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Original poster

Dream House is back! what do I do?? Please help

30 replies

sandychiu · 03/06/2020 15:41

We lost our dream house just before the pandemic and were outbid £5K by another couple. We are actually going to view a house next door this weekend. Dramatically, we got a message from the seller today as the couple couldn't get a mortgage, and ask if we are still interested.

They didn't give us a price, which would have been easy... I am so nervous I don't know if we should stick to our original offer, or offer what it was sold at. We are first-time buyer, the house buying process is just so difficult!

Thank you so much... fingers crossed something good will happen to us

OP posts:

SandysMam · 03/06/2020 15:45

If you love the house, go for it, at the price you went in at originally. A lot has changed in the last few months, you hold the cards now! Good luck!

SandysMam · 03/06/2020 15:46

Just realised your username! No relation

Honeyroar · 03/06/2020 15:48

Stick to the original offer. But still view the other one first.

starfishmummy · 03/06/2020 15:53

Original offer (subject to survey of course). Also keep the appointment to view the other one which might be better!

StarbucksSmarterSister · 03/06/2020 16:05

Why did they accept an offer from someone who didn't even have a mortgage in principle?

View the other one. If dream house is still your dream, offer no more than you did originally.

thatcarolebaskinbitch · 03/06/2020 16:07

@StarbucksSmarterSister because maybe that person had a mortgage in principal pew COVID but now it's come to actually getting the mortgage COVID has meant their income has changed and they can't?

DeeplyMovingExperience · 03/06/2020 16:36

I would go back with your original offer. If you're in a position to proceed, that will be very attractive to them after the other one falling through.

Original poster

sandychiu · 03/06/2020 16:46

@SandysMam I need that luck thanks, I saw your name and feel like it's my future self talking to me! Ha

@StarbucksSmarterSister @thatcarolebaskinbitch They didn't get into the details but I assume that might be why.

@Honeyroar @starfishmummy
I think I will try to stick with the original offer and view the other house so I can make a solid decision. Keep calm and hopefully, I will at least get one!

Thank you so much for your kind advice, It's very hard not to get overly excited and to keep my head together. It has been a tough time all I can do is staying hopeful. Wish you all the best too!

OP posts:

Oblomov20 · 03/06/2020 16:58

God yes, go back with your original offer. And ask what price they were looking for.

R2519 · 03/06/2020 17:03

OP, it depends how much you want the house. If you can afford the original price and plan on staying put for 10 years then you will recoup any market downturn by then.

The other option is to put a slightly lower offer on the table, only £5 / 10k, depending on how much the house is on the market for, and say that is the new revised mortgage offer due to whats going on.

As i say, it depends how much you want it. If its your dream house and you can afford what you offered before, and dont want protracted discussions offer what you did before on the condition it proceeds quickly etc.

onceuponatimer · 03/06/2020 17:34

You sound really excited about the house but best to play it a bit cool with the agents. They work for the sellers remember.

I would tell them that you are interested but had already booked a couple of viewings this week and would like to see those houses first.
If you still really love it after seeing the other property I would be inclined to offer a bit less given the likely state of the housing market in another 6 months and see what the sellers say. How long would you plan to stay in the house if you did buy it?

Bells3032 · 03/06/2020 21:36

@starbuckssmartersister

Banks don't always lend up to what the mortgage in principle states. Often they'll claim you have other expenses to take into account and reduce it or they may remove it now due to covid esp if they only had a small deposit.

ChipotleBlessing · 03/06/2020 21:53

I’d be a bit wary of why the other buyers couldn’t get a mortgage. It may be that the house has been valued at significantly less than they offered and you may run into the same problem.

TimeWastingButFun · 03/06/2020 21:57

Go back slightly under your original offer so you have room for negotiation if they refuse. Good luck!

Bluesheep8 · 04/06/2020 08:34

Tell them you're viewing the other one as you have already made that arrangement and go ahead with that viewing. Use it as a basis for comparison. If you still prefer the first one, repeat your original offer on the understanding that it comes off the market. You are in a really good position. Use it

Original poster

sandychiu · 04/06/2020 08:35

@onceuponatimer We have a record of staying our rental for a very long time, this place we currently live we don’t even like it and we’ve been here for a couple of years. Also we are sick of moving, so I can imagine myself live there for at least a good 5-10 years.

I am leaving my partner to do the communication, I am not the best at play it cool as you might imagine... I am worried if I don’t give them a quick answer, they will put it back on the market. I was hoping to bid first but still go to viewing as planed. Do you think they will wait for us to do other viewings this weekend?

This climate is so unpredictable and does raise some questions in my head. For example am I being silly to buy my first home now? But I am willing to take the risks, hope it works out for the best.

OP posts:

DeeplyMovingExperience · 04/06/2020 09:08

@Bluesheep8 - no EA (or vendor) will agree to take a house off the market until the buyer has provided proof of funds to purchase. So an offer can be accepted, but a house will stay on the market until the buyer has shown them the money in the bank.

DeeplyMovingExperience · 04/06/2020 09:11

@sandychiu - it is never a silly time to buy your first home! Markets have always gone up and down, but you will always need a home.

tentative3 · 04/06/2020 10:13

I would ask some questions about why the offer fell through. If it is to do with valuation you might as well at least try and find out now - not saying they'll necessarily be up front but they might be.

CrotchetyQuaver · 04/06/2020 10:28

I would ask estate agent if the buyers that fell through had a "file" that you can buy, depends how far they'd got with the sale process. The survey may have already been done which will save time and duplication.

I definitely wouldn't offer more than before. It may need revising depending on what the survey could expose.

Original poster

sandychiu · 04/06/2020 11:04

Now they are saying they are going to advertise it back to the market this afternoon. Should I be worried because I certainly am! Arghhhh!

OP posts:

Loofah01 · 04/06/2020 14:23

Don;t kid yourself - this was being marketed by the EA the second they found out the buyers fell through, doesn't mean it will sell though.

Keep making viewings on other places as well as bearing the 'dream' in mind. If it comes to it, stick to the original offer or below

onceuponatimer · 04/06/2020 16:59

@sandychiu- did you actually place an offer via the EA again?

Comefromaway · 04/06/2020 17:33

Original offer.

We had similar with the bank. They decided that becasue dh had increased his pension contribution the original mortgage in principal was unaffordable. Luckily in our case we had an ISA we could cash in for a larger deposit.

Honeyroar · 04/06/2020 19:55

Let them put it back on the market if they want. Go and see the other house (it might be nicer/very similar if next door to the dream house?) and view the dream house again. Tell the EA that you’ve seen another you like, so would like a second viewing to see which you prefer. You’re not in a chain, you’re ready to go and prepared to buy in this market- you’re a good prospect for them.

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