Buyers / sellers exchange waiting room continued...

[NoWordForFluffy]

New thread for those of us still waiting the dreadful wait. 😩

@HopefulSeller yeah I know proof of funds were checked but I guess an estate agent just cares the money exists. Solicitor needs to check the origin of the funds. We had to do it when we got our first place but it was done right at the start. I'm trying to not worry about it. Maybe do a bit of packing this weekend, nothing too major though. Just some of the toddlers toys and presents we've got ready for Christmas!

@EmilyMay89 that sounds sensible, to slowly make a bit of progress physically by packing a bit. Isn’t there a checklist that solicitors can use? Just to speed things up… 😂

So a house that was up for 400k in Aug has dropped to 350 in Oct ( still over priced ) and my son is going to look at it this weekend
Any idea on what would be a good starting price to offer

The seller bought it for 229 in 2013 and is desperate to sell according to the estate agent

its a 3 storey / 3 bath townhouse in mint condition

@Itsjustmeee I’d look at the prices for all similar houses in a half mile or mile radius, that are of similar state. Have a good look at the pictures and note any damp, roof, doors, kitchen, walls, age of boiler, age of electrics, note the state of the windows.

I think it all depends on the pricing. I priced my house below its value and the buyer offered 10% below that. So I didn’t take it and nearly went with someone else with a higher bid. But if I had priced it above value, I’d have taken the 5 or 10% below.

It’s fairly new ( well around 10 years old). maybe a bit older
I think it’s priced high as all the bedrooms are proper doubles and one has an ensuite and it’s got huge kitchen / diner living room and a separate living room upstairs that could be a bedroom or living room with a Juliet balcony

the only thing he doesn’t like is that the garage and driveway is around the back of the house

I think he might offer 325 but with potentially 330
he’s an attractive buyer as no chain FTB mortgage in place and big deposit

@EmmaEmerald, I'd have been furious in your shoes. I'm glad it got sorted though. I hope you can relax a bit more now that's done and dusted.

@HopefulSeller, that sounds like positive news! I forget what completion date you're aiming for?

@Lisalalala, I'd be a bag of nerves with a small gap like that. Are you spending the weekend packing?

Fantastic news @HopefulSeller !

Any thoughts as to likely estimate for me completing on my sale/purchase? Sweepstake anyone?
Salient facts - me buying listed building, very well renovated, no onward chain, I’m not overly picky and feel I’ve got a good price. Survey booked first week Dec. Searches underway. Mortgage offer in place. Majority equity, minority mortgage.
Selling to FTB large deposit. No survey booked yet. First enquiries received and answered (offering indemnity insurance for lack of 1979 toaster warranty equivalencies). Both parties using well-respected solicitors (mine I’ve used before and is experienced, rational, efficient).

Fingers crossed - I’m guessing early Feb. As these things always take time…

@ibelieveinmirrorballs I really like your username by the way! Mmm sweepstakes 28th February? I hope I’m wrong and it is much earlier.

@NoWordForFluffy thanks! I have no completion date - just never thought I’d ever sell that house! It’s been quite a year with trying to get that house on the market, long story!

@NoWordForFluffy I am a bag of nerves. Well we've been packed for a while and sent most of our stuff to my partners granddad's house which is empty. We will be packing the rest this weekend and I've got a van for Wednesday. So I can only hope everything goes to plan. 🤞🤞🤞

A bag of nerves… isn’t that just the complete summary of what this whole process makes you feel from start to finish… will my house be valued at the right price, getting house ready to list and view, trepidation of viewings, feedback, getting an offer, negotiating, getting your onward property (exciting..), will the mortgage get approved, can I find all the pesky warranties (ie none of them 🤩) buyers wanting to come back for random viewings, survey results, more negotiating, weeks of strangulated communications, packing all your belongings, dealing with kids emotions over it all on top, etc etc etc. ARGGHHHH 🤪

Ooh I like the sweepstake! I hope Feb for you @ibelieveinmirrorballs.

Although I was hoping Feb for me too and I think I’m further along than you- surveys all done and searches all back, FTB buying mine and me buying property with no onward purchase to speak of… maybe that means Jan for me!

I’m going to see a flat this afternoon, it’s in the same block I’m renting in, but has a small garden which I really need for my dog (was in a house before but circumstances mean I’m renting for a bit, and since I took this flat without a garden he’s been diagnosed with an eye disease and will go blind, so garden necessary). It was for sale in the summer but was sold before I spoke to mortgage broker. It’s up for offers over 300k. I know there’s a lot of interest and assume showing around a lot of prospective buyers today including someone I know (ex of a friend) who is a cash buyer. So I won’t be the only one chain free (assuming he likes it, but I’m sure most will as it’s very big for a 2 bed flat; and the garden is a big plus).

Nothing else similar price for sale, I’ve been looking since the summer. I have no experience with buying, single mum of 3, but only one teen still at home. I can afford 300, or a bit more, but with interest it’s going to be tight until rare drops. If I don’t get this I’m thinking of renting for 2.5 more years then heading back up north where I can buy a 3 bed detached for cheaper!

Good luck @Zanatdy - it sounds like you have options if that’s your longer term plan as you’ll get interest on any savings while renting and prices don’t look like they’re going to increase over the next couple of years anyway..

@sweetpickle23 I just can’t remember what takes so long once surveys are back etc - being realistic we should have all the information we need before Christmas - I am thinking Feb just “because”… in your case it could be Jan?! I’m quite glad I don’t think any of us in the short chain have any pressing deadlines - I would however just quite like an end imminently to feeling like a constant bag of nerves!

Thanks @ibelieveinmirrorballs. Yeah I almost feel like this will be my decider. I love living in the South East, but even on a good salary I feel so poor as it’s a single income. I’d love this flat for my daughter and I (and our beloved dog). But it’s not the end of the world if we don’t get it. House prices aren’t that far out of my reach here now as dropping. Seen terraced houses for 350k, so will keep an eye on the market

I hear you - another single mum of teens here in the SE - on a good income but YES.

Good luck today 🍀

Thank you, so hard isn’t it! Fingers crossed

Argh frustrating situation for us as the vendors viewed about 6 properties this week but none were suitable. So we’re stuck at the moment. Seriously considering renting and banking the house sale money so we don’t lose our buyer.
fed up :(
vendors and their EA promised us a closed chain as they’d agreed vacant possession with their onward purchase, but now they’ve withdrawn from that place I don’t know how long we can hang about without pissing off our lovely buyer.
Once again I feel strung along by EA lies and half truths.
wish I knew what to do. Have spent such a lot of £££ on solicitors and survey already.

Oh @Jacquel666 what a nightmare. I think in your shoes I’d consider doing the same and proceed with your buyer. Why did the vendors change their minds, have they said? If only they’d consider going into rental themselves.

@ibelieveinmirrorballs Yeh thing is there are other complications which would make renting very inconvenient.
The vendors pulled out after the survey showed the current owners had added a conservatory (large, along the entire back of the house) but didn't have building regulations. They refused to apply for them retrospectively (annoying and weird as this problem will come up again and again when they try to sell??!!)
Our vendors don't want 'the fuss' of indemnity insurance to cover it (??!)
A bit pathetic but they are in their 80s ... I just get the horrible sinking feeling that they are too old and set in their ways to find any acceptable property to offer on.
I can't let this drag on for more than a week ... ARGHHHHHHHHHHHH so frustrating. We have a really strong buyer after already having one pull out we really don't want to mess them about.
I wil ask EA on Monday if the vendors will consider moving out to live with their daughter while they look for somewhere ... not holding out much hope on this though.

Our buyers pulled out today! They reckon they didn't know it was an ex local authority house!!! It is not a secret that most houses in our area of London are. 4th sale to fall through on our house now it's insane

Oh no @kdd1980 , sorry to hear that. I hope you can find another buyer soon.

We got the contract and deeds to sign this morning through the post with a letter saying the sellers want to aim for completion on the 13th December. First time a date has been suggested, but it works for us! It's sooner than we thought, but will be crossing over with our rental, so all doable. Suddenly feels very real!

the sellers of the property my son is buying pulled out of there sale due to there being an issue with the lease on the solar panels
they obviously want to keep my son as a buyer as he is first time buyer huge deposit and can move quickly

luckily my son has insurance so them pulling out won’t cost him much

they sent a gushing email via the estate agent asking him to wait and they are looking at several properties this weekend

my son said he is happy to wait however if they are buying a property with solar panels / in a chain / anything that can hold up the sale he isn’t interested in continuing with the sale

he is going to look at a few chain free properties next week so who knows what is going on

Oh god.. yes in their 80s I imagine they are going to be both risk and inconvenience averse.. really feel for you and hope they agree to live with their daughter for a bit - hopefully they’ll appreciate what good buyers you are too!

I know I know, location location location, but what if the house is GORGEOUS and it's grade II listed and attached to a masonic hall as well as next to a cattle market? Is it really that bad? 😬

Could get noisy and smelly on market day! If it's gorgeous though, it could be worth it!

How was the viewing, @Zanatdy?