Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

1 2 3

Original poster

Prices have increased since my house went under offer... what to do?

57 replies

meadowquark · 22/01/2015 23:14

I put my house on the market in August, accepted a lowish offer (£285k off original £300k - London) in September as I was rushing to offer on a particular property - it did not work out so in October I offered on a "compromise" property. (in the meantime I accepted £1.5k discount on my house to fix non-existing damp - felt pressurized into it). We are in January and still have not exchanged but heading towards that direction (perhaps next month).

In the meantime similar houses to mine have appeared on the market priced £320-325k, one of them sold for 312k, another for £322k few months ago, couple of others SSTC for asking price £320-325k, you get the picture. My neighbour just put her house on the market, +1 bedroom but horrible condition, asking price £350k. You get the picture. I am feeling increasingly nervous that I am "giving my house away".

Not to mention that I was only able to get a "compromise" property as wasn't able to afford anything else at the time.. if I was buying a dream property, perhaps it would not matter that much.

What would you do??

OP posts:

StrangeGlue · 23/01/2015 16:16

If they're in reach to complete they're in reach for anything else. If make it v clear in your email that if you perceive the distance to be slowing the sale you'll be putting the house back on the market. That's just so they're clear you won't wait forever.

With regard the other problems. Go back on the damp 1.5k and say there's no damp so you aren't dropping the price.

sit down and logically work through the things about the house you're buying. If it's not right don't buy it! House buying is too pricy to get wrong.

BauerTime · 23/01/2015 16:19

I don't think your buyers will complete while they are abroad.

Is it the probate on the compromise property holding up this sale then? If it is then it seems mean to pass the consequences of that on to your buyers. But if you don't really don't want the compromise house then don't buy it. Pull out and continue your search and tell your buyers that you have to now look for a new property. If you take too long they may very well pull out anyway (if you can't find one affordable based on the agreed price of your current house).

mandy214 · 23/01/2015 16:19

I think I would give the buyers to exchange by, or else re-market.

But I would be very wary of pulling out unless there is something wrong with the buyers' progression of the sale - if you've pulled out twice already you won't be doing yourself any favours with the estate agents and people will see your property going on and off the market and won't offer, even if they like the house, as they'll anticipate problems down the line.

I do think there is an element of being a bit graspy too - if prices had dropped during that time, you wouldn't be offering to accept a lower price from the buyers would you?

Mintyy · 23/01/2015 16:23

I'm really surprised to hear that prices have increased anywhere since September, tbh .

Prices have stalled and are falling where I live (also South London).

BauerTime · 23/01/2015 16:44

I'm in Essex and it went mad towards the end of last year, but in the last couple of months nothing seems to be coming on to the market at all.

MisForMumNotMaid · 23/01/2015 16:50

The we need 10k more house. Have you speculatively asked if they would reconsider your original offer? Is it possible that they are in love with something else and so their situation is such your offer is more attractive?

GraysAnalogy · 23/01/2015 16:54

It's a lot of money but I still think it's ridiculous that you're going to change now after accepting.

RaphaellaTheSpanishWaterDog · 23/01/2015 17:55

Your buyer may well complete while abroad.

We sold at the end of 2014 and our buyer's buyer was overseas (working) throughout most of the process (nine weeks from offer to completion) - she authorised her sister to collect the keys on completion day......it didn't prevent her from dropping her offer by £10k two weeks before exchange for no apparent reason either.....grrrr!

Speaking as someone who bought a compromise house once - and stayed there five years, hating every moment - I wouldn't do it again personally.

shovetheholly · 23/01/2015 17:59

OP, I hope you don't mind me saying this, but I think you're coming at this from an emotional angle rather than a rational one.

You seem unduly worried by the measly £1.5k reduction. I get that this is annoying and that you feel put-upon by your buyer, but it really isn't a lot of cash and there is always give and take in these situations. I would go further and say that you are likely to recoup it at the 'other' end with your own buyers' report.

However, you don't really seem worried by what you're describing as a £30-40k shortfall in your house price compared to others. Yet this is far and away the biggest issue, and the one that will affect your ability to buy in a rising market.

I am also a bit about the amount of the increase that you're citing, because it's huge and house prices haven't really risen that much since autumn. Are you sure that you're comparing like with like?

I would put this back on a mathematical footing. Get the house revalued. See what the real difference is between the price offered and the market value and then you can make a reasonable decision with your eyes open. it would be a bit off for you to pull out of the sale. On the other hand, if you truly are going to lose £40k, I don't think you have much of a choice.

Apatite1 · 23/01/2015 18:56

Another one wading in with a quizzical face: are you sure the higher prices will be achieved? I too thought that prices in London were falling.

Avaline · 23/01/2015 19:31

Astute post from shove

Cornonthecob · 23/01/2015 19:48

I would up the price while you can, the difference is significant and in a years time you'll only be kicking yourself when it's worth £350! Last night on Location location location Phil & Kirsty were in London. Couple put an offer of £480 ish on a £500 (2 bed flat) vendor declined, buyers went up a bit then a twist of events vendor increased the propery by £75k so priced the couple out!

It's about supply and demand, the London population is only incteadong, ball is in your court, no need to overthink money talks!!

Cornonthecob · 23/01/2015 19:49

Increasing!!

Viviennemary · 23/01/2015 19:52

Legally speaking you are entitled to withdraw at this point. I know it's frowned upon but no point in giving your house away at a lower price and then moving to what is a compromise property. But I read prices were due to fall but I suppose it's anybody's guess.

noddyholder · 23/01/2015 19:54

Stick with the original

Mintyy · 23/01/2015 19:55

When was that episode recorded though cornonthecob? You do know that its at least a few months before broadcast?

BauerTime · 23/01/2015 20:00

It's all just pot luck isn't it. House prices are just ridiculous these days. I guess there are always winners and losers otherwise there would be no movement at all.

Not helpful but just my observation! We've been lucky but my DSis who bought in 2007 is stuck right now. She also had a Northern Rock mortgage which didn't help though.

Cornonthecob · 23/01/2015 20:45

mintyy 2014 I think, imho that only proves how the market is continuously rising be it at a faster or lower pace it will always rise, I think we tend to underestimate that London is a growing global epicentre and we should be proud of that rather than slate it! (Not here!)

Apatite1 · 23/01/2015 20:55

The episode was filmed in late summer 2014, when the prices were mental.

The spring will reveal whether the mental prices will continue, or fall off a cliff. We are still in the winter slump that happens every year.

Mintyy · 23/01/2015 21:49

All I know is that there are an awful lot of properties round here that went on the market at its peak in the summer, and they have still not sold.

Original poster

meadowquark · 23/01/2015 23:12

My main point is not about 1.5k, and not about increased prices lately. My point is that sold prices showed that just after when I accepted the offer, identical houses sold for 30-40k more (312k, 325k).

I went to another agency today, which had two identical houses on Rightmove and just marked with SSTC. One in excellent condition marketed for 322k, sold very quickly for 320k. Another marketed for 300k, sold for 300k but needs work. Then the agent came to value my house and said it could easily achieve 310k and she has a list of potential buyers that she could send to me tomorrow. She seemed genuine when she said that she could not understand how I managed/accept to get such a low price.

I am thinking I should have those viewings tomorrow...

OP posts:

HansieLove · 24/01/2015 19:22

Sure, have the viewing. Your agents will be pissed, they are looking out for themselves and so should you.

VivaLeBeaver · 24/01/2015 19:26

Put it back on the market with the new agents.

TeddyBee · 24/01/2015 23:12

Remarket it - this makes me so glad I sold our last house privately. Am making a mental note to do the same next time too. It's a lot of money and your buyers sound horrid to me anyway. Are you prepared to lose thousands so that they're not put out? You could always offer to buy their survey if you want to be nice.

whattodoforthebest2 · 25/01/2015 15:40

Consider using an online agent. They put the house on RightMove and Zoopla and charge a fixed fee which includes good photos and floor plans. Much cheaper than a high st agent and none of the bull. They don't accompany people viewing tho'. I'm using Housenetwork and I've no complaints so far. (House is now SSTC.)

Flip

1 2 3