The nervous wait to exchange....

  • Thread starter Thread starter noj
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Hopefully now finalising completion dates on my first home (slipped to 21st, was going to be 18th but removal companies are appparently quite busy). Little 2 bed bungalow, all I currently need.

Not the worst xmas present I've ever had
 
We are close to exchange on a new build, even though we were set against buying another one........

Been to visit a few times and our minds are a bit more at rest compared to the last one we purchased, it is actually completed and to a good standard!
Only issue so far is that someone broke in last week and stole our boiler, all appliances and all the radiators. As we have not exchanged/completed it will all be replaced, just annoying really!
 
The selling estate agent has spoken to the vendors and they would accept £10k below asking, which means that I can also in turn accept £250k which is £10k below my current asking and retain our 75% LTV plus savings for the move/new furniture etc.

Do I try and haggle with my offer now and maybe risk losing their interest or just go with it? As I've said before I've never done this before. Bearing in mind the house was originally put for sale for £300k and it's been reduced to £260k.
 
I just can't imagine going back to your seller and propositioning a lower offer due to you having to accept a lower offer on your place.
Sellers may be keen to keep the chain going or just want the deal done but I just can't imagine that happening up here, there is an element of cheek I feel in doing so, just to keep your sums in line making your seller take less.
 
We completed Friday just gone, been a painful few days painting, moving etc :( However, on the bright side we have a bigger house but just need the bath and kitchen refurbished now.
 
ash_scotland88 said:
I just can't imagine going back to your seller and propositioning a lower offer due to you having to accept a lower offer on your place.
Sellers may be keen to keep the chain going or just want the deal done but I just can't imagine that happening up here, there is an element of cheek I feel in doing so, just to keep your sums in line making your seller take less.
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That's exactly how I worked it. We'd had a house in mind that we'd made an expression of interest on. And you do all your sums based on the difference between the value of that house, and the value of yours. If you were to accept an offer of £10k less on your property, you'd have to get the equivalent money off the house you're interested in, otherwise you have to find the difference, or re-do all your mortgage calculations.
 
Bug One said:
That's exactly how I worked it. We'd had a house in mind that we'd made an expression of interest on. And you do all your sums based on the difference between the value of that house, and the value of yours. If you were to accept an offer of £10k less on your property, you'd have to get the equivalent money off the house you're interested in, otherwise you have to find the difference, or re-do all your mortgage calculations.
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And what happens if the seller of the house you're after refuses to accept £10k less after previously accepting your offer? Now your buyer also doesn't want to increase their offer by £10k*. You could find yourself without a house to buy and with a house to sell again. To me it's a risky game and sums shouldn't be this tight.
When we had this place accepted we had a mortgage in principle of a house valued up to £250k. When we had the house offer accepted (a few months after the initial mortgage in principle) things changed it was then only £230k, luckily we never went to the top of our budget but would have put us in a predicament.

*I just can't imagine this being done in other markets such as a car sales, or even any market where second hand goods are routinely sold and bought. There is an element of haggling but not after a price has been agreed.
 
ChrisD. said:
No price has been agreed at all if you’re referring to me?
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I was, my misunderstanding I thought you had previously agreed the higher price.

Basher said:
I don't think the price is legally agreed/binding until Exchange, though?
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There's always some room, eg survey comes back saying this, fix it or knock this off etc. But I know as a seller if my buyer for no reason more than their place didn't sell for anticipated amount I would be miffed.

(But really having only bought one place and hopefully putting it on the market I don't have much experience apart from my own personal thoughts /feelings on the subject.)
 
ash_scotland88 said:
I was, my misunderstanding I thought you had previously agreed the higher price.
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Nope, my house isn't under offer so I can't make an offer on anything unless I have an AIP stating I can afford it without selling my house (I do, but it's too much of a stretch). I only asked the vendor if they would be prepared to accept £10k under their asking price if my potential buyer is chain free, which I found out this morning that they would. I was being transparent with the sellers.
 
My buyer has increased their offer to £255k after my agent negotiated which I'm waiting to accept once all the checks etc have been completed.
 
Basher said:
I don't think the price is legally agreed/binding until Exchange, though?
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How can you quote my post, but change what I typed? That's just rude.

If you'd have quoted my post correctly, you'd see that I said I'd expressed an interest in the house, but hadn't yet made an offer.
 
ash_scotland88 said:
And what happens if the seller of the house you're after refuses to accept £10k less after previously accepting your offer? Now your buyer also doesn't want to increase their offer by £10k*. You could find yourself without a house to buy and with a house to sell again. To me it's a risky game and sums shouldn't be this tight.
When we had this place accepted we had a mortgage in principle of a house valued up to £250k. When we had the house offer accepted (a few months after the initial mortgage in principle) things changed it was then only £230k, luckily we never went to the top of our budget but would have put us in a predicament.

*I just can't imagine this being done in other markets such as a car sales, or even any market where second hand goods are routinely sold and bought. There is an element of haggling but not after a price has been agreed.
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I hadn't previously made an offer. I'd expressed an interest.

Me accepting an offer for £10k less would be subject to the house I'm buying also accepting that same reduction.
 
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