To except this offer on my property? So torn

[sellingmylifeaway]

First time seller, would rather not post a link just incase.

I bought my 2 bedroom flat 4 years ago for 72k, 80% shared ownership whilst the other shareholder owns 20%. It’s been on the market since the end of December. It was originally listed for 94k then reduced in April to 89 due to having hardly any views. A couple of people have been to view but no offers made. Someone came to view last week and have now put in an offer for 80. I rejected and said it was too low and was hoping for closer to the asking price. They’ve now come back with 82 and said that’s their final offer. I’ve not made a decision yet.

They’ve given feedback to the estate agent and said that the flat needs a lot of cosmetic work that wasn’t shown in the pictures for example, new radiators need putting in as their marked/discoloured, the bathroom radiator is all rusted (which is true I won’t disagree), the glass cooker hob needs replacing as it’s all marked as are some of the worktops, it needs painting and some other issues that they mentioned but I can’t remember what they are. They said had the property been in immaculate condition as shown in the pictures they probably would have offered a bit more.

I feel torn really. I’m not exactly in a rush to move (hoping to buy a house with my boyfriend) and we haven’t even started looking yet as we were waiting to see what happened with the flat, but I’m also concerned that I might reject this offer and not get another for god knows how long. I know that flats and shared ownership aren’t everyone’s cup of tea, but it’s in a lovely location, on a fairly new build estate and the flat could be made lovely if someone really wanted it.

Am I asking too much, given the issues that I’ve listed or should I hold out and possibly risk not getting another offer for however long?

[quote sellingmylifeaway]@ForeverSausages thank you
[/quote]
No worries. I've reported it too . Good luck with the flat! I know it's ridiculously stressful. I've been there.

[quote sellingmylifeaway]@HmmmmmmInteresting no journo or estate agent. Genuine first time buyer [/quote]
Ok love. I believe you grin]

I think now they are necessary for some but it wounds have given me the absolute fear hmmmmm

You have been offered 15% more than you paid for it 4 years ago - that’s some hefty profit!

@ForeverSausages thank you. I think I will withdraw my offer tomorrow and just keep on saving. Really disappointed as I had my heart set on it but I think Covid has just made everything so much harder for people to get on the property ladder.

@Soontobe60

You have been offered 15% more than you paid for it 4 years ago - that’s some hefty profit!

No she hasn't.

It's horrid but honestly don't give up. If you're not 100% on it with the amount they want it's really not worth doing. Before I bought my house I found one I loved but they just wanted more than I could afford (and more than it was worth). 6 months later I found the house I'm in now. Try to keep an open mind and think with your head not your heart ♥️.

@Soontobe60

You have been offered 15% more than you paid for it 4 years ago - that’s some hefty profit!

Rtft It's not what you would have expected 🤣

soontobe60

No. They haven’t.

I wouldn’t lose all hope yet! Have you talked to your advisor about the new government backed 5% mortgages, and whether you might be able to apply?

[quote sellingmylifeaway]@ForeverSausages thank you. I think I will withdraw my offer tomorrow and just keep on saving. Really disappointed as I had my heart set on it but I think Covid has just made everything so much harder for people to get on the property ladder. [/quote]
Keep your offer in and see if you get lucky

Also worth laying your cards on the table with the EA, see what they say. As well as the 5% do you have money for legal fees, etc and a little contingency?

How long pf saving would it take you to get to 10%?

82 is a good price, I would take it. However, just check with help to buy- if they disagree with your valuation you will either have to pay the difference when you settle the shared ownership part or it will fall through.

We sold ours ten grand less than we put it in for (3 bed semi) luckily we were able to convince help to buy scheme that was a reasonable price.

Seriously help to buy is a pain in the arse. Only go for it if there is no other way.

@Flowers500 bloody hell, god knows. Maybe 3-4 years if I really put my mind to it. I've applied for a better paid job which starts in September. I have the interview on Thursday so hopefully that goes well. If I get that job I could definitely save up quicker. Still difficult whilst renting and paying all bills of course.

I just feel deflated with it all tbh! There has been an obstacle in every way. It took us 3 weeks just to view the property because the vendor was so slow getting back to us. The mortgage advisor seriously messed up in the beginning and said they would lend me 90k. She put all the details in wrong about the property (we're based in Wales and the property is in England) and she didn't realise that shared ownership is slightly different over there. So we were all good to go then she came back the following day and said that actually all they would borrow me is 68k. Then I was told if I paid off my car finance (4k remaining) they would then lend me 90k. Absolutely not the case as when she put all the details in again (without the car loan) it came at 79k max. Luckily I had my 5% deposit to put towards it.

Then the mortgage advisor couldn't get me an agreement in principle due to my credit history (which she clarified was an error because my credit score is absolutely fine I've never defaulted on anything). Then we've gone to put the offers in which keep getting rejected. Like another poster said there's just been so many fed flags with it! I only kept it going because I loved the property/location so much and I thought it would be possible to buy it, but as I said there's been so many obstacles in my way.

@Littlepaws18
rtft it's moved along a tad

When you say us, is it just you buying or is there someone else too? Working out backwards from the lending amount (and making a load of assumptions) it looks like you’re inputting one income of around 18k

@Flowers500 no sorry. When I say "us" I mean my mum and I. She's been helping me with all of this as I had no clue what I was doing!

My income is 21k

@Flowers500 apparently it is because my deposit is only 5% and when the mortgage advisor has done searches only 2 lenders come up. If I had 10% I don't think I would be having these issues. I also have to pay my car finance off either way!

Well that was a bit bloody pointless.

Where was the harm in telling the truth and asking for opinions? Possibly the most daft reverse I've ever seen because it wasn't really a reverse, it was more a work of fiction with the OP filling in the blanks from her imagination 🤷‍♀️

Ahhhh that makes sense! Yes your income is due to borrow more than that, just the deposit is an issue. Well that’s good news and bad, in that its easy to up your borrowing capacity if you could save a bit more. Easier said than done I know, but if you could save 10% you’d be easily over the line. Is cutting back a bit an option? You said you had a car in finance, assume it’s reasonably new? Can you sell and go public transport or get a banger, even if hugely inconvenient it sounds like it would get you over the line? Can always get a new car down the line. Anywhere else there might be cash tied up, like electronics, or savings to be made on phone contracts, live with family for 6 months?

I assume your Mum can't unofficially loan (but declare as a gift) some more towards a deposit?

This is assume your mortgage would be lower than. Your current rent so you could repay her back relatively easily?

It must be very frustrating not being able to save up more easily to create a bigger deposit. My DC are late teens and I can see how real the struggle will be for them to buy even though we live in a relatively inexpensive area.