Sellers/Buyers Roll Call 7

[MrBobLobLaw]

Stressed vendors and buyers alike: assemble here to moan about bloody solicitors!

Feel free to join at any point

@GherkinsOnToast I really hope this is the case for us ... right now I feel so upset as I could see ourselves living there but in current climate feel very little is coming on and hubby will become inpatient and we will end up buying in haste. Just think a cash buyer on a house and that at asking price is not going to fall through. So will have to accept it.

The house we are buying was the only house we viewed, and we offered after a single viewing. It was exactly what we were looking for, and we had been keeping our eyes out for a long time. Slightly over budget, but a gem of a house. We didn't want to mess the vendor about so we went straight in at asking, then raised it a bit as it hadn't been on the market long.

I have no regrets at all about agreeing the full pre-covid asking price, plus the extra premium.

The most important thing for me is to be happy in my home, and that includes the whole package - house, location, etc. And I don't think I could have coped with the stress of "losing" the house and having to start looking again for another needle in a haystack.

Asking price cash buyer is very suspect, on a house that has been on the market since last year? Pfft.

we went straight in at asking, then raised it a bit
Was your asking price offer rejected? Or did you have competition?

@Lemonylemony absolutely, you'd be stupid as a cash buyer to offer full price on a house that's been on the market long term, perfect situation to lob a cheeky offer.

@Lemony - the house had only just come onto the market and we saw it quite by chance. Our initial offer wasn't rejected as such, but we wanted it taken off the market so offered extra as incentive to do that. We wanted to avoid getting into a competitive bidding situation.

The estate agent said the house had interest during lockdown and as rural(ish) cash buyers wanted it off the market. I was very surprised as it was well over £1m and had seemed a little over priced at the time. But the website says under offer so just have to assume they are not lying. But we wouldn’t have put an offer of asking price so I suppose have to accept that it wasn’t meant to be. Just feel so disheartened

the house we've just had an offer accepted on was on the market for a long time and we've offered not far off the asking price...

anyone know anything about septic tanks and the newish legislation?

Buyers - have you been able to get your EPCs sorted for marketing at the moment? Most of the properties I’m looking at don’t have one in the listing (one has one 7 years out of date pre-refurb!). I’m guessing the assessments aren’t possible at the moment? What have your agents advised you about that?

Still keeping everything crossed, our chain of 10 is holding together and our buyer is asking to aim for 1st July. We still need 2 of the searches to come back, but otherwise are good to go. Estate agent is sounding out top of the chain for dates. Too stressful!

So we've had an update on our buyers' mortgage. He has a 10% deposit, he's going via HSBC, he is NHS and has just changed jobs, HSBC require his start date in order to process so he is chasing with HR. Anyone know what NHS HR is like...?! He's a radiographer.

Lemony - our vendors had theirs done last week as surveyors etc. ae allowed to work as long as they follow social distancing and wear ppe.

First viewer since our sale fell through. Fingers crossed. I don’t know what we will do if this house sells. Carry on with our onward purchase or go into a let for a bit. Tough choices but I’ll wait and see if we get an offer first!

Good luck with it @teaandajammydodger

So our chain is now back, the valuation is done on my purchase and my house, mortgage offer us accepted( small chain: our buyer doesnt have a chain, our seller is buying a probated property). Now the problem is with the probated property that our seller has no idea of how long is the probation going to complete. We are hoping to exchange before 15.07 but it doesnt look likely.

@Newhome321 may I ask how long did it take the lender to do the valuation? Was it desktop or physical valuation? How was the result compared to pre covid price?

We are waiting for mortgage valuation now. It should be all moving quickly after this but no idea how big is their backlog!

We fortunately had it done just before the lockdown so it was book the week after we met the bank and result came 1 week after. I went back to our lender asking for updated rate( and small correction in the borrowing money made) and hasnt been able to get hold of the contact which I had before lockdown. Likely I will need to call the “central” numbers next week for this update. Apparently they have moved loads of mortgage resource to Covid distress support department.

Sorry realised I didnt answer it all, the valuation was done on the basis of the surveyors came and visited both the property and agreed with the value.

Our backlog now is with the probation property at the top chain. Anyone has any idea how long roughly does it take. Our seller offer was accepted just before the lock down.

Our house was valued about a week after all agreed with no difference in value compared to pre lockdown. The one we are hoping to buy took a bit longer (company bank make us use) and is booked to happen soon so it will have been 2/3 weeks ish. Might depend which survey you opt for though too.

Has anyone bought a survey off previous buyers?
The people who were going to buy had a full structural survey but pulled out due to ill health. Im waiting for the surveyor to call me back but wondered if anyones done this.

Look like we are aiming for a mid July completion!

There might be something about survey not finding hidden fault - I read somewhere that if the survey was commissioned by you then you are covered by insurance but if you bought off survey from someone else then you don’t get same coverage as strictly speaking you were not the client of the surveyor

Ah that's right the agent did say something about making sure that was passed on - thank you for reminding me!

@Newhome321 our previous buyers made offer and very sadly one of the couple passed away before exchange. The surviving partner went through probate to continue purchase though it didn't work out. Took from May to October approx to be sorted.

Probate can take time. Occasionally at work we have to wait for clients’ estates to be sorted before we reclaim debts and it can be up to a year or more sometimes. There was a big backlog even before Covid for some reason. I guess best to get individual advice on the particular situation.

The do-er upper we’re considering has been marked as “reduced” since our viewing (I gave verbal feedback about being overpriced at the viewing) - but the price is the same 🤦🏻‍♀️ is that a sneaky estate agent trick? Mark it as reduced but don’t actually reduce it?

Viewing a slightly bigger, way better condition house around the corner from the do-er upper today on at £70k more. Slightly dated but doesn’t ‘need’ work, we could just update as we go along when we fancy it. No immediate work needed at all, and a bigger garden (albeit north facing, but long enough to not matter too much), and a garage at the back. So I think it will put the do-er upper in perspective. Today’s viewing is me solo as DP is working. I’ve been tasked with a list and taking photos/video. Possibility of a second viewing for him in a few days (when I’ll be working!) if I like it.

Now this is viewing number 7 I’m also feeling more confident interrogating the agent about wiggle room in the asking price, about what another property they’ve just sold in the road went for as well.

Well all been happening fast here! Viewed the bigger better one on Saturday, DP’s boss let him off early to be able to attend the viewing , it was already reduced to the price we think it’s worth, put offer in, accepted!

I would say “boom, done” apart from this is where all the hard work starts isn’t it

Hurdle number 1 is getting to DP’s Dad’s house (who is still shielding) to get his passport for proof of ID.