Buyers support thread - stressed? Worried? Stuck in a chain? Gazumped? Well come and join us here(1000 Posts)
I can't see if there is already a thread like this so here goes..
We finally upped our offer enough for it to be accepted on our dream house. It's been stressful so far and this is just the beginning. We have had so many let downs: vendor changing mind, vendor getting higher offer etc and we hope this sale goes through smoothly. We've been looking for years. Come and join me if you're buying and equally stressed....
I'll join you. We had a house fall through the week before we were due to move, scrambled into rented, and are now hoping to buy another house. Ideally we need to complete mid next month so we can get a new boiler put in before we have to move out of rented.
We haven't been looking for years - just months, but it's felt like years. Has it been a stressful wait Bakingnovice? It sounds like it.
Very stressful! We keep being told its a buyers market. Not here up north. The house we like has been on nearly a year but the sellers are calling all the shots. The agents have told us they will mark the propert as under offer and stop showing people around. Not sure if I believe them. The seller has told us they have an asking price offer but the person who has offered can't sell his house. It'd be just my luck that one week before completion this guy magically appears with his cash. We are only a little off the asking price but who knows what will happen.
So sorry to hear about your house falling through. What happened? Is the new house you like better?
No, not here either: at least not in the area we want. The estate agent here said they'd mark the property as under offer and stop showing people round. They did actually take the house off Rightmove altogether. We made it a condition of our offer, but we are cash buyers so in a strong position.
I wouldn't worry too much about the other offer. If he hasn't sold his house, there's no way he can actually complete. Have you exchanged yet, or are you exchanging and completing on the same day?
As for the house that fell through, we found out we were in a contract race. They sold the house to someone else on the same day (literally, we checked with the Land Registry) they informed us they were returning contracts and not proceeding. The new house is smaller - it's going to be a squash as my son's returned from university and is living with us again, but it doesn't need over 50k of building work, which the other one did!
We would like to exchange beforehand but our seller has only now started to look for a property to buy so completion can't take place until about oct. we don't mind too much as we can save a bit more, but it means a longer time for someone to gazump us. But then I'm hoping that everyone who wanted to see the house did so whilst it was in the market and there were no offers then so fingers crossed.
Our house too doesn't need much in the way of renovations, which is a good job as its the top top of our budget.
Oh, I see - October is a long time to wait.
The house we're hoping to buy doesn't need too much doing, apart from a new boiler and hot water system. Absolute luxury compared with previous houses we've had.
We've got another viewing next week. Just wanted a final look round. It's so hard to buy based on a few looks around! Apparently the seller wants to show us around and is looking forward to meeting us. That should be a positive right? Feeling nervous and I don't know why.
I would really value some thoughs on our situation. We have offered the full asking price as it's well within our budget and we love the flat. Offer accepted - hurray. We asked for the property to be taken off the market- were told no, not until we booked a survey. Have now booked survey and have been told by estate agent that answer is still no, not until our mortage has been fully approved. We have an agreement in principle for a mortage for £50,000 more than what we will be paying for this property, but this doesn't seem to be good enough.
It feels like someone is moving the goalposts and it feels unnecessary. We are first time buyers so would welcome some advice. Is this to be expected?
Lotta - I feel your pain. You'd think that in this so called buyers market buyers would have more clout. We had something similar but when we sent financial info to the agents so they could 'verify we were not time wasters'!!! I specifically stated that the property was to be marked under offer, taken off right move and no further viewings were conducted. Miraculously they agreed. Try and be firm, I know it's hard. Almost like calling their bluff but I do think they are being slightly hard on you. Point out you are a FTB! Good luck and report back.
Thanks Bakingnovice. I guess from their point of view, the fact that we are FTB may mean that they need proof we have been approved financially. Although we have moved on this really quickly so they should know that we are serious and not time wasters. Unfortunately it was my DP who spoke to the estate agent and didn't challenge him on the earlier agreement to take property off market when we had booked a survey.
Can I join in? After living in FAR too many rented properties we finally got the go ahead for a mortgage (dh is se) in mid May and found a house we love the following week. Put in an offer. Rejected. Upped it. Rejected.
Fast forward a week and the agent contacted us and said they'd accept it; vendors have already found a house they love and don't want to lose it. All good we thought.
Then today I got a property list email from agent (must still be on mailing list) with OUR house listed on it! Checked rightmove, yep still on there (albeit marked sold stc). Argh! Chased agent this evening and she says it's a mistake but you never know...
Our offer was 17k under asking price... But I don't think it's worth what they're asking, and that's only just over 3% stamp duty threshold (yes, we did offer over that...sickening amount of money to give to taxman). We so want to move into our own place finally, but I daren't believe it's happening just yet.
Misty I know how you feel. Despite assurances to the contrary the house we have offered and been accepted on is still on RM.
And I'm terrified about buying a house at the very top end of our budget.
If I were you I'd try to get it for under the stamp duty threshold. Or is it too late now?
Far too late I think we're paying 258k - are we really silly? I really don't think they'd have taken 250 as they couldn't afford what they wanted to buy with that.
Fingers crossed! Not much comes up in our preferred area in our budget.
I'm very frustrated!!
Our buyers are waiting and getting twitchy and we just can't find a house.
The only house we've found is in a very nice rural area and massively overpriced. I've compared it to other sold prices in the area, although there aren't many, and it appears to be worth around 550k-580k ish. Been on since February and dropped price twice. Now down to 640k.
As it has no central heating, proper hot water system, and needs major updating, plus other issues, so we could offer no more than 500k, due to stamp duty and needing some cash to sort it out, even slowly.
It's been 4weeks since their last price drop. Any hope do you think?
It we could pay full asking we would, as we all love it, despite its faults
Misty - I would still try to get it under 250. You're only just over the threshold. Our agent told us that they never market any houses between 250-300 as they don't sell unless the drop below the threshold. Your sellers are v lucky.
Turnip - offer 500k. It's not a massive drop considering the purchase price. You've nothing to lose.
Thanks Baking, I think I will put in an offer on Monday. We did test the water after our viewing and they said they couldn't entertain anything under 600k. But that was 4 weeks ago and it would appear that it hasn't sold yet (I've been checking everyday )
Misty- I would have thought that by putting it on at that price they would be inviting offers of 250k. That's an awful lot of tax to pay to give them an extra 8k!
It was on for 275-285k... I really don't think they'll go for less, and we really want the house. Scared of being gazumped as it is!
If you really want it and can afford it, then it's worth it
Forgot to add, you'd be very unlucky to be guzumped at that price.
If you really want it and can afford it, then it's worth it
This is what we thought too
I was about to post a thread about whether we're being really silly paying that little over stamp threshold - but I won't now in case it depresses me!
I'll join in this thread, too. The property we're buying is due to be signed off by the Building Inspector early next week (some minor works outstanding after a previous extension) so there's been a bit of a delay at that end.
However, the major stress is coming from our buyers. They had their Homebuyers Survey 11 days ago and nothing more has happened. I contacted our solicitor yesterday who said that the EA had mentioned that something had 'cropped up' on the survey.
I'm probably being a complete ostrich but we have had 3 sales fall through since March and are meant to be exchanging in 2 weeks. Our buyers have been really slow throughout the process which is really infuriating because they're in rented accommodation and should be keen to get things sorted.
Should we find out what the problem is or, being out of our control, do we just sit it out and wait to be informed? I'm anxious that if we put pressure on then they may withdraw which would be heartbreaking.
Opinions would be welcomed on my previous post!
Doglover, ring the Estate Agents and ask them to chase up the buyers. It's in their interests to get to exchange. Don't just rely on solicitors.
Thanks, PM. I know you're right. I just feel petrified in case it's news of the worst kind.
Doglover- Seems odd they didn't tell you what the problem was. Or is that normal?
I'd chase if I were you. If they're going to pull out they'll do it whether you chase or not. But fingers crossed all will be fine. Have any of your previous buyers had problems on their surveys?
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