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