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Original poster

Housebuying - how many times 'lucky'?! Opinions please...

16 replies

Levanna · 30/04/2004 22:00

Our second attempt at a house buy (in a matter of 4 months) has fallen through . All the while, I'm getting progressively more pregnant . So, will it be third time lucky? How many times do people tend to go through this before it all works out?! We're first timers and the thought of becoming lifelong renters is looking appealing at this stage! How many times will it go wrong do you think?

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islandgirl · 30/04/2004 22:17

Sorry about that, and it is very stressful - (being pregnant won't help!) We got our current house after it had fallen through 4 times, and we had lost out to two other buyers who then later pulled out. We eventually let fate take it;s course and it workd out OK in the end. You are in the best position to buy, so stick with it and hopefully you will get there in the end. Good luck!

moodyzebra · 30/04/2004 22:33

I was wondering the same question, Levanna! Our situtation slightly complicated, but effectively we have just lost out on trying to buy a 2nd house in 3 months, too, and I am self-pityingly wondering how long it will take to find somewhere. I am pregnant, too, but the real hassle is figuring out where we'll be when DS starts school in the autumn. We have good financing and no chain either, but that doesn't seem to make a blind bit of difference to the sellers we are approaching.

In trying to buy our first house we offered on 4, had 2 offers accepted, and then we couldn't get the mortgages because of structural problems that the surveys flagged up, before our fourth offer went through... although the owner died 3 weeks in and we were very lucky that her probate situation was very simple and her heirs eager to continue with the sale. Total time between starting to look and moving in was 4.5 months.

In trying to sell our house this last year (will have taken 11 months, in the end!), we had 5 offers, including one we accepted and then he lost his mortgage after exchange... Then had one we foolishly turned down, one that even the agent told us was too low, and another that was retracted after we accepted. We are praying that our present buyer (we exchanged yesterday) doesn't lose his mortgage, too!

Original poster
Levanna · 30/04/2004 23:19

Thanks islandgirl. I'm really trying to hold that thought, you know 'what's for you wont go by you', but my memory keeps failing me .
moodyzebra, I hope things look up for you! It's all so frustrating, isn't it?!
The first house, we got as far as signing in preparation for exchange....then the vendor
(*%$£!) decided to put it back on the market for 10 thousand over what we were paying . Then, with this most recent one, our valuers have valued it at 6 thousand less than the asking price (which is what we offered). So, our lenders will only give us that amount. Aaaaaargh!! So, our only option is to go back to the estate agent tomorrow with the valuers report, and see what the vendor makes of it. I don't hold out any hope .

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moodyzebra · 30/04/2004 23:24

Wow, Levanna... we had a load of would-be buyers trying to tell us that they would have the same problem, if they wanted to buy our house with a 5% deposit the lender wouldn't believe the valuation. Only I kept close watch on all the houses in our neighbourhood and ours was on the market for only slightly less than most the others, so I thought maybe this was a ploy by viewers to try to get us to lower. Plus neither of our nearly-buyers seems to have problems with the valuation side of the survey.

May I ask what your offering and what the valuation was?

Still, stressful isn't the right word. Doing my head in, more like.

Original poster
Levanna · 01/05/2004 22:04

Hi Moodyzebra. Not at all - we (were?!) offering the asking price, but the house has been valued at 6 thousand less than that. The house is probably priced pretty much on a par with current housing prices, if a little over. But it's in East Manchester, at the centre of a property price boom. (ie. my in-laws house has tripled in value over the last 4 years!) so we're well aware that if the vendor has time on their hands, they stand to make more if they hold on (which is obviously fair enough!) but it's becoming increasingly difficult for FT buyers to get a foot on the ladder! Wasting nearly a thousand in surveyor and solicitor fees as the last house buy got so far before falling through is not helping . It's interesting to hear a 'vendors' views on all this . Thanks!

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moodyzebra · 01/05/2004 22:07

The current situation is a nightmare.

noddy5 · 02/05/2004 07:30

we are on our 3rd buyer and purchase with mortgages and deals falling through all over the place!This has been 7 months in total.However this time looks ok!My buyer came round yesterday with her mum to measure and it all feels quite definite now.But so stressful so never again.Keep going you will know when enough really is enough good luck with it all

Original poster
Levanna · 02/05/2004 21:30

noddy, thanks . Good luck to you too, I really hope it works out for you this time. The buyer measuring up sounds positive - I dream of the day I'll be doing the same!

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Bozza · 02/05/2004 21:46

When we were first time buyers in 1997 we were second time lucky. First house was down valued by surveyors and vendors would not budge their position at all so had to pull out. Second house went through with no problem although we found the house in February and didn't move in until 2 June because of chain.

This time we got a buyer for our house and then put in an offer on a house without a chain but then something went wrong with our buyer's mortgage offer (basically they were up to something trying to borrow more money than they were going to pay us or something complicated like that) and they pulled out so we had to. In the meantime we found this new house and decided we liked it and so part exchanged with the builder. All of this happened between Easter and August Bank Holiday (when we moved in) and in the meantime I got pregnant so was 14 weeks when we moved.

Original poster
Levanna · 02/05/2004 21:59

So, it rarely goes smoothly then?! Is a surveyor down-valuing a house, common? It's happened both times with us. As vendors, what would you do in such circumstances? (Hope you don't mind me asking... I'm desperately trying to get a handle on how all this works!)

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Crunchie · 03/05/2004 09:01

Often if the valuer down values a house you can getteh estate agent to help on your behalf. I seem to remember this happened with us when we were selling, and the surveyer down valued our property, the estate agent went back to the surveyor of with proof of other sales in our area/road and showed him that our porperty was not overvalued. There was about £5K in it and the surveyor revised his quote quickly. However perhaps ATM the surveyors are being over causious as the is so much talk of a slump in prices and teh mortgage companies don't want a load of possible negative equity. Bear in mind interest rates may rise up to 2% in the next 2 - 3 years, can you still afoord these payments, and what if prices came down by 10% too? I know that doesn't help when you are trying to get in there now. Ask the estate agent to help here, it is in their best interests to sell the property and if they can prove it is worth the amount you are buying it for, it can help.

Original poster
Levanna · 03/05/2004 21:03

Thanks crunchie, for helping me make some sense of this! I'll put your tips into practice when I see the Estate Agent tomorrow . Worth a try! Thanks also for pointing out the various market and interest fluctuations we are due. We've allowed for the interest problem in our current application - i.e. if it does rise we think we've allowed enough leeway to be able to manage it, I hope! . The market is certainly due a slump, but we feel that we wont lose out if so, not with the house we are looking to buy. Definately what you might class as the lower end of the scale! But, thanks for your warnings, it's always good to have these things reiterated! I'm finding it all quite confusing .

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Original poster
Levanna · 03/05/2004 21:06

(Just checking out houses for sale in our local paper today - they've quadrupled in price over the last month! Can you believe it?! We just have this awful feeling that if we don't get in now, things will be well out of our reach pretty soon....)

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scubawoman · 03/05/2004 21:55

Agree with Crunchie. I am over on 'The Dark Side' as I married an estate agent. Whenever we have sold our house hubby always leaves me with a list of comparables to show to the surveyor, and we have never had a problem - even with our last one which my husband thought was overpriced!!!! At the end of the day a house is worth whatever a person is prepared to pay for it - estate agents and surveyors just wing it (I hope he doesn't catch me writing this!!!!!!!!!

Crunchie · 03/05/2004 22:03

Levanna. If the prices are going up so quick I am sure you will easily be able to get a revised valuation. I didn't mean to be holier than thou about the prices, it just worrys me what people have to pay now. I am lucky I bought a house about 8 yrs ago, sold it 2 1/2 yrs later for double Now we are in our 'house for life' our mortgage is a pittance in comparison to thevalue of the house. In fact I am sure I seriously undervalue it when I beleive it is worth £250K, considering other 4 bed detached in our village have gone for £400K+ with smaller gardens.

Good luck and try not to stress I am sure it will be fine

Original poster
Levanna · 03/05/2004 23:18

Thanks scubawoman (lmao ). Crunchie, you've given me some really helpful pointers - NOT HTT in the least! The boom that's affected your property's value is exactly what is happening here at the moment. We're hoping to just about squeeze in before prices go out of our reach. You're right, I'll try not to stress . And thanks for your good wishes .

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