Pls help me sort out my thought - house purchase

[Sunnyshores]

I know you cant make the decision for me, but I have so many thoughts flying around.

So... have sold already (dream house, so v sad), in rented. Dont mind if we stay here longer, but obviously not ideal and worried about house prices going up.

Have quite a small area to buy in, not many houses on the market and dont particularly like the area or many of the houses. Have quite a specific list of requirements.

In the last 12 months of watching the market (before our sale), there have only been 4 houses I would have brought. Have now found another one.

It needs alot of work (which I dont mind). We made a v low offer, which was refused and then another offer 10% below asking which has now also been refused. Quite surprised as its been on the market with several agents for 6 months, agent was recommending our offer and seller has already brought.

Anyway, at the low price I was reasonably happy to buy. At the price she wants, another £25k Im not. Its not the extra money, I just dont love it enough to pay more. As a bargain it was OK.

But - do we really want to be out of the market for maybe another 6 months? We'll be in the spring market when things go quickly and last year were going beyond asking price. Will the next house be a compromise too, be any better? If I dont love it, that cant be good? Or once Im in, will I love it and will the extra money not be an annoyance?

Help!!!!

When did you make your offer 10% below. I'd tell them you'll leave it on the table for a week then keep looking. It sounds as if you are in a strong position if it's been on the market for 6 months.

Tbh if it was only 'OK' at the bargain price you definitely sound like you will have regrets if you pay more than you think it's worth.

Yes there will be more action in the spring, but hopefully more buyers AND more sellers will hold prices steady.

Can I ask why you're moving to an area you don't like? Is it forced upon you by other circumstances (school, work etc...)?

they probably need the full asking price to afford their purchase.

I wouldn't offer more as I think I would resent it. You've offered what you're prepared to pay so that's that. Most likely the seller is thinking that there may be an increased third offer. So I think the above advice is great. Get the estate agent to stress to the seller that this WILL be your final offer and it's available till x date. Then if it's not taken up, walk away.

Don't offer more than you are prepared to pay. If you already know that it needs a lot of work, you will obv need more in your pocket to pay for what needs to be done. You might find that it's still on the market in 6 months' time anyway and the seller may be more inclined to see things your way...

Thanks all.

Some answers...Had to move for schools, no they dont need the asking price, other house all paid for. She has asked for 5% below asking price, which probably isnt unreasonable, agent doing usual 'we have loads of other people interested'.

I think you're all right, I obviously dont want this house that much. My worry is that I wont like any other house any more and may well have to pay considerably more for another. And then theres the hassle of looking for another when we're really busy. Would be less stress to have found something. But yes, it doesnt feel right to pay more for this one.

Given your last update I think you would regret being pushed to pay more for it. You clearly don't love it that much. Plus if there are "loads of other people interested" let them have it.

£25k is a lot of money that could be spent on renovations and the multi-agent means it is clear they want the property sold. Leave the offer with them.

You can't predict the future nor worry about what may or may not come up for sale. Go with your gut instinct.

We lost a house we really wanted due to slow negotiations on our own sale (buyer took his sweet time responding) and in the meantime someone beat us to it. The exact same house 8 doors down was then withdrawn as they were edging their bets on getting planning to extend and we ended up with the best house because of all that. So we are now in our gorgeous lovely house and I love coming home.

You don't know they don't need the money. I know a number of people who have had 'bridging' loans to cover new purchase before sale of old house and then struggled due to not getting the 'right' offer. some have moved onto BTL mortgages and rented the old house out as it was financially better than selling at a lower price.

Carol - I do know she doesnt need the money, but thats not really the point here, she obviously feels it has a value and I dont want to pay that much (although I can see its probably a fair price).

Bee - thats exactly what Ive been thinking, I wouldnt love it when I drove up the drive, my old house made me smile. Thats what I want. I need to be brave!

Don't do it. I was in a similar situation and did up my offer a 3rd time and, now I own the house, I regret it. I don't love the house as much as I thought I would and have also realised it needs more work than we thought. Wish we'd stuck our ground.

You dont really hear of people who dont love their house once they're in, but it must be awful.

Buyers have to realise that a house is only worth what someone is prepared to pay for it. There really isn't any intrinsic value in property and markets do slow and do go down. You would have thought that after 6 months of no offers that would have be plain.

Stick to your guns and put a time limit on it. Good luck.

It could be that they have had offers but wanted to get 'no less than X', and it may be the only reason why they stayed on the market for so long. If they hold out for long enough they may even achieve it in the ever growing property market.

You have to really think what you want. It does not seem that you love the house. I bought a house because it was a bargain (and ticked boxes) and 8 months later already thinking of selling.