Spring house selling/buying support thread

[PyjamasForever]

After quite a lengthy time on the market I finally have an offer on my house and have had an offer accepted on a house I want to buy. I’m feeling a bit uncertain it will happen with the current financial situation and wondered if anyone else in a similar position wanted a thread for a bit of moral support?!

We’ve instructed solicitors, filled out our TA6 and TA10 forms, applied for a mortgage and have some documents to send them… I then find the next bit the hardest bit about buying and selling when you have all those uncertain weeks with searches/surveys etc and it could all fall apart at any minute!

They have a low LTV apparently. The other people that also bid in the best and final absolutely love the house and are still very interested. Unfortunately their sale fell through but they still want ours. Let’s see what pans out 🙏

So when people say that a house is only worth what someone is prepared to pay for it, that isn't strictly true. A house is only worth what a lender values it at.
I hope your buyers meet you halfway.

The issue is if the lender is giving a 100% loan of £310 the buyers need a deposit of 20k.

So they’ll need an even higher deposit depending on what percentage mortgage they’ve been offered. If they don’t have it or are suddenly worried the house isn’t worth it and they’ll lose money they’ll be spooked.

@WWBWBapparently what have other houses on your street sold for?

This is the difficulty. Only two houses with very large extensions to a 4 bed like ours and the other has never sold. Nothing to compare to. Not much comes up for sale in our street anyway, nicely done 3 beds when they do are about £270k.

@WWBWBapparently I am a bit confused at your dismay. Surely £310,000 is still a decent offer, as it's less than 5% off your asking price? The buyers won't want to pay more than it's valued at. (and it might be difficult for them to do that anyway, plus the market is not booming).

I mean I don't know your full circumstances, but on the surface it seems that you're being unreasonable. Are you sure any other buyer would be willing or able to pay more?

Yes, it just means that it makes it difficult to buy the house we want. We didn’t want to take another mortgage, was using savings

@WWBWBapparently Would it be possible for you to also decrease your offer on your purchase? Sorry I've not caught up with the thread fully, you've probably already answered that.

Similar has happened to my DC ‘s vendors this past month. DC not want to pay over the survey valuation.

I don’t think they will. It was mentioned at the start, when we offered that there will be no negotiations

@WWBWBapparently Circumstances can change for the house you want to buy, too. While you went into this venture not thinking you were going to be £20k a drift and coming back to them, it’s perfectly possible the house you are buying could be down valued by a lender as well. You just haven’t had to go through a lender as you are buying with house proceeds and savings…
Who knew then that the Iran war would still be underway and Andy Burnham be prime minister?

Yes, I will have to see what they say. I suspect they’ll want to go to market. It was a private sale.

Who knows unless you ask? Our buyer offered 20k under asking and said it was their best and final offer. When we said no immediately, they found another 17k. Have the conversation, good luck.

Our buyer pulled out this morning and the people who own the house we wanted to buy have put it back on the market because they don't want to wait for us. So we've lost out three times today when you consider the £1600 we've already paid for various proceedings.

Gutted is an understatement

@TeddyBeans thats so rubbish. What reason did your buyers give?

@Sadteacher he's lost his job so I feel bad for him too but eurgh

Did it take long to sell yours? Hopefully another buyer will be along soon 🤞

Three months the first time 🫠 I'm not hopeful that we'll find someone else before they do (2 bed 2nd floor flat Vs 3 bed semi detached house)

My mortgage applicationbhas gone in. Im really nervous!!

@TeddyBeansso sorry, it really sucks. I hate the whole process.

Oh @TeddyBeans , this is such bad luck! I hope you find a new buyer quickly.

@Grghf good luck, hopefully you’ll hear from them quickly.

We’re hopefully going to exchange today. Was supposed to happen yesterday but the first deposit in the chain wasn’t in place.

Our sale is back on, we dropped the price. We’ve had to buy a slightly smaller / cheaper house on the same development though but in all honesty we like the house more so it’s all worked out.

We had someone put an offer into our house early one, we reserved a new build on a tiny development, then our buyer pulled out. We finally got our buyer, the new build we originally liked had been sold but we ended up with a slightly smaller plot, but we are also very happy with it now retrospectively....

Hopefully exchanging this week and completing next week....

@WWBWBapparentlythats great news glad you’re happy. So great when things work out.

I’ve printed out all the completion paperwork ready to get witnessed in work tomorrow. Started moving money around and have ordered a bed which is coming a couple of days before the movers (have my rental until end of August).
Still in slight denial that it’s really happening.

Had a minor fright with a text from mortgage company saying there was a new mortgage offer with no details, it was fine, slight rate reduction but I was worried for a few hours.

Thank you! Just hope the sale completes now, still a lot to go wrong 😑

good luck to all of you that are exchanging and completing x

Just requoting my post as there are many different cases ongoing on this thread 😊

the buyer who wasn't on the market last week, has now instructed the same EA as us, just in their area. Well, technically speaking they are having a valuation done, which may lead to them instructing the EA.

I'm glad we stuck to our guns. They seem to be keen if they've taken that step as quickly as they have, who knows....

we've also said to our EA that we aren't willing to accept the "relative" doing the viewing on behalf of them, it needs to be the actual buyer we want to view, as that shows commitment - they have to travel to our area. Also the relative's opinion may be different, they might not like our house and put their relative off rather than them making their own decision.