It’s ye olde buyers/sellers waiting room continued thread…

[ibelieveinmirrorballs]

The nail-biting wait continues….

The house is less than 300k (Northern) so I really hope the work wouldn’t be close to £100k but I have no idea. If sellers are willing to budge on price we may still take it

@AUDHDVET
Let's hope you can get a big discount on the price if you would still proceed at the right price.

I get exactly what you are saying re all the money spent. With my one, I looked at it to have spent £900 to save me lots of money essentially. Still gutting to lose the cash, but reframing it as having saved me way more helped. My Mum thought it was too much work from the off, so was very much "I told you so" (which wasn't at all annoying!!) I also saw this as a dream house that I couldn't afford if it didn't need a new kitchen etc, but the reality was I couldn't afford to do all the work. I hope you can negotiate a decent amount off post survey to make it work...

Oh I'm way behind, congrats @Jaq27
How exciting. When do you complete?

Fingers crossed for an offer on Monday hey @noodles44 !!

Our buyers are currently living separately, he is in London and she is up here. He's printed and signed the contracts in London and mailed them 1st class to her up North... I'm hoping she's got them by now so she can sign and return them and then hopefully we can exchange next week.

I'm so anxious about it, I just can't settle it's such a horrible desperate feeling. I just know I'll relax once we've exchanged!

Ah @AUDHDVET I really hope you can negotiate. Given the work required they'd be unlikely to get the same price from another buyer. Makes you wonder if they knew it needed this much work?

We had an update Friday that there is just one enquiry outstanding on our sale and purchase. Also the estate agent dealing with our purchase has left the agency so we've been passed onto a different agent who seems very on the ball so hopefully that will turn out to be a blessing in disguise. She's chasing our seller on the outstanding enquiry. Really hoping for some tangible progress next week.

We've spent the weekend doing more packing, we've cleared the loft and took loads of stuff to the charity shop and tip. I've packed away a lot of clothes I know we won't be needing for a while. Our house is very bare, no artwork, pictures, ornaments, even my wall shelves have been taken down. Need to sort someone to come and clean the oven, that's my next job.

Thanks @MrsCharlieD
I have a feeling they may have known as they listed it in 2013 and 2019 but obviously didn’t sell but not sure if they’ll negotiate. I hate that I have to wait until the end of the week to chat with the surveyor. That will be a week and a half after the survey.

Do we contact the solicitor to help with negotiations? How does it work with the bank? We’d planned to have 65% LTV but obviously we’d need to keep a chunk of the deposit back for fixing everything e.g. if it’s 30k and they’re willing to drop the price by 30k then we would take it. However that would mean that LTV would be 74% does that mean a worse mortgage deal? It’s just all so much stress

@AUDHDVET sorry you're having to deal with that. I've had a similar thing happen and can offer some thoughts from my experience.

1. Have a look through your list and research rough costs. A replacement roof for example, how big is the roof? Is it complex with dormers or a simple 'up and over' you'll be able to work out a very rough cost with contingency based on what you know so far.

2. once you have an idea you can go back to your mortgage broker and see what offers are available at a range of different LTV amounts 80-65%

3. from the above you can work out a ballpark figure of what your sellers would need to drop to allow you to purchase.

When you've had a chance to speak to the surveyor you'll be in a more solid spot.
Realistically if they want to genuinely sell they will need to factor these works into the sale price. It's not cosmetic things that the survey has brought up. These are big things. If they are not willing to drop, I'd be concerned they are not willing to sell and cause more heartache along the way.

You'll need to put your head rather than your heart into your negotiations, but maybe the wait to speak to the surveyors is a good thing. It will give you time to work out your position and detach your heart from the purchase. As much as it stings now, you'll feel better once you have had more time to digest the news.

Big congratulations to all the exchanging people on the thread, delighted to follow all the positive stories!

@AUDHDVET the rate shouldn't be too different. Drops usually are usually around 75% and 60%.

Thank you @ShittyGlitter
We tried to do a rough cost but I estimated we’d be looking at potentially £100k in work… that’s 40% of the price of the place. We just don’t have that money.
There’s no where else that compares in terms of size, location and garden as a package. We have things in boxes as we don’t have enough room in our rented property. I’ve been having an awful time at work recently and the thought of moving was the only thing getting me through.

@AUDHDVET I suppose there may have been some factoring of the cost of works needed if anything else on the market of similar size etc is significantly higher priced. How long have the current owners been there? What did they pay for it? Has the mortgage valuation been done on the property?

Others have sold for slightly less than this one in the past but it’s just that there’s nothing listed at the moment @MrsCharlieD
We’ve booked to view 4 others next week, one of which is bigger, better condition, same location but it has a yard rather than a garden. The price is about the same but we’d really like a lawn. There’s a lawn in front of the house with space for kids to play out.

other properties are less e.g. 50k-100k less but only 3/4 beds and not 5 beds. But again, no work needed (from photos).

The owners have been there 20 years but haven’t lived there full time I don’t think. There’s no upper chain (one of the main draws). Mortgage valuation was done and we were offered the mortgage but still waiting on the details through the post. We only needed £150k mortgage as we were putting a very large deposit down

If it's for sure the forever home maybe it's worth the financial risk? I love a project so I'd be barrelling ahead 🤣

Fingers crossed for an offer tomorrow @noodles44 !
@ibelieveinmirrorballs its weird sitting in a boxed up house until Wednesday but somehow less stressful than packing up the day before. We are giving the house a good clean up today ready for its new owner. … who will also benefit from a brand new £500 dishwasher as ours decided to pack up last week!!! But we’re not the kind of people who would leave a broken appliance.
just hoping everything is working in the next house !

Our buyers popped round again today (they live on the estate already) and brought us a load of bubble wrap. They are definitely getting fizz! Their buyer is chomping at the bit and they really want to exchange. We're all the same page by the sounds of it! Going to get into our solicitor tomorrow. Can we exchange by 1st March? That is my goal!

They sound so lovely! Definitely get them a card and the fizz!

@AUDHDVET oh no, have you thought about getting one of the houses that is a four bed but £100k less and maybe using the money you saved to get an extension? I know it’s a lot of work, but could be better off doing that than buying the place you surveyed.

Thank you everyone for the well wishes! I hope everyone gets further ahead with there houses this week. I have what feels like forever to wait now, but I’ll be watching all of you and praying that everything goes your way!

We’ve considered it but not sure how we know if we could extend. We have emailed the agents to see if any have planning permission or rejections but we’d like to know for sure before we waste anyone’s times. All are stone built period properties so may have some restrictions. We are FTB so a bit clueless haha @NikiNacki

Hi everyone wondering what people'd experience of offers being accepted?

We have offered on 2 places lately. Both slightly under asking price. About 1.5% so not huge

Vendors are keeping us hanging and waiting for higher/ better offers

I assumed most people add more to the price expecting to be knocked down?

We have accepted an offer £10k below asking as we want to proceed with onward purchase

@buzzlightyearsaway we accepted an offer £10k below our asking as we'd found our dream house and it was a week to Christmas and no other interest, we had only been on the market a couple of weeks though. The amount offered was the minimum we knew we could accept to afford our onward purchase so we accepted. With our purchase we offered asking price initially and this was turned down but at the time we weren't proceedable as ours hadn't sold but the agent said they were looking for offers over. When we accepted on ours we went back and offered the same which they accepted after a few offers below. In this market we priced what we hoped to achieve but with a minimum ceiling in our head. If we hadn't been able to get that, we would have just decided to stay.

I’m just joining this thread, so hello everyone.

we’ve had a rollercoaster 2023 as we’ve been trying to sell my DPs place since March and it’s gone on and off the market (ex refused to sign the agreed upon financial order to split it all 50:50 so that delayed everything). Meanwhile we had a baby together so moved into mine and it sat empty. It sold then the chain collapsed and now it’s SSTC again and hopefully going through quickly with no chain, so we’ve finally put my house on the market this week. We tried our best not to be selling two houses at once but I’m at my wits end in a house that’s too small for us.

we’ve seen something we love (location is perfect and the house is big enough and nice) so need to get ours sold and are just praying that the one we love doesn’t sell as we’ve narrowed our favourite area down to just a few streets next to a park we love so could be in for a big wait for something else.

P.s. went on RM on Wednesday and only one person shown interest so far. It’s making me nervous as I thought it would get more interest as we live in a desirable place where little comes to market (an average of 1 house a year sold on my street which has over 100 houses).

Another day of anxious waiting to see if we can exchange! Waiting on some contracts to turn up so hoping they came on Friday as we have had to pay for movers for our agreed completion date and will lose money if it doesn’t go through then

Got my fingers crossed for everyone else waiting this news!

Also waiting to see if we exchange today! We've just given authorisation. Anxious wait begins and on standby to start a to-do list of removals, cattery, insurance etc!

We have been giving authorisation since last Tuesday but each day something new seems to crop up preventing us from exchanging :( it’s so stressful!

We have had to book in our removals and risk losing money if it collapses now

Got my fingers crossed for you! When you hoping to complete?

Can anyone share what the requirements for exchange are? I'm not getting great communication from my sol and I think we must be close now?
Enquiries have been responded to, our contracts are signed and returned, our buyers contracts are signed and returned.
What else is left?
I just want the anxiety to end!

@SJ456 Good luck! I'm not totally convinced it'll happen today - it was only 5pm on Friday that the EA confirmed the agreed plan/date. We thought we were ready about a month ago and then other stuff cropped up, so hopefully this is it. It would be completion early next week so not long to get organised!🤞

Good luck everyone this week, I’m hoping that enquires will all be answered and confirmed this week but I’m not holding my hopes up as we keep getting additional enquires coming up.