

    "Should know better." Apparently.
    • shortcrust
    • By shortcrust 13th Jun 19, 3:03 PM
    • 2,513 Posts
    • 3,975 Thanks
    shortcrust
    • #6
    • 13th Jun 19, 3:03 PM
    • #6
    • 13th Jun 19, 3:03 PM
    You’ve got no idea what these other houses will sell for so you don’t know that they’re cheaper. All you know is their current asking prices are lower.

    It’s true that you’re spending a lot of money and should feel forced into buying the wrong house, but the time to come to the realisation that it’s the wrong house isn’t three or four days before exchange. There’s no way I’d be comfortable pulling out and collapsing a chain at this stage because something a bit cheaper and nearer had popped up on rightmove. I’d only pull out just before exchange if the house of my dreams came on to the market or if some awful info about the purchase came to light.
    Last edited by shortcrust; 13-06-2019 at 3:06 PM.
    • Slithery
    • By Slithery 13th Jun 19, 4:52 PM
    • 1,969 Posts
    • 3,285 Thanks
    Slithery
    • #7
    • 13th Jun 19, 4:52 PM
    • #7
    • 13th Jun 19, 4:52 PM
    Closer and cheaper are only 2 of the characteristics - and closer to what?

    You haven't mentioned size, condition, transport, location, privacy, or any of the 101 other things that go towards picking a property to offer on.

    Unless you post links for all 3 properties then all you're going to get is a lot of different random guesses.
    • diggingdude
    • By diggingdude 13th Jun 19, 6:05 PM
    • 1,194 Posts
    • 1,620 Thanks
    diggingdude
    • #8
    • 13th Jun 19, 6:05 PM
    • #8
    • 13th Jun 19, 6:05 PM
    You might find renting easier on your own mind
    House owner as of 27.3.2019
    • KatieDee
    • By KatieDee 13th Jun 19, 6:19 PM
    • 692 Posts
    • 539 Thanks
    KatieDee
    • #9
    • 13th Jun 19, 6:19 PM
    • #9
    • 13th Jun 19, 6:19 PM
    I cannot advise you either way, as this is possibly the biggest purchase of your entire life and a random forum is almost definitely not equipped to answer such a question!

    However, I must thank you, because your thread has finally given me the push I needed to remove alerts from Rightmove in the area we're buying it. It's only a matter of time before a better property comes up and I'm faced with the same question :rofl:

    There will always be more properties available, possibly cheaper, maybe bigger and closer to your "ideal" home, but there will always be compromises. It isn't likely you'll be able to spot these through an online advert or even a quick viewing - you might not even notice until you've moved in, and forever pine for the house you walked away from!

    If the house you're due to complete on suits your needs and you're happy to pay the amount you have done, I'd stick with it. If you're not happy and this is just the push you needed to consider elsewhere, I would consider pulling out.
    • Fire Fox
    • By Fire Fox 14th Jun 19, 2:24 AM
    • 25,155 Posts
    • 29,398 Thanks
    Fire Fox
    Do not buy if you are not confident in your prior research, and/ or if you are not totally confident this house is for you. You can make a loss on any property if the market stagnates or falls.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
    • Davesnave
    • By Davesnave 14th Jun 19, 7:00 AM
    • 29,505 Posts
    • 102,334 Thanks
    Davesnave
    You can make a loss on any property if the market stagnates or falls.
    Originally posted by Fire Fox
    .....but only if you sell it during the period the market affects it that way.


    For Example:

    My old house in mid 2007 was worth 375k

    By mid 2008 it was only worth 325k

    By around 2013 similar houses were fetching 375k again.

    Now, those houses are fetching 525k

    Obviously, where I used to live, the recovery after the Crash of 2008/9 was quite swift. Some places, like parts of Tyneside, have not recovered yet.

    If your fairly standard 3 bed semi with no special tweaks is 350k, you are not buying in a depressed area, like parts of the North East, but neither are you buying in a highly desirable neighbourhood, like where my old place was located.
    Opportunities may be missed, especially when they arrive disguised as hard work.

    • getmore4less
    • By getmore4less 14th Jun 19, 7:17 AM
    • 37,376 Posts
    • 23,062 Thanks
    getmore4less
    Dear Seniors / Experienced ,

    We FTBs, ( realized buying house is a very difficult process) Everything ready from everyone's side to set for exchange June 17 (Our Solicitors, Vendors Solicitors, EA , everyone trying to persuade to exchange as early as possible as the chain is involved.

    Today 2 properties came on the Zoopla and Rightmove (both of these properties are closer and cheaper, advertised for 325K, the one we are about to exchange was advertised for 385K, reduced to 365K and offer accepted at 350K

    I have already paid the following amounts

    300 to solicitors for Searches
    700 for Building Survey
    265 for Timber Survey

    Any suggestions what to do at this time, as getting very nervous and confused (cant explain my situation)
    Originally posted by mazibee
    What research had you done to establish the place you offered 350 on was worth that amount?

    Have these 2 new properties invalidated that research in any way.

    How do the 3 properties fit in that research?

    there are loads of factors other than location and price.

    A key one is the "priced to" factor.

    The current one seems to have been priced high to extract a decent price.

    what if these 2 are priced to sell create interest and a bidding war then go for more than current asking.

    you got 35k below initial, won't take much if priced well to get these 325k places up close to 350k

    What does your research tell you these new ones are worth(to you)?


    You are about to blow well over 1/4 million pounds the odd few k on expenses is not something to be worrying about or driving the deal
    Last edited by getmore4less; 14-06-2019 at 7:19 AM.
    • Davesnave
    • By Davesnave 14th Jun 19, 7:17 AM
    • 29,505 Posts
    • 102,334 Thanks
    Davesnave
    Do not buy if you are not confident in your prior research, and/ or if you are not totally confident this house is for you.
    Originally posted by Fire Fox
    The OP's track record here doesn't indicate a position of confidence in this property, but there's a possibility that this is a character trait and they would feel this way about any house.

    We don't know how many other houses they have looked at in detail, and that's surely the most important factor.


    I originally disliked the property I'm own now, but I still agreed to buy it because I recognised good value. That recognition came from viewing a large number of properties in the same category and realising I wouldn't do any better without waiting an unacceptably long time.

    The idea that one must 'fall in love' with a house is often promulgated on this site, which is lovely for those who experience these warm,squashy feelings inside. Some of us less emotional people have to make do with a pragmatic decision, though the 'lurve' can come along later simply by living in the place and eventually feeling at home in it.
    Opportunities may be missed, especially when they arrive disguised as hard work.

    • getmore4less
    • By getmore4less 14th Jun 19, 7:28 AM
    • 37,376 Posts
    • 23,062 Thanks
    getmore4less
    I remember now this was the HW search back in Dec-April.

    RM, 14 properties have come up in the last 14 days 300k-350k

    Since location in HW can be critical you need to look carefully at what makes any of the stuff coming on better than what you have in progress.
    Last edited by getmore4less; 14-06-2019 at 7:32 AM.
    • getmore4less
    • By getmore4less 14th Jun 19, 7:46 AM
    • 37,376 Posts
    • 23,062 Thanks
    getmore4less
    Back in Dec I did a more like this 3beds 1mil HP13 and got these numbers


    0-300k 18/17
    0-325k 52/36
    0-350k 94/58
    0-375k 126/76
    0-400k 153/94
    0-425k 167/107
    0-max 228/136

    these are the numbers for the same search


    0-300k 18/17
    0-325k 45/48
    0-350k 84/76
    0-375k 112/103
    0-400k 133/125
    0-425k 155/136
    0-max 219/165

    Stock is down, sell through higher.

    have you been monitoring the numbers and LR sell through prices to confirm your choice/price or have you just looked in the last week because you are getting pressure to commit?
    • KatieDee
    • By KatieDee 14th Jun 19, 7:46 AM
    • 692 Posts
    • 539 Thanks
    KatieDee

    The idea that one must 'fall in love' with a house is often promulgated on this site, which is lovely for those who experience these warm,squashy feelings inside. Some of us less emotional people have to make do with a pragmatic decision, though the 'lurve' can come along later simply by living in the place and eventually feeling at home in it.
    Originally posted by Davesnave
    Couldn't agree more, Davesnave.

    Having this mindset caused my search to last far longer than it should have done, and caused me a lot of anxiety when I finally had an offer accepted. I pulled out of one house purchase (which looking back, was for the best) and had doubts right up to exchange on the following one. The house suited our needs, the price was within our budget and it was in the area we wanted. It took me a long time to accept that there are compromises that need to be made when buying property, and I was never going to get that perfect home within my meager budget.

    I had a constant fear that "the one" was due to come up the following week, which stopped me from getting excited about the house I ended up buying. It was only closer to exchange that I started to recognise the achievement of actually being able to purchase a home, and that it had actually met all of our needs on paper.

    It's about managing your expectations as a buyer, which I think is a natural part of the process for most people after you've viewed a handful of properties. I wish I'd have known this earlier though, as it would have saved me a lot of stress and doubt!
    • getmore4less
    • By getmore4less 14th Jun 19, 8:15 AM
    • 37,376 Posts
    • 23,062 Thanks
    getmore4less
    This seems to be the new one you are talking about

    if it is have a good look at the garages at the back and the shared drive.

    guess this is the one you are currently dealing with
    • Soundgirlrocks
    • By Soundgirlrocks 14th Jun 19, 9:30 AM
    • 672 Posts
    • 1,028 Thanks
    Soundgirlrocks
    This seems to be the new one you are talking about

    if it is have a good look at the garages at the back and the shared drive.

    guess this is the one you are currently dealing with
    Originally posted by getmore4less
    If that is the case stick with the one you have! Much nicer and more potential
    • ProDave
    • By ProDave 14th Jun 19, 9:38 AM
    • 1,319 Posts
    • 1,571 Thanks
    ProDave
    If you pull out, that puts a "black mark" on your record.

    If I were selling and had two offers, and I found one of them had just pulled out of another deal, days before exchange, I would NOT be taking his offer seriously.
    • ProDave
    • By ProDave 14th Jun 19, 9:41 AM
    • 1,319 Posts
    • 1,571 Thanks
    ProDave
    This seems to be the new one you are talking about

    if it is have a good look at the garages at the back and the shared drive.

    guess this is the one you are currently dealing with
    Quick Reply
    Thank You1 QuoteMulti-quote
    Scary. They both have the same carpet, picture 4 of the first one and picture 6 of the second.,
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