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Original poster

Help me buy a house

73 replies

PaintingOwls · 07/10/2018 16:14

FTB here. My property experience starts and ends at watching Location Location Location.

DP and I have been looking for a house for months. Everything has been wrong. Yesterday we went to see a bit of a wildcard which is £50 under budget and I love it so much I think I'm going to throw up.

It's the smallest property we've seen but the location is wonderful (close to where we rent, which is an area we love). All the other places we've seen have been bigger but in soulless estates miles from here. It's a 2 bed house but I reckon we could re-jig downstairs to fit a bedroom should we need an extra one.

I don't know what to do from here.

Make an offer? Under the asking price? Bang on the asking price to secure it? Shall I demand it be taken off the market? Shall I play it cool and ask for a second/third viewing???????

Just to clarify, I spoke to the bank last week and my mortgage advisor said he's happy to put us forward to a mortgage subject to a credit check, valuation, etc.

So the financial side is fine, I just don't know how to proceed from here. Hoping for a bit of direction from people who have been there and done that.

OP posts:

Original poster

PaintingOwls · 09/10/2018 15:04

sbplanet I think the offer was accepted yesterday or today.

We saw the house on Saturday. Liked it.

I called yesterday to arrange a second viewing for Wednesday but wasn't sure when my builder relative would be able to do. They said there was interest in the house.

I called this morning to confirm the time we could do and they said it was under offer.

I spoke to DP who said try to find out how much.

I called back and they said under asking price, offered me a different house on the same street for 25k more but I said we could only stretch to £315 - which isn't strictly true, I think we could do £320 but we need money to move etc.

I got flustered because I've never done this before, had no idea what to expect or what they could say or what I should say. The woman I spoke to was very abrupt with me and seemed keen to get me off the phone.

If I call back for the third time in one day and say actually I could do £320k... They'll think I'm crazy and a liar.

I know I'm a mess.

OP posts:

Original poster

PaintingOwls · 09/10/2018 15:17

What stage are you at with your mortgage application?

I have an offer in principle from my bank but it's for a lower amount. I met a different Bank last week who can lend me more but we couldn't do an application because I was on my own and he needed DP there to run credit check etc.

We went through the numbers and with our deposit we can look at freehold properties of £320k.

I'm trying to arrange a meeting to do the agreement in principle with this bank but as DP works all day every weekday it's proving difficult. He's trying to get a day off for this.

OP posts:

sbplanet · 09/10/2018 15:39

Okay. Time to take a step back.

Go have a look at the house for £320k - the market is slow they might take an offer. There's always another house, it's just when. :)

Estate agents can be @rsey - sounds like they've convinced the seller to accept the offer. As another poster said register your interest on the house, get your mortage offer sorted and then you can 'move' more quickly.

You'll be fine, it is scary spending so much money.

MissConductUS · 09/10/2018 15:50

This is why you need to try to avoid falling in love with a house. I would just let the agent know that if the current offer falls through you would be interested in making your own offer. And keep looking, there will be others you like as well.

Original poster

PaintingOwls · 09/10/2018 16:09

This is why you need to try to avoid falling in love with a house.

I know this logically but this is the first house I've seen that made me excited. We've seen dozens of houses, some cheaper, most larger - and yet this was the one I'd set my heart on!! I think the location is a huge part of that reason, I didn't think we could get a house in the area and to be honest the houses we've seen in South East London have been on pretty depressing estates.

OP posts:

Original poster

PaintingOwls · 09/10/2018 16:12

sbplanet I think you've misunderstood - it was the £320 house which has gone! Others on the street are available, are more expensive and therefore out of our budget.

But yes, priority is now to get mortgage sorted.

OP posts:

WhatsGoingOnEh · 09/10/2018 17:24

If I call back for the third time in one day and say actually I could do £320k... They'll think I'm crazy and a liar.

No, figures are quite flexible in house sales, as you can either move in with a £5k cushion for renovating, etc, or spend up to your limit. Plus maybe your parents lent you some money.

I think you're still trying to play it cool; I wouldn't. It's making you flustered. Just be honest. "Estate agent: I love this house. It's the first house I've seen that's made me excited. I've looked at our figures and we could stretch to £320k. If ANYTHING happens, please let us be the first to know. We love it."

sbplanet · 09/10/2018 19:20

Ah right, I misunderstood the price of the other house - I presume it's the done up one you linked to originally.

So, as I said before time to be straightforward. Are you still interested and is the house still on the market? If it's yes to both - talk it through with your OH - ring the estate agent in the morning and put an asking price offer in. I don't know what they'll say re your mortage, they might even have their own 'in house' mortgage service.

But even if you offer the asking price, nothing is fixed, everything can still change - people put in offers that are accepted and then they back out, it happens. But maybe if you offered the asking price they'd go back to the first person and ask if they'd raise their offer...

Anyway, nothing ventured nothing gained.

keepingbees · 09/10/2018 20:25

I would go and see the other house. You might love it more. They might take an offer. Plus don't underestimate the cost of renovating the one that's sold, if the other house doesn't need work then what you are saving on work will cancel out the higher price tag.
I think with houses it's very much what's meant to be will be.

kayakingmum · 09/10/2018 20:30

My advice is to act quickly. Offer slightly less than the asking price, or even the asking price, but say you want it taken off the market.

You don't want someone to come along and beat you to it. Best to get him to accept your offer as soon as possible.

Original poster

PaintingOwls · 09/10/2018 20:49

keepingbees

I literally can't afford it. EA suggested they could take 330 but that's too much for me. I'm not being difficult I just don't have the money. I don't want to see something so far out out my price range and then be left in this position but worse.

I don't mind doing the work, we can do a lot of things ourselves. Main thing to pay for would be the rendering of the outside and replacing the bathroom and kitchen, but we can paint walls ourselves.

I feel so exhausted.

OP posts:

hlr1987 · 09/10/2018 21:58

I'm sorry, this has actually happened to us multiple times which is why I stress- have an agreement in principle to the highest amount thay you can afford, before you start looking (you don't have to spend all of it). I can say with experience and hindsight that the houses we've ended up in have always been miles better but it never feels like something else will turn up. You have time on your lease, wait and see what else comes on.
Btw, the estate agent will have used your interest to push the person they judged more likely to commit sooner.

WhatsGoingOnEh · 09/10/2018 22:57

I think with houses it's very much what's meant to be will be.

I agree with this 100%. I've seen it happen with all my friends, and my parents, many times. The "right" house never escapes your clutches!

Good luck, OP. I'm afraid this is just the opening act of the stress; it doesn't let up until you've got the keys.

WhatsGoingOnEh · 09/10/2018 23:00

Have you seen an independent mortgage broker? I have a fantastic one, near Berkshire. He probably would work weekends if that made it easier for you and your DP.

Good mortgage brokers can save you so much stress, and money!, and find ways to get you the mortgage that you need. I was a skint, single, freelance-working mum when I bought my house. I never EVER thought I'd get a mortgage, but I've got a brilliant one.

ChiaraRimini · 10/10/2018 07:59

I used London and Country mortgage brokers who were really helpful. They are U.K. wide and don't charge a fee. It's worth giving them a call to see if they can find a better deal for you OP if you are only short by £10k. Buying a house in a better area could work out a better move long term for you

Robin2323 · 10/10/2018 08:38

There is absolutely a house with your name on.

6 years ago lost the house we wanted because we couldn't sell ours.

Month later changed estate agents. Sold the house and ended up with a house 10 times better than the one we lost

Good luck 😉

Original poster

PaintingOwls · 10/10/2018 11:54

Thanks WhatsGoingOnEh I've sent an email to that effect. Fingers crossed.

I've got a different EA on my case about other properties which are bigger but in shittier areas.

I am vaguely considering calling Phil and Kirsty...

OP posts:

adamj123 · 10/10/2018 12:24

Have you managed to secure the property? would be great to hear about our experience after the advice provided!

Original poster

PaintingOwls · 10/10/2018 12:31

adamj123

Have you managed to secure the property?

No, but the EA just emailed me back confirming she will let me know if anything happens.

Fingers crossed it falls through and I can move in...

OP posts:

WhatsGoingOnEh · 10/10/2018 14:10

I've sent an email to that effect. Fingers crossed.

Yay! Now find s broker who can sort your mortgage out in a weekend; and call the EA every week to see how the sake's going. Don't be afraid to look keen. EA love keen buyers as they don't back out.

I have everything crossed for you!!!!!!

Original poster

PaintingOwls · 10/10/2018 15:36

Thank you WhatsGoingOnEh!

Annoyingly the house is still available on Rightmove, they don't have anything to indicate that it's under offer.

OP posts:

ChiaraRimini · 10/10/2018 22:18

The EA may not mark it as sold STC until both sides have a solicitor and they have issued a memorandum of sale OP, so don't get your hopes up, sorry.

keepingbees · 10/10/2018 23:27

It would be worth you leafleting the road/area if you really like it, and also get your name on the books of local estate agents to be called if something suitable comes up. Sometimes houses are sold before they even get on Rightmove, so that way you might be first through the door

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