Walk away from new house?

[sunlover1123]

Hi, hoping someone can give me some late night advice.

We put our house on the market in April and consequently found our dream home in May. They were lovely old couple and we had been emailing about items that will be left in the property for us as they were downsizing. I then had a call from the estate agent to say and I quote ‘ they’ve had a change in heart, and now they don’t want to sell’

DP got really upset and stressed and sadly I went into early labour and had complications. I do wonder if it was because of the acute stress.

We’ve since found a new home that we would like to buy and are in a new chain. Since making an offer OH was made redundant and spent a stressful few months, looking for jobs. The couple we are now buying from put the house back on the market as understandably they wanted to progress with their onward chain. Completely understandable. They lowered the price by £7k when it went back on and for some reason this time the agent hasn’t taken it off their website that frustrates me to no end.

A new house has gone on sale on the same street, which we viewed at the beginning of the year and it is almost 40 K less. It needs work, but you could make money on that property. I feel sick knowing this as I’ve seen the house and it’s exactly the same as our house we are buying! They are on an estate and all the same dimensions (newish builds with same plots)

surveyor has also emailed today to confirm that think the house we are buying is slightly overpriced, though they don’t want to write that officially unless we get an official valuation with them but prices have gone down since May.

what would you do?

1. ask for money off? Searches etc are still ongoing
2. leave it as things are and hope that prices increase in the future
3. walk alway from the deal and stay put.

if we don’t move now, we will have to wait several years before we can move again due to DH taking lower pay and I will not be at work full time anymore

can’t help but think it’s not a good time to buy, especially if it’s a house that is not valued correctly

thanks in advance!

Have you really costed the works you would need to do to the other property? 40K doesn't go very far right now... You have nothing to lose by asking for money off of the one you are buying but I think it is perhaps overly optimistic to think prices will go up when the market is falling.

We would do it up slowly like our last house. We both have friends in the trade who would help. We are also not novices as we’ve done up a whole property before.

I’m concerned if we have to sell in a few years we would loose money as it’s not valued correctly. It was back in May but the market has moved on now.

It’s reasonable to go back and say that post survey valuation, you would like to renegotiate price to the valuation that the surveyor has given. Be prepared to lose the house over this; but it sounds like you don’t really mind if that happens.