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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, Apr 3, 2014.

  1. 413x

    Capodecina

    Joined: Jan 13, 2010

    Posts: 16,513

    Location: Cardiff

    Kind of.
    I think it's basically in our hands now. As in our seller is in a hurry.
    As long as there isn't a random issue come up from solicitors in next week.

    Main issue for us was
    We paid more than its worth - falls through
    The chain is broken at level above us

    Cannot wait to have a garden
     
  2. 413x

    Capodecina

    Joined: Jan 13, 2010

    Posts: 16,513

    Location: Cardiff

    We didn't get any with either of our offers we put in.
    First House it was declined
    Second house ours was highest (we offered over in an OIEO). We wanted it enough to go over
     
  3. ShadowMan

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,526

    Final enquiries being answered now and hopefully able to move onto somewhere near exchange.

    Only outstanding is that apparently our road is I adopted since it was built 10 years ago. Waiting to find out what this actually means in regards to sale though. Spoke to council and there is no section 38 covering the road but having spoken to the local community trust we pay to maintain public areas they advised the road is owned and maintained by Kier Living who bought the development from the original developers. As Kier are still building I assume they will be doing adoption all at once but having to find out.

    Stopped researching as keep seeing horror stories of sales falling through or lenders rescinding mortgage offers. Just going to wait on solicitor and see what they say. She seemed confident it should be fine as they do a lot of trade of this estate and most roads on it are the same.
     
  4. b0rn2sk8

    Mobster

    Joined: Mar 9, 2003

    Posts: 4,915

    OIEO basically means they want between the figure shown and the next bracket up on right move. It’s just a way of advertising the property at a lower sticker price to get eyeballs on it. Agents also can say they got more for it than the asking price, which is a bit of a con IMO but it’s one of the stats they like to thrust in front of you when they are quoting to list it with them.

    E.G. if it’s on at £200k, the next bracket is £210k, they will probably want £210k but would accept something between £200k and £210k.

    There are of course a lots nuances to consider when making an offer like length of time on the market, other properties in the area etc. but that’s the general gist of OIEO. Whether it’s worth that much to you is another question.
     
  5. Marvt74

    Capodecina

    Joined: Feb 20, 2004

    Posts: 13,238

    Location: Higher Walton

    https://www.heritage-house.org/

    Won't be cheap though.

    I found a local guy who had fairly extensive experience fortunately. Although not sure i can remember how i found him!
     
  6. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,273

    Location: Wales

    They might never adopt. It's getting more common on new build estates. That's what all these maintenence fees are for which you then have to pay on top of council tax. The important thing is making sure someone will be obligated to finish and maintain it whether it's the developer (and subsequent owner when they inevitably sell to an investment company) or local authority.
     
  7. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,273

    Location: Wales

    His issue was going to look at do-uppers then going to look at new builds. Once you do that you'd never go back to a do-upper and that's exactly why I never viewed any new builds. Hard enough to justify signing up to spending the first year painting and decorating every night until midnight instead of just moving in as it is, never mind going to look at the nicely finished place beforehand :p Admittedly it would have cost me 200k instead of 107k to get into the same size house which was also a factor but still..

    He's down south though and looking at 340k for a mid terrace which is just outrageous.
     
  8. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 8,668

    Pretty much what the agent has said, but as I'm chain-free I thought it was worth testing the water coming in just below, in case they were in a hurry. Fully prepared to come back with another offer after.
     
  9. IvanDobskey

    Sgarrista

    Joined: Feb 2, 2010

    Posts: 7,798

    Location: East Midlands

    We pulled out in the end :( was taking too long and both seller and buyer were difficult to say the least. Heart just wasn't in it anymore. Start afresh when the market picks up.
     
  10. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 8,668

    Offer rejected as I thought. Estate agent has a number he thinks would get accepted, which is just inside my upper limit of reasonable. Just debating going in lower than that to save a couple of grand or just go for it and seal the deal.

    200 year old property so not like it's a cardboard cutout 3-bed semi new build and we can just find another one down the road...

    Hmm...
     
  11. JunglistE

    Mobster

    Joined: Jun 11, 2015

    Posts: 4,387

    Location: Bristol

    I know it's easy, especially when it's not my money, to say 'it's only a couple of grand' (that you no doubt worked your backside off to get!) but if it's the house you really want will you be kicking yourself down the line thinking you should've spent the extra?
     
  12. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,273

    Location: Wales

    For a few grand just do it. The agent will probably convince them to reject it if he has any inkling you'll up it again anyway.

    In my experience/opinion one of the worst things to do is make multiple incremental offers. Just put your cards on the table and stick to it
     
  13. 413x

    Capodecina

    Joined: Jan 13, 2010

    Posts: 16,513

    Location: Cardiff

    I went 3k higher with mine.
    As it turns out I'll be renting for at least 6 months more (would have to sign new contract) if I didnt put that offer in. In 6 months that 3k will be paid off the mortgage!.

    I guess this is only applicable if this is your first house
     
  14. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 8,668

    Ended up 4k above the OIEO number today after some back and forth today. As you say, I'm burning 1000 a month on rent paying someone else's mortgage right now so it doesn't make sense to hold out for a couple of k.

    Solicitor and surveyor all lined up ready to go tomorrow once we do proof of funds and they get it off the market.

    Wasn't expecting to find something so quick, all good though, now fingers crossed it all goes through.
     
  15. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 8,668

    Offer agreed and it's off the market. Then agent says "Now the seller has an offer agreed she's going to start viewing properties, she has a rightmove list".

    :( le sigh

    This could be a long wait. At least we can keep an eye out for anything better coming up in the meantime.
     
  16. 413x

    Capodecina

    Joined: Jan 13, 2010

    Posts: 16,513

    Location: Cardiff

    Yeah if you're fussy like I was, you may be looking a loooong time for something..
     
  17. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,273

    Location: Wales

    The whole process is stupid and instigated by agents who refuse to accept offers from people unless they've already sold their current property. Stops chains forming at a decent speed.
     
  18. b0rn2sk8

    Mobster

    Joined: Mar 9, 2003

    Posts: 4,915

    No, it’s not up to the agent, someone can accept an offer but it’s silly to take it because you have no idea how long it will take the person to sell, if they even sell...

    It’s not an offer until the person can actually make good on it and by taking your house off the market will mean you may miss out on a better offer or one where the person is actually in the position to buy the house.

    It’s also a waste of time viewing loads of properties if you haven’t yet sold, sure view a few so you know what you want but there is no say if a particular property is going to be around in the coming weeks or not.

    What stops chains forming quickly is people don’t know what they want, have unrealistic expectations or others not making their properties available at short notice to people that have sold and the stupid ping pong you have dealing with someone via an agent when trying to arrange multiple viewings one after another or dealing with multiple agencies stringing viewings together.

    The purple bricks system is 1000% easier, people just just put their availability online and you can just book in to view or you can request a slot if none suit. I don’t know why Rightmove doesn’t have this facility for all properties.
     
  19. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 8,668

    The house we've offered on was on purplebricks actually. So much easier just picking a time slot and getting a confirmation than faffing around with agents that either don't call back when they say they will or aggressively harrass you for feedback the second you step out of a property.
     
  20. JunglistE

    Mobster

    Joined: Jun 11, 2015

    Posts: 4,387

    Location: Bristol

    Just had confirmation that the mortgage has been approved.

    Can I get excited yet?