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Property/DIY

I'm an idiot

109 replies

AnuvvaMuvva · 18/12/2013 22:47

Split from XH a few years ago and have been living in the marital home with the DC. When it was time to apply for DS1's secondary school, decided to make the move back to my family's town so we'd be there "for good".

Put house on market - 40 viewings, 7 offers, accepted the second highest at 50k over asking price. Unbelievably surprised and happy.

That extra money gave me the real possibility of buying a place, rather than moving back in with parents and saving up. All good.

Found a 3-bed place just 2 minutes' walk from my parents' house. Ugly from the front, on a busy main road near a garage and a speed camera (!) but quite nice inside. TINY garden overlooked on all sides. Walking distance to the schools. Put in 3 offers until they finally accepted one at £5.5k under asking price.

Paid £300 for mortgage broker to get me a mortgage. Paid £640 for a full structural survey. Paid £300 to solicitors for search fees.

Am now having second thoughts. :( The house has been on and off the market since Nov 2011. Rented out when not on market. They've had previous offers which have dropped out, often days before completion.

Everyone I meet in that town (via a Facebook group) seems to have viewed that house at some point and disregarded it. It's a nice town, but the house is in a row of about 10, all 70s built, that just seem a bit... rough. Which is the only reason I can afford it, tbh. It's about £50k less than other 3-beds.

I've spent SO MUCH MONEY because I got all excited and just HAD to secure the house... And now I'm not sure. It's £235k FFS! Cheap for the town but in all other senses it's ALMOST A QUARTER OF A MILLION.

Survey came back fine, except he advised that the double-glazing was shot (misting), and to get vendors to give a legal declaration of any previous noise problems - the houses have no sound-protection and he said a "large unaccompanied dog next door barked throughout the viewing".

What do I do? If I pull out of this, I can move into my parents' house and be a cash buyer with a mortgage AIP when my house completes. That's not progressing as fast as I liked either -- they had a mortgage valuation and a couple of things on that have led them to book a buildings survey next Monday.

I've never done this before and feel I've been too impulsive and rushed into things. And I'm worried my solicitor is going to think I'm a time-wasting idiot if I back out.

I'd be walking away from a cheap bird in the hand for a prettier, nicer two in the bush that May or may not come on the market next year at my price.

Don't know what to do. Sick of thinking about it all, tbh. And spent ALL my money on a house I'm not sure about! Only have £350 left till I get paid. :(

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AnuvvaMuvva · 18/12/2013 22:49

My brother thinks the house is only worth about £215k.

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AnuvvaMuvva · 18/12/2013 22:50

Stupidly I didn't realise the buildings survey did NOT include a valuation (I assumed it would). All they say they will do (without my giving them an extra £120 for a valuation) is tell me on the phone if the house us worth what I've offered. But would that give me any comeback if I decided to drop my offer?

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AnuvvaMuvva · 18/12/2013 22:52

It'd be lovely for the dc to be able to walk to my parents' house in 2 minutes. That's worth a lot to me. But if it's sat around unsold, on/off the market for 2 years, wil I ever be able to sell it again?! I feel I'm an idiot for missing the issues that everyone else can see. But then everyone else doesn't have their intents (and brother!) living 2 minutes away...

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AnuvvaMuvva · 18/12/2013 22:52

Not intents -- parents!

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MILdesperandum · 18/12/2013 22:54

I'm not sure on the comeback, but at least you would know if you're paying over the odds.

Feel for you, but please don't buy a house you don't like because of a short term cash problem and not wanting to feel silly in front of a solicitor (I bet they've seen it all before and you're paying them so they won't care).

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AnuvvaMuvva · 18/12/2013 22:54

The only other houses near my parents that I could afford so far are all on the BIG council estate that runs behind their road. I know we shouldn't be snobby about those, but I don't know the area well enough to be sure I wasn't buying a house right in the middle of one of its roughest areas. Some are quite notorious.

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Manchesterhistorygirl · 18/12/2013 22:55

You need to get a valuation survey for the bank, you should have done that early on, but get it done now and see what they say.

If it comes back way under what you've offered, would you be happy to buy at a lower price (assuming vendors accept)? If not move in with your parents and wait until spring.

It's a hell of a lot of money to just throw at something you're not 100% sure off.

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BitOfFunWithSanta · 18/12/2013 22:56

Can you drop your offer?

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AnuvvaMuvva · 18/12/2013 22:57

Thank you! I do like it - when I first walked into it I thought, "this is my house!" But I'm hideously impulsive. I regret the things I HAVE done, not the things I haven't (like we're meant to on our death beds).

I married the wrong man, rushed into having his kids, rushed into freelancing... I can't trust my own judgement anymore.

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AnuvvaMuvva · 18/12/2013 22:58

Do I pay for the valuation survey for the bank? I assume I do, but the woman at the surveyors office said the bank paid for that?! (Can that be true??)

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MILdesperandum · 18/12/2013 22:59

If, as you say, others (who presumably know the local market better than you) have disreguarded it they must be fairly sure they can get something better in that price range.

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AnuvvaMuvva · 18/12/2013 23:00

I would be happy to buy for less, as it's still a 3-bed right by my family. It's the perfect area for me and the dc.

I won't be happy if there really IS a dog barking all day and the neighbour in that house is as rough as the state of their garden makes them look.

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Manchesterhistorygirl · 18/12/2013 23:01

We paid the bank for ours I think, or it gets paid on completion. I'm just flinging money at lots of stuff right now, so can't remember what's been paid for and what's to be paid for, but the sooner we move the better! Anyway back to your house, sorry, if you felt happy and that it was yours when you viewed its a good sign. Could you have another look round, to measure up for curtains, etc it'd put your mind at ease or help you make your decision not to buy.

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MILdesperandum · 18/12/2013 23:04

Sometimes the bank "pays" for the valuation to attract customers, not unusual I don't think.

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AnuvvaMuvva · 18/12/2013 23:04

You can get better in that range if you move further out. There are housing developments about 20/30 minutes' walk away that are cheaper, with gardens and all that lovely stuff.

But my parents are old and my kids are young - we all wanted to be within walking distance of each other, which limits my area massively.

We're a close family, I'd like us to be able to "pop in" a lot. Not have to drive. Plus mum doesn't drive.

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ChippingInLovesChristmasLights · 18/12/2013 23:05

Better to walk away from £1200 than spend £235,000 on something you aren't 100% sure enough just to save face..

Try ringing the other estate agents and ask what they think about it and/or others who have viewed it and not bought it.

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MILdesperandum · 18/12/2013 23:06

Don't forget that the bank will only be interested in the valuation as far as the loan is concerned e.g. if they are loaning you 100K they'll be happy with a valuation of 200... as far as I understand it.

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AnuvvaMuvva · 18/12/2013 23:06

Actually no, not 30 minutes' walk. The houses I can afford are about a 15-min drive away from my parents. Far enough to feel cut off, when the kids are in bed and nobody can just wander in for a cup of tea.

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snowsjoke · 18/12/2013 23:07

walk away, trust your instincts on this one ... overpriced, 'rough', barking dog... You will have a substantial deposit once your house is sold. stay at your mum's, keep looking and investigate the newer part of the 'help to buy' scheme.

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AnuvvaMuvva · 18/12/2013 23:08

The house is definitely worth the mortgage cost. My deposit (providing the sale on this house doesn't drop by more than £20k after the survey here) will be about 65% of the total cost.

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MILdesperandum · 18/12/2013 23:09

If that's your main priority that's fine. If houses in your chosen area in your price range don't come up often you have to take that into account and consider it might be worth buying this one... however in your shoes I would definitely want to know more about the neighbour/dog.

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AnuvvaMuvva · 18/12/2013 23:09

I'll have too big a deposit to qualify for help to buy, I think?

I'm scared that that will just bring a flood of buyers in to my price range, and the competition will get fierce as soon as anything nice comes up.

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AnuvvaMuvva · 18/12/2013 23:10

Ok - so how do I find out about the neighbours and the dog? I'll be there over Xmas - I guess I'll just keep walking around the house to listen out for noise? Anything else I could do? Go and introduce myself to the neighbours to check them out..?

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AnuvvaMuvva · 18/12/2013 23:17

Can I ask other estate agents their opinion on this house... Without them snitching on me to the estate agents who are selling it??

It's under offer, it's got a SOLD STC sign outside. Soon I'll be officially Wasting Everyone's Time if I haven't decided.

I'll go and measure up as an excuse for another viewing. Surveyor also said the power shower was really noisy so I could go listen to that. It might drown out the dog. (Or even better, drown the dog.) (I don't mean that.)

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AnuvvaMuvva · 18/12/2013 23:22

My other dilemma is - do I buy a house by myself, or buy one together with my partner?

We're engaged. He lives at his mum's house as he had to pay back a lot of loans he took out with his ex to extend their house. She lives in the house with their 2 DC and his name us still on the mortgage, and she'll never be able to buy him out. She refuses to sell, too, so his money is all tied up in there.

Even with his mortgage, we could borrow more together than I can by myself. But I've never had money before - I wanted yo keep it safe in a house I bought for me and the DC, so we wouldn't lose the house if I split up with him. I don't anticipate splitting up, but anything can happen.

Being thisclose to affording a place on my own makes me think I should buy it by myself, and then he can move in.

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