Home Buyers' Support Thread, Part 4

[BeaufortBelle]

Here we go.

Good luck everybody x

www.mumsnet.com/Talk/property/2139089-Home-Buyers-Support-Thread-Part-3?pg=40

yes, great news! alabaster, if your other buyers had a survey, presumably there won't be any surprises.

We're busy appointing solicitors and sorting out our mortgage for the new property. Estate agents have been quite hassle-y, saying they won't take it off the market until we do all this (we've only had one day so far!). Told them in no uncertain terms I will withdraw the offer if they show anyone else around. Apparently they won't, but they won't put it as under offer on rightmove. Why am I supposed to care?! Bloody estate agents!!

Thank you all. I'm still nervous about the survey, but it didn't throw anything up 6 years ago when we bought it, so I hope nothing has changed anyway. Having said that it's an old old house (130 years) and I guess therefore I'm still twitchy...... What sort of things normally crop up?

I'm going to join you all now - we marketed our house on Thursday in order to offer on a house in the next road over which I had viewed on Tuesday, we had 5 viewings on Friday and got an asking price offer!

It was all a bit nail biting as as the house we wanted also had an offer on it so as soon as we went under offer we put in our best offer and secured it! Hurrah all round.

Now for the stress of solicitors and surveys and praying that it all works out with no hitches

Great news crikey I can't wait to exchange!.... Monday I hope!

Brilliant albas... Good luck with rest of the process, hope it's quick and painless x

Hi pistol.... Sounds like quick work :) Well done!

Good luck and congratulations to all.

We are nine weeks in. We were suspecting trouble. Round one took place Thurs/Fri and went to the Beaus. We are hoping to exchange in the next week or so. I am anticipating a round two to start and if it does we will walk as a matter of principle. I can't remember being so angry for quite a long time. It's quite cathartic in a funny way.

I'm wracked with worry tonight, please hand hold and reassure me we've made the right decision.

So, basic recap, our buyer pulls out last Monday. We avoid their agent and solicitors buying time. This weekend 2 viewings; both have now resulted in offers (so bloody grateful our agent is home based and has been amazing with this all weekend).

Offer one; 5% below asking price, and £3k under the previous offer which fell though, but they are in an immense position, lending secured (mortgage agreed, not just in principal, pending survey) and can move in 4-6 weeks no problem. They've lost a sale at survey (disastrous by the sounds of it, valued at zero due to lack of certification following an extension built by the homeowner with no building regs etc) so they have been burnt and are wanting to move ASAP. They cannot offer more; their finances are literally pushed to the edge ( I know this because the agent rents them their current house and dealt with the previous disaster too). We are knuckle to knuckle on how low we can go (this is the lowest) and how high they can go, with no room for manoeuvre on either side.

Offer two: asking price offer, £3k over the previous offer which fell through, £6k over the low offer. However they have literally just sold their house ( yesterday) and have two more buyers beneath them in the chain. They are offer in principal but have to go through the whole application process, plus there is the chain - three points of failure at survey, lending and searches stage, you know the risk. Plus the timescales; at least 12 weeks if not more for this chain to work its way though.

We have said we will go with the lower offer, because of position, but if the survey throws uo anything - and I mean anything - then we are not reducing our price no matter what. If its that bad they'll have to pull out. Plus we have said their survey needs to be done in the next 10 days, We have asked the higher offer to please leave their offer on the table and if the survey makes the first offer untenable, then we revert to offer 2. The timescales are shit, but the money is great, and we just have to pray that the seller of ours waits and that the chain doesn't break down.

Have we done the right thing? I'm having a massive wobble. £6k is a huge amount of money to us ; it's the difference in me staying part time for another year, 3 family holidays, a new car. But there is no guarantee, is there?

URGH!!!!!!!

I'd personally be tempted to stick with the lower offer, quick move buyers. What is the £6k in percentage terms? Probably small potatoes I assume.

I know it means a lot (and it is a lot of money) but the chance of something going awry with the others is higher and it really depends on how much you need this to be a done deal.

Oh and here's a hand to hold (insert picture of my hand)

Good luck beau stick to your guns!

Eurgh albas that is a tricky situation :/.... From what you've posted I'd go with the lower offer to for worry of your seller pulling out if it drags on x

Thank you both. Huge mental internal argument going on constantly about whether we've done the right thing. I don't think we can gamble, and I can't let this drag on and on. Going to our vendor tomrrow and telling him we've lost output buyer but we have another who can complete with probably only 2-4 weeks delay on the original is one thing. Telling them we've got 3 months to go is another.

But then the internal argument fights back that it was on the market for 3 months and we were the best they had.....so if they have to wait, so be it.

Lowest offer I think is it, but with a lot of caveats, and frankly they are getting a bloody bargain

I think I need you lot.

We did all the affordability stuff last week, passed all that. Still not heard from the Underwriters though.

I am throughly depressed and now utterly convinced we'll be rejected.

I think you need to pester. They really hate us. DH called every day between affordability and offer, literally driving them nuts. Asking what they were doing day by day. Twice a day sometimes! It worked though. When they said 48 hours to do X, we pestered and it was done in 12 hours. Same for every stage. Push push push!!!

Will do

It's Santander, whom Ive noticed on the other thread are a bit slow.

Can I join please? First time buyer, just got approved for mortgage, am buying the house I live in and want to complete by the end of June. I am a property lawyer too, so it could be stressful!

You're in good company then brown paws, if my mortgage gets approved I have till June to complete

We said we wanted to complete in June too, should be a busy time on here!
Although our vendors have asked to exchange early May (eek!) so if that happens, we'll be asking for completion by the end of May instead. They are buying a new build off-plan, I think developers have really quick (and strict!) deadlines for exchange

alabaster is the house you are buying a "forever, be all and end all house?" Are there other similar houses that pop up regularly? I'd bear that in mind too. What are the circumstances of the people you are buying from?

Whatever you do I think it's really important to play a very straight bat and tell from the outset that there is no wriggle room in this deal so if push comes to shove you have been clear about where you stand.

Good luck everyone. Bites nails.

Can i join in? I was on your previous thread for a couple of posts but we hadn't quite gone on the market i think.

We have been on for 5 weeks and had 7 viewings although one was a second viewing ( but i think they didn't ever have any intention of buying our house) so thats six sets of people through the door and they all reject the cottage as there is a road outside that runs through our village.

This can clearly be seen on street view and you can drive past our house but hey - ho i suppose eventually it won't bother someone.

We so wanted to be moved by September as DS will be going into year two, i know it isn't that long but we had so much more interest in our last house and were sold within 10 days - completely different house of course but it is so frustrating.

We are moving primarily to be within a 1.5 hour commute to London as we are in Devon currently and DH has to work away all week but he will be able to commute once we move - the DC's and I do miss him so we are all really anxious to find buyers asap.

We are thinking of telling our estate agents to drop the price. I had a look at comparable in the area and i think they are not marketing it at a particularly competitive price - we would rather take a bit of a hit but move than be stuck on the market for a year which is what seems to happen around here ( unless a house is competitively priced!).

Oh lord, then once we get an offer its tenterhooks time with the mortgage ( we are going up a fair bit from this mortgage ) I should have said we have found the house we like and i suppose that is a factor in us wanting an offer asap.

Well i will be with you for the journey - suspect it will be months rather than weeks though :-(

I think you've made the right decision alabasterangel . £6k sounds like a lot now, but long term is nothing. We have another viewing on our house today and DS is ill! So I am working from home this morning but will have to put him in the car with some story CDs and go for a little drive just before the appointment. I'm seeing the 1.5 miles away house tomorrow. Only possibility at the moment and the daily logistics of getting DC to school is putting me off.

Rosie we took 15k off ours to get any viewings.

We took £25k off.
But then we are desperate to move so agreed it was worth it.

Oh alabaster you poor love. I feel for you & Beau. Sure you have done the right thing by going for the quicker movers.

I was on the earlier thread but I think my post got eaten in cyberspace.

We put our house on the market mid Feb, had a high within 4 days from FTBs. We were thrilled, but it's now 9 weeks in and no survey booked, EA (who have been great to be fair) keep saying their mortgage is taking time to get approved as they got married and didn't tell their broker, then she gave the broker her passport?! All very odd. Still no survey booked today but they have paid for their searches, should I be worried?

During this time we found a house that we loved but seller pulled out. 8 days ago had an offer accepted on another house and waiting for paperwork.

I truly hate depending on others in this process!!

Does anyone know if solicitors charge everytime you call them? I don't think it's true but DH thinks so. I can't find any fixed fees etc about calls and that in the paperwork... I think our solicitor only does stuff when we chase him. GGGGRRRRRRRRRRRR.

If not a fixed fee then yes they do: they will charge 1/10th of an hour for a phone call.