Dream House - Gone! What to do?

[Purplereign87]

Ok, so we viewed a beautiful Victorian semi, which was near to where I grew up and all my friends (I don't see them alot since buying current home). It was a lot of house for our money all others in the area are around £60k + more. However, the next morning an offer was accepted. It needed a fair bit of modernisation, as it was a 'probate' sale? The man had lived there for many years, all the original features were intact etc

This was about 3 weeks ago and we're both still gutted. Have even called the EA this week to establish what's stage they are at and if the vendor would be open to offers. She said I could if I wanted but the survey had been instructed. I also found out that they're first time buyers and I think it swayed me morally.

We're in a shared ownership 2 bed new build. Which although we did love we have outgrown (space wise) and we want to find somewhere to hopefully start a family after trouble conceiving.

Not wishing it upon them but what is the likelihood it will fall through do you think?

Should we put in some sort of 'back up offer'?

Do we just suck it up and move on?

Please help- it's all we think about!

If it were a house I really wanted, I'm not sure I'd be that worried about the other people . However, as you are, and they obviously think that they are getting something of a bargain (although if it hasn't had anything done for years, they may find their £60k "discount" barely touches the sides), they are going to try their damnedest to buy it. You can hope that they get scared off by a nasty survey - they may be of the variety that thinks all it needs is a bit of paint and some new kitchen units and get a bit worried when they see the true extent of the work - but are you in a position to move yourselves? Is your HA place a rental or a shared or full ownership flat that would need to be sold? Do you have an adequate deposit and mortgage in place? Are you prepared to take on a project?

Lalalonlegs, Thank you for replying, appreciate it. I know, I don't know when I became so 'nice'! We want it. But I guess I believe in karma. It's a project most definitely, new bathroom, kitchen, plenty of plastering but has the potential to be a wonderful home and the option to convert cellars (massive) and loft.

I've been quietly hoping they will get scared off by it. But I don't know what kind of financial situation they're in so....

We have a mortgage on 40% of our current home. Have spoken to the company who owns the other portion and they've advised it'll sell in less than two weeks. We live in a coveted area with great schools (shame really).

Deposit wise, no issues there with money to spare. OH inherited a lump sum recently, making moving a possibility we hadn't dreamt of before. We have a mortgage in principle and our house has been valued but isn't on the market.

OH wants a project and so do I. Although, knowing him he'd get frustrated at some point!

I thought for a probate sale they had to stay open to offers until exchange?

I'd put in a back up offer. Definitely.

I don't know the ins and outs of probate things. All a bit over my head to be honest.

I might draft up some sort of back up offer letter this weekend then and send it recorded. I just wasn't sure if that type of thing was just something Americans did.

A bit new to this house buying lark!

Why send a letter? Why not just phone?

Hi minicooperlover, I have phoned and emailed several times but I'm not entirely confident with them contacting me if it was to come back on the market/ how serious they see me as a buyer. (Sorry I don't know how to tag usernames)

Think Liara is referring to repossession properties.

I think that lodging an interest in the property with the Estate Agent is a good idea. That way they know to contact you if the purchase with the FTB falls through. However, they will want to know if you are in a position to proceed. Have you already got a buyer for your property? A FTB with nothing to sell is in a good position and would be the preferred option out of the two of you. If you can't proceed yet, then the Estate Agent is not likely to take you seriously at the moment.

Spickle, thank you for your reply. Yes I agree with the FTB being the preferred option. That's also been stated by the EA and made me think there's no point in even submitting an offer. We haven't a buyer atm only due to the fact we don't want the pressure of finding somewhere fast for the sake of it. I'm glad I posted this thread. You've all echoed what my head was telling me, think we've got too emotionally invested. Lesson learned there!

I'd put your offer on the table. It might not go through with the other buyers, then the vendors will know you are interested. Or they might just take your better offer. Unless you make it they won't know you are interested. Alls fair in love and house buying!

We are buying a house that we lost out on because we had not exchanged on our current one. Then it came back on the market as we exchanged, so we were in a really good position and got it at a reduced price, for a quick sale.

Theses things do happen. Good luck.

I think you need to get your place on the market quick sharp .Otherwise, you are not proceedable.

Probate sales can take a long time if grant of probate hasn't already been made though.

I would get your SO under offer asap - you can drag out the exchange and then set a date 6 months ahead to complete if you need to (buyer will be FTB so easy to negotiate).

Don't be in this position again ie not proceedable, if it comes back on (after survey/cold feet) or if something similar becomes available.

Chuck in a higher offer - make sure the EA and the probate lawyers are aware.

Be proactive - what are you waiting around for ? leaflet the streets you are interested in -- tell EA you are SSTC (once you are) and get moving!

If you are not even for sale, you couldn't have lost what you couldn't have had. You are not proceedable so it was far stretched expectation. I am on the market but no offers and also "lost" my dream home as I couldn't make an offer. I now have stopped even peeking at Rightmove until I am SSTC.

Thank you for all the advice everyone. I've learnt a lot from just asking the question! I'm a bit new to all this.
I agree with a lot that has been said, especially the perspective of I can't have lost what I couldn't have had. I'm just too scared of the pressure of moving fast & not loving where I move to (for a prospective buyer) but if it's OK to drag it out a little then it's definitely something to consider.
Anyway, I feel a lot better about the 'situation' now and I'm going to call the SO company on Monday to see how fast they can move to get ours on the market. Thank you x

Definitely get yours in the market ASAP. The "it'll sell in two weeks" comment is speculation and you just don't know. Even if you do get an offer you don't HAVE to move if there's nothing suitable.

To give you some hope, something similar happened to us recently. Found our dream house but at s point when our buyer pulled out. The owners then accepted an offer from someone else and I was absolutely gutted. Two months later the sale fell through, we found another buyer, and we're moving in on Thursday! Nothing is definite until contracts are exchanged so don't be too downhearted - concentrate on selling your house and then see what the situation is.