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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To be sick and tired of trying to buy a house?

38 replies

TinyGlassOwl · 03/04/2021 20:26

Found out today that we've had yet another offer rejected. This is the third house we've offered on, asking or over asking price each time. We've viewed 15 houses now. We don't live in the area we're buying in so it's doubly tiring as it means travelling and spending the whole day just to view one or two houses. I am so tired and fed up with the whole process and it feels as if we're never going to find a home.

We are FTBs, are lucky enough to have a big deposit so would only be borrowing x1 of our joint salaries at the most (ie very affordable mortgage), have already got a solicitor lined up etc etc. We have shown our mortgage in principle to each EA we've offered through, we've had all their checks etc. I feel - perhaps wrongly? - that we are a really good bet! We never seem to get much feedback from EAs when our offers aren't accepted although I know we've lost out to cash buyers at least once.

Is this just how it is? Is it just bad luck in a fast-moving market or is there anything else we could be doing to make ourselves more 'attractive' as buyers?

OP posts:
Fatladyslim · 03/04/2021 20:31

Pissing about with sellers is the reason I have only bought new houses. When looking at older properties we had multiple offers regected then one accept and then pull out etc, it's such a pain. I can't ever see myself going down that route again. We have been very fortunate though and the 2 new builds we have bought have risen in value quickly and have been very sturdy with large rooms.

Good luck OP Flowers

tanguero · 03/04/2021 20:52

'THE HOUSING MARKET IS IN A FRENZY.' ('The Times' website, tonight).

'On March 23, more sales were agreed than at any time in the last ten years'.
'On March 24.....9.1 million people viewed Rightmove....6,300 every minute' !

IMO....Chancellor Sunak's 'stamp duty holiday', and the Government backed '95% mortgage scheme' (which started on April 1st), is causing this....'frenzy'. The housing market does not need, does not require, Government intervention to boost activity . It is frenetic enough without Sunak throwing oil on the fire.

Moomin12345 · 03/04/2021 21:06

Thank the government. House prices must always rise. 120% LTV mortgages coming soon.

Original poster
TinyGlassOwl · 03/04/2021 21:06

I couldn't agree more @tanguero but it's not much comfort for those of us who need a home!

Do we try and wait it out? Prices will just increase more the longer we wait, surely?

OP posts:
EmpressWitchDoesntBurn · 03/04/2021 21:14

Here’s a shareToken link for the Times article. www.thetimes.co.uk/article/4b9c90be-948d-11eb-84a3-79b283cc3ba8?shareToken=03e3567be7bf7cbdc6164cc334d4f0a5

Original poster
TinyGlassOwl · 03/04/2021 21:22

That article is frankly terrifying.

We have definitely noticed houses selling before they even reach RM, although I guess that's always happened to an extent.

It's just so depressing. Surely it's not sustainable?

OP posts:
EmpressWitchDoesntBurn · 03/04/2021 21:31

I’m in the middle of buying a new build flat in London & that article gives me some idea of why the seller’s solicitors are taking so bloody long! So much sympathy with everyone who’s having to deal with chains & capricious sellers & everything else.

jessstan2 · 03/04/2021 21:46

It's just bad luck, it will happen eventually. Don't give up hope.

SchrodingersImmigrant · 03/04/2021 21:47

The houses boomed here after girst lockdown. Flats not so much. It has accelerated even more now. Sign on, under offer within week.
And I live in what's considered a shit postcode😳

Hotelhelp · 03/04/2021 21:51

It’s so hard atm. We want to sell but scared we won’t find anywhere we like or get something we do like and want to buy in time so now were sitting wanting to sell but house not on market Confused

bp300 · 03/04/2021 22:06

@TinyGlassOwl

Found out today that we've had yet another offer rejected. This is the third house we've offered on, asking or over asking price each time. We've viewed 15 houses now. We don't live in the area we're buying in so it's doubly tiring as it means travelling and spending the whole day just to view one or two houses. I am so tired and fed up with the whole process and it feels as if we're never going to find a home.

We are FTBs, are lucky enough to have a big deposit so would only be borrowing x1 of our joint salaries at the most (ie very affordable mortgage), have already got a solicitor lined up etc etc. We have shown our mortgage in principle to each EA we've offered through, we've had all their checks etc. I feel - perhaps wrongly? - that we are a really good bet! We never seem to get much feedback from EAs when our offers aren't accepted although I know we've lost out to cash buyers at least once.

Is this just how it is? Is it just bad luck in a fast-moving market or is there anything else we could be doing to make ourselves more 'attractive' as buyers?

Sounds like you're at the bottom of your budget looking at houses at 1× earnings. Are you able to increase your offers? Or if you look at more expensive properties there may be less buyers as your budget increases.
Original poster
TinyGlassOwl · 03/04/2021 22:16

@bp300 we have already offered over. It doesn't seem to make any difference. We are older FTBs so can't get a full mortgage term and don't want to over stretch. But actually there just aren't the properties available anyway (like the Times article says) even if we were to stretch the budget!

OP posts:
mummabubs · 03/04/2021 22:17

I thought similar to what bp300 has just said. If you're missing out in your position is it that others are offering more than you? I mean obviously you should only offer what a house is worth to you but it may just be that the same house is worth more to others than to you?

We lost one house last year which we offered asking price on and it ended up going for £20k above that. By contrast the house we're now buying is on the same road as the other house, was actually listed for what the other house sold for but we've had our offer accepted at £50k less than asking.

Original poster
TinyGlassOwl · 03/04/2021 22:18

@SchrodingersImmigrant yes this is in a town that would have most of MN reaching for the smelling salts Grin

OP posts:
SchrodingersImmigrant · 03/04/2021 22:30

[quote TinyGlassOwl]@SchrodingersImmigrant yes this is in a town that would have most of MN reaching for the smelling salts Grin[/quote]
Well they just say that😂
Like not reading Daily Mail😂

Good luck. Have you asked agents what could help you? Or maybe a mortgage advisor? Mine dealt with these things as well. She was super helpful

nellyburt · 03/04/2021 22:38

If the town isn’t desirable are you better waiting it out as some of the prices here do not seem sustainable once this property peak is over. A good friend bought a house that had previously been on the market for over a year. Will it sell when she needs it to? Who knows. You could rent and then be in an excellent position if the market slows down

Original poster
TinyGlassOwl · 03/04/2021 22:53

The agents don't seem that bothered - I guess since properties are flying off the shelves they don't have to be!

We could wait a bit, but that would mean all the added hassle of another rental, putting stuff into storage, two lots of removals etc. I'm not sure I can face it! But I know it might be inevitable.

OP posts:
totorostoes · 03/04/2021 23:06

We’re in a similar situation, offer turned down for a house the other day, there were 14 other offers placed on the property within the week it was on rightmove. Feeling deflated and like we don’t have a chance!

dotdashdashdash · 03/04/2021 23:25

When we bought our first house 12 years ago, it was the crash so things were definitely slower but when we bought 4 years ago, houses were being snapped up- we'd organise a viewing in the afternoon for the following morning and get a call on our way to the viewing to say they'd already had x offers over asking so not to come! We sold ours, we had 11 offers, 8 over asking. The house we bought had 9 offers, all over asking. At one point we had offers in on 4 houses at the same time because we were so sick of having offers rejected and then missing out on other houses.

I don't think there's much you can do 99.9% of time, sellers go for the highest proceedable offer.

Sparklesocks · 03/04/2021 23:35

I know what you mean OP, we are FTBs who lost out on two houses recently as we were outbid despite offering over asking (not even sure how much by as the agents were very vague). Also all the viewings we’ve done have had similar couples before and after us - it just seems so competitive that it’s hard to imagine how to break through.

Everyone keeps saying it’ll come etc and we’ll find the right one - I appreciate their support but it feels like ‘the right one’ will also be the right one for dozens of others. Feels like the only way to be successful is to offer a huge amount over asking, but I don’t know how that’s possible without compromising on a property not worth anywhere near that (and our requirements are already very simple and non fussy!).

We have a healthy deposit, an AIP, a broker ready to kick into gear etc - just can’t get an offer accepted.

flashbac · 09/04/2021 14:37

I'm chiming in. Flipping annoyed about it all now...
The stamp duty holiday SHOULD NOT have been extended.

peak2021 · 09/04/2021 14:47

Buying a house is subject to a process that has needed reform for 40 years. The stamp duty holiday has just made it worse and will not build one more house.

I'd favour Scottish law for house buying unless someone can improve on it. I would also have estate agents registered with a named responsible person (like a pub landlord or landlady is named).

osbertthesyrianhamster · 09/04/2021 14:53

@peak2021

Buying a house is subject to a process that has needed reform for 40 years. The stamp duty holiday has just made it worse and will not build one more house.

I'd favour Scottish law for house buying unless someone can improve on it. I would also have estate agents registered with a named responsible person (like a pub landlord or landlady is named).

This!
FedNlanders · 09/04/2021 14:55

We have offered asking on 5 now and people have gone over. We are FTB too. Getting fed up

deathbyprocrastination · 09/04/2021 14:59

YANBU the whole housing market is an absolute nightmare. I'm on the other side of the equation here. Been trying, for 10 months, to sell my mother's flat so that she can move closer to us for care reasons. Numerous hurdles and stresses, untold time spent chasing. I feel the whole process has sucked years of my life from me. It's horrendous.