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Original poster

About to exchange - identical house now listed 10k cheaper

66 replies

Housemover18 · 18/11/2018 21:09

So I’m pretty sure I’m not going to do anything but having a slight wobble so decided to post.

We’re around a week from exchanging contracts, reasonably long process - had offer accepted in August. We love the house but we’ve always been aware that it’s not the only one out there for us, it’s a new build area with plenty of houses available ages from 7 years old to not-yet-built. The prices in the area have been slowly drifting down, I’ve been aware of it and slightly concerned but renting is dead money and so so expensive. Plus there hasn’t been any other one that we like AS much come up. Until now. Yesterday I spotted on Rightmove an identical house - they are all new build and there were only a handful of this particular design so when I say identical I mean identical. Built at the same time, on the same street, a few doors away. Obviously different decor. It’s been listed at £315k, we are buying for £325k. Potentially they might accept a lower offer - £310k, less? That’s a lot of money. But we’ve been waiting, starting the whole process again is risky - anything could happen. We’d love to be in for Christmas, everything is ready to go. Am I crazy to just ignore the new property and keep going??

OP posts:

ivykaty44 · 18/11/2018 21:55

This was why my relative asked for a deposit when selling, the deposit was non refundable and £25k

The house sold on first day, deposit placed secured the sale and this was Midlands

That was the condition of accepting offer

ForgivenessIsDivine · 18/11/2018 21:55

You love the house.. you are a week away from exchanging and are likely to be in before Christmas. Offer in August in by Christmas is not bad going... even if the other chain did come together, it could take 6 months... by then you could be completely settled, unpacked, decorated etc. I know 15k is a lot of money but knock off 6 months rent, aborted purchase fees, and Christmas in your own home. . 6 months closer to being mortgage free. .. plus a stress free Christmas... bird in the hand.

senua · 18/11/2018 21:58

If the delay has been on your side then it does lend weight to doing the decent thing and sticking with the agreed deal.

Look on the bright side. If you had completed and then the other house came up then you may have been upset. However, the alternate house came up now, you know the lower price but still went through with original deal. The power was in your hands and you made a decision that you are happy with. Doesn't that sound and feel better.

Original poster

Housemover18 · 18/11/2018 21:58

Ivy it wouldn’t have a problem with a system like that - it would be less agonising all round!

Forgiveness all absolutely true. I kind of just want it to be over!

OP posts:

Starlight345 · 18/11/2018 22:13

You could also have neighbours accept lower offer and then someone gassump you

Bouledeneige · 18/11/2018 22:45

I'd stick with it - extra fees, delays, risk and not being in by Christmas. Its tough - its extra money but you know its yours. Move on with your life.

sbplanet · 19/11/2018 09:17

"...it’s a new build area with plenty of houses available ages from 7 years old to not-yet-built. "

Hmmm, didn't really take note of this first time - are you planning on staying in this house long? The other house selling cheaply and new builds on the same market might mean if you did want to move again soon that you'd take a hit on your selling price - bit of a double whammy potentially.

Original poster

Housemover18 · 19/11/2018 09:39

sbplanet we don’t intend to move again for a long long time but you never know do you? The new builds are still selling fast and selling for way more in the way that new builds do - an equilivent house sold off plan is going for £350k minimum. We have good equity and don’t intend to sell soon but still it is a worry

OP posts:

mum2015 · 19/11/2018 09:44

go and see it once. sometimes house looks same or better in rightmove but it really isnt. there may be a reason which isnt obvious online as why it is listed 10k cheaper.

Cherries101 · 19/11/2018 09:47

No two houses are identical even on the same street. There are likely very good reasons for the lower price eg shit hole inside / horrible gardan / smaller rooms.

flamingofridays · 19/11/2018 09:49

happened to us but literally the day after we had moved in so nothing we can do about it. It bothered me and it was a 15 grand difference, but house not exactly the same but actually in better condition than ours.

if we had been at exchange I would have been equally put out but carried on anyway as I wouldn't have done that to our sellers.

JassyRadlett · 19/11/2018 09:50

Honestly? A bird in the hand. For that margin, stick with what you have - the costs and financial risk of the cheaper option are too great for what is likely to be extremely short-term gain.

sbplanet · 19/11/2018 10:21

@housemover18 I think I'd go and see the other house. All the while there are new builds selling it will keep the price of 'secondhand' places lower (mostly). If you had to sell you'd get hit twice, you've 'paid too much' and perhaps a potential buyer will look at the selling price of this other house and offer accordingly.

How much have you spent on the purchase so far? £15k is a lot of money. You need to know you're not drastically overpaying, perhaps there's a 'hidden' reason for the other houses cheaper price - especially as they can see one up the street sold for £325k! :D

sbplanet · 19/11/2018 10:22

Not £15k difference, but atm £10k.

shirleyschmidt · 19/11/2018 10:51

I can understand the dilemma, and if you were any earlier on I'd have a rethink. Nobody wants to feel like they're writing off 10k but it's a question of what that's worth to YOU at this stage. If you disrupt your sale you'll no doubt incur other costs, and will miss having a relaxed Xmas in your new home. There's no guarantee you'd get either house, and I get the impression your top priority is to move. Maybe the other property is purposefully priced 'low' - they might need a very quick sale, or there could be a neighbour dispute that you wouldn't know about. Until you saw this house, were you happy going ahead? If so I'd personally stick with it.

The market always goes quiet the closer we get to Xmas, it might ramp right back up again in Spring. And even if it doesn't, you're in a decent equity position and intend to stay for many years. It would be different if you thought you wouldn't live there long, but you're almost guaranteed not to lose money in the long term.

It is tricky but in your shoes I'd probably put the other property out of my mind and look forward to Xmas in my new house.

trilbyhat · 19/11/2018 11:18

I'd be thinking what's wrong with the other house for them to be marketing it so much lower than what's it clearly worth, I presume the one you're buying was on the market for more than you're actually paying? Are they desperate to get out of there?

NaiceShoes · 19/11/2018 11:41

You'd be silly not to at least view. We're not talking about a new coat fgs, it's a house that you will live in for several years and is worth hundreds of thousands of pounds. You don't owe any loyalty to anybody. You might move in and be upset about some things the vendor hid from you and you'd be thinking why was I being so 'loyal' when it's my hard-earned cash I was handing them? See it as a business transaction.

sue51 · 19/11/2018 11:46

Id at least ask about the circumstances of the vendors. If you pulled our on the eve of exchange would you be entering chain hell while waiting on the second house?

Daisy2990 · 19/11/2018 12:53

Bird in the hand etc, IMO.

MovingNextYearHopefully · 19/11/2018 14:34

A similar thing happened to us before we bought our current place. DH went & had a look. He could see that the other house wasn't as good as ours. Despite being only a few doors down & on the face of it identical, inside it was ever so slightly smaller. I say you need to view the other house, otherwise you'll always be wondering!

fabulousathome · 19/11/2018 15:44

Someone who had an offer on a house opposite us and similar to ours wanted to buy our house as it was a little wider.

They were already very close to exchange.

We decided if they could pull out of that one, they could pull out of ours at the last minute too or ask for a discount. So we refused their offer as untrustworthy.

Sorry if that offends.

Waspnest · 19/11/2018 15:59

I would ignore the new house and carry on. Unless your vendors are selling a late relative's house (for eg) they are probably also hoping to be in their new place for Christmas, so to pull out now is pretty shitty if the long delay has been your fault. And maybe both houses were worth the same back in Aug but now the market has dropped (but that isn't the vendor's fault, you should have either been quicker to move or waited for prices to drop before buying a house). IMO.

NotDavidTennant · 19/11/2018 16:10

What happens if you but the new house, your current vendors aren't able to find another buyer and you end living a few doors done from people who you've screwed over? It might be a bit awkward.

Strawberry2017 · 19/11/2018 16:33

What if someone else wants it and you end up in a bidding war? What if you pull out and then don't get it and you loose both houses.
This close to the end and all the money spent I personally would just stick with your original plan. X

Whereareyouscooter · 19/11/2018 18:15

I don't think you can make a fully informed decision without looking at it. You don't have to do anything about it after looking, but at least you'll know if it really is identical in terms of aspect, condition, size of garden etc.

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