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Bluefoxtim

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Checking in again here - got a call this morning to say the offer had been accepted. Got all the paperwork together and it has now been taken off the market.

May have been able to get away with offering a bit less but we'll never know and wasn't worth the risk imo

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Checking in again here - got a call this morning to say the offer had been accepted. Got all the paperwork together and it has now been taken off the market.

May have been able to get away with offering a bit less but we'll never know and wasn't worth the risk imo

 

If it's the house you want, it's worth paying that little extra.

Here is Scotland, I've found that the 'Offers in excess of...' price was a marketing ploy to make it more attractive and the home report (similar to a survey that the seller organises) actually tells you the real value that the seller is looking for. Even then, should it go to closed bids, you still have to offer in excess of that. There's a fine line between bidding enough to win it but not paying too much and not getting value for money. I had to bid £12k above the 'OIEO' prices to secure the house I'm in the process of buying. A friend of mine paid £40k over the advertised price after losing out on a few. 

It's certainly designed in favour of the seller

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Selling my house and want £150k minimum. Had an offer of £149k.

What to do?

Sell him the fridge for a grand lol

 

No seriously does seem strange, it's not to do with stamp duty is it, as that's 125k and doesn't up again till 250k now does it?

 

I'd wait, if they want it they will budge by 1k you would think.

Edited by Bayfox
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Selling my house and want £150k minimum. Had an offer of £149k.

What to do?

 

If you need to sell what does £1k matter?

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Sellers market here in the greater Toronto area too. In the suburb i live in you see Houses goes up for $700000 and sells for over $800000 after 1 to 5 days on the market with multiple offers over asking. Its Not even that they are under priced its just with houses in toronto being wayyy too expensive toronto residents are selling there $1+ million homes and getting a "deal" out here in the suburbs. We also have a lot of foreign buyers who dont necessarily live here but buy for investment purposes which is killing our market too. Some countries allow foreign investment others dont.

The place we live in now sold on the first day on the market with 5 offers and ours was over asking.

Feel your pain.

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You'd be surprised. Common practice where I live. House goes for sale. Open house on the Saturday. Sealed bids same day. Sold next day for c5-10% over list price. Boom

Crazy stuff.

Think it must be the area you live. If they are seriously hot property and you have people chucking silly money about I get it.

 

Also, I did buy mine when the market hit bottom nearly 6 years ago. So it was a bit different back then. Bought at £124k, Already worth £190... mental.

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Next step is wading through all the mortgage options. Leaning towards a short term variable rather than anything long term...

Depends on you circumstances really, I went for a 5 year fixed just so I knew what was going out the door each month. Can't see anything changing for some time so variables should be stable for years.

 

Some brilliant deals around now. I got tied in to 3.5% which was good at the time and isn't too horrific now (especially as I paid it off  :whistle:  ), think my bro is on something like 6% for 10 years, which is awful considering what's on the market.

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Think it must be the area you live. If they are seriously hot property and you have people chucking silly money about I get it.

Also, I did buy mine when the market hit bottom nearly 6 years ago. So it was a bit different back then. Bought at £124k, Already worth £190... mental.

You're right. Been crazy around here for at least the last 5 years (probably a bit longer). People will pay a huge premium to be within walking distance of the city centre and also loads of amenities (restaurants and bars just up the road). Typical ex working class area that has been gentrified by poncy middle class tarts like myself = house prices doubling in less than a decade

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  • 5 weeks later...

Hoping someone can offer a bit of advice,

 

Currently in the process of buying a house. Offer accepted and mortgage offer in place however the survey report as come back mentioning high damp readings. The suveryor has not valued the property down and considers the agreed sale price to be accpetable, this leads me to believe that the damp can't be that bad? Can it? Done lots of reading online about how surveyors often mention high damp readings.

 

There were no visual signs of damp when I viewed the property, and it has been recently refurbed so has not been lived in for a while. I'm hoping its just a case of them covering their backs. Anyone had similar reports from their survey and ignored it? The mention of damp is scary but we really like the property.

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22 minutes ago, RowlattsFox said:

Hoping someone can offer a bit of advice,

 

Currently in the process of buying a house. Offer accepted and mortgage offer in place however the survey report as come back mentioning high damp readings. The suveryor has not valued the property down and considers the agreed sale price to be accpetable, this leads me to believe that the damp can't be that bad? Can it? Done lots of reading online about how surveyors often mention high damp readings.

 

There were no visual signs of damp when I viewed the property, and it has been recently refurbed so has not been lived in for a while. I'm hoping its just a case of them covering their backs. Anyone had similar reports from their survey and ignored it? The mention of damp is scary but we really like the property.

How old is the house? How much are you buying the house for in relation to the asking price? How much do you want that specific house?

 

I bought an 1850 cottage which had evidence of damp on the inspection but at that age it's to be expected. Ask your soliciter to ask theirs if they have a valid damp proof guarantee. If not and you feel confident enough that the house won't fall through as a result you could try and knock the price down.

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7 minutes ago, Costock_Fox said:

How old is the house? How much are you buying the house for in relation to the asking price? How much do you want that specific house?

 

I bought an 1850 cottage which had evidence of damp on the inspection but at that age it's to be expected. Ask your soliciter to ask theirs if they have a valid damp proof guarantee. If not and you feel confident enough that the house won't fall through as a result you could try and knock the price down.

Its a 30s house build I believe. We agreed on a price £2000 lower than the asking price at that time, but the property had already been reduced by £5000.

 

I'll ask solicitors to check for a damp-proof guarantee. Thanks.

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On 12 August 2016 at 10:37, RowlattsFox said:

Hoping someone can offer a bit of advice,

 

Currently in the process of buying a house. Offer accepted and mortgage offer in place however the survey report as come back mentioning high damp readings. The suveryor has not valued the property down and considers the agreed sale price to be accpetable, this leads me to believe that the damp can't be that bad? Can it? Done lots of reading online about how surveyors often mention high damp readings.

 

There were no visual signs of damp when I viewed the property, and it has been recently refurbed so has not been lived in for a while. I'm hoping its just a case of them covering their backs. Anyone had similar reports from their survey and ignored it? The mention of damp is scary but we really like the property.

 

On 12 August 2016 at 11:11, RowlattsFox said:

Its a 30s house build I believe. We agreed on a price £2000 lower than the asking price at that time, but the property had already been reduced by £5000.

 

I'll ask solicitors to check for a damp-proof guarantee. Thanks.

Have you mentioned, via your solicitor, the damp readings to the sellers? 

I was in a similar problem not so long ago, and the sellers agreed to get a quote from a builder to rectify the problem. Then you can start to negotiate.

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The seller has to consider many things other than the price.

You might accept a lower offer, if the buyer isn't in a chain of doesn't have a mortgage to get.

 

I have picked up some real bargains by making offers, saying they will be valid for 24 hours only, knowing my position would be a real benefit to the seller. 

 

So with regards to the original post, it all depends on what other clout you have rather than just the offer you put in. 

 

The estate agents also will be advising the seller, having made the initial checks, they will be pointing out the pro's and cons of each potential buyer.

 

My mate last week was selling his house, agreed a fee, then two weeks later swapped the buyer as the new one that turned up had a smaller chain so there was less chance of complications. The price was the same, but the chance of it all happening was much better so he took the unethical stance and dumped his original buyer.

 

I like buying and selling houses, but it depends on your position, and unfortunately it's quite stressful as you can be up against situations like what my mate did.

 

Years ago I agreed to buy a house for an amount. Then a few weeks later I was informed they had another viewing and the new viewer had offered an extra £35k and the seller said I needed to match it else they would switch. I pulled out in principle, and the seller said they would pay my solicitor fees for causing me all the inconvenience from them dumping me. 

 

When the sale went through, they said they wouldn't pay my solicitors fees, so it was just their way of keeping me in the loop, just incase their sale broke down.

 

There are no right or wrongs when putting in bids if you need a mortgage and are in a chain. I would just say that if that is your situation your offer will be at the bottom of the pile, as the seller will generally take less money for a secure purchase.

 

One other thing, which is unbelievable really. I am selling one now, and the buyer needs a mortgage. It will be 11 weeks on Friday when it is completed. Unbelievable.

 

Yet in November I was in a big builders showroom looking at new plots. They had one they wanted off their books for their year end. I got it at an absolute steal, and I bought it from agreeing the price within 5 days. Yes just five days from offer, to it being mine. 

 

So once you have sorted your house out, then their is the solicitors. I have an absolute gem, but most aren't gems. 

Edited by Rob1742
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Just one more house snippet. I remember having a limit of £60k that I set for a house (about 1995). I was very rigid with that from the outset. 

 

A house use came up that was ace for £64k so I offered my £60k.

 

They came back and said £61.5k is the lowest so I walked away.

 

The words from the estate agents still sit in my head to this day. She said that I was going to miss out on my dream home for just £1.5k and that I really needed to have a word with myself.

 

A bit of a wake up call that. I learnt a lot from that one conversation as I did get the house, but more than the house it taught me early on to stop setting stubborn targets that could potentially get in the way of your goals. 

 

I changed from that point and now smile as I hear people being so rigid with their thoughts, when having a more flexible mind is much better. A good learning in life from that estate agent. 

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  • 11 months later...

Is anyone going through the house buying process at the moment?

 

Me and my partner have finally saved up enough for a 10% deposit and we have a decision in Principle from Halifax to start looking. We're looking between the 150k-165k price range. In the month and a half we've been looking, only one decent house (to us) has come up. We put an offer in for it and was rejected as the owner took a private sale instead despite saying they had no interest in the house.

 

All other houses we're interested in are frigging sold after like 3 days being on the market. Why on earth are houses selling so quickly? I might be naive but I thought at the beginning we'd have enough time to view, mull it over for a little while (it is a big commitment, after all), check out the surrounding area and all that, but you simply cannot.

 

Maybe we're being to picky? I think we have a right to be, as this is planned to be the house we plan to live in for the rest of our lives (at the moment, anyway).

 

Homeowners - how long did it take you to find your "dream" home? I'm getting rather frustrated there seems to be a lack of (good) houses in our price range at the moment. I've got instant email alerts on rightmove and zoopla. Do all houses get added to Rightmove/Zoopla or should I got round all the locate estate agents as well?

 

Any help is appreciated.

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4 minutes ago, Adster said:

Is anyone going through the house buying process at the moment?

 

Me and my partner have finally saved up enough for a 10% deposit and we have a decision in Principle from Halifax to start looking. We're looking between the 150k-165k price range. In the month and a half we've been looking, only one decent house (to us) has come up. We put an offer in for it and was rejected as the owner took a private sale instead despite saying they had no interest in the house.

 

All other houses we're interested in are frigging sold after like 3 days being on the market. Why on earth are houses selling so quickly? I might be naive but I thought at the beginning we'd have enough time to view, mull it over for a little while (it is a big commitment, after all), check out the surrounding area and all that, but you simply cannot.

 

Maybe we're being to picky? I think we have a right to be, as this is planned to be the house we plan to live in for the rest of our lives (at the moment, anyway).

 

Homeowners - how long did it take you to find your "dream" home? I'm getting rather frustrated there seems to be a lack of (good) houses in our price range at the moment. I've got instant email alerts on rightmove and zoopla. Do all houses get added to Rightmove/Zoopla or should I got round all the locate estate agents as well?

 

Any help is appreciated.

only thing i would say is dont settle for anything. If you can, take your time and try not to get frustrated.

 

Also go look at houses you  might have ruled out, the house me and my misses own now she ruled out from pictures online but when we got in there she loved it.

 

I think its a very rare feeling of  walking into somewhere and thinking 'thats the one - i love this house' you need a good imagination with property and remember you can put your own spin on it and turn it into 'the one'

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On ‎06‎/‎07‎/‎2016 at 13:02, Realist Guy In The Room said:

Selling my house and want £150k minimum. Had an offer of £149k.

What to do?

How long has it been on the market? how many offers you had? is 1k going to make a massive difference in the grand scheme of things

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