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The nervous wait to exchange....

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

  1. Biz.Kid09

    Sgarrista

    Joined: 14 Oct 2009

    Posts: 9,368

    Location: UK

    7mths on. Just had an offer accepted on another property, completely different location, price, size and everything else.

    The sellers haven't even started looking for a new place by the sounds of it which is no real problem, happy to give them time as we are in rented accomodation and have a minimum 2mths to go anyway. Will just sit back and wait now, got far too invested in the previous property we were buying so will try and not even think about this one till im moving in.
     
  2. andy_mk3

    Capodecina

    Joined: 5 Oct 2009

    Posts: 11,678

    Location: Spalding, Lincs

    Hope it all goes well this time around for you. That must be gutting to get that far and for it to not happen.

    Our searches came back just over 2 weeks ago. I emailed the solicitors today for an update and they've sent out some paperwork today so I'm hoping we're very nearly at the point of exchanging. It's horrible being a passenger in the whole situation.
     
  3. Biz.Kid09

    Sgarrista

    Joined: 14 Oct 2009

    Posts: 9,368

    Location: UK

    Cheers mate, I hope so also!

    Best of luck with your purchase, when you get to that stage you definitely feel like you are close!
     
  4. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,193

    Location: Isle of Wight

    Best of luck. As i posted here our second agreed house fell through due to the sellers deciding not to move anymore. Definitely not as emotionally invested as the first time, but still a kick in the teeth.

    Got an offer in on another place now and maybe another over the weekend.

    Estate agents might not like it when you have multiple offers in but sellers get multiple offers, i don't see why a buyer shouldn't get to do the same, especially in this market where waiting on a decision from one can easily mean you miss out on another. As soon as we get confirmation of acceptance we pull the other offer.
     
  5. ci_newman

    Sgarrista

    Joined: 24 Feb 2004

    Posts: 9,967

    Location: Hook, Hants

    Earlier in the year I had an EA get really upset with me because I pulled an offer on a house after submitting an offer several days earlier for a property they were selling (which hadn't been accepted yet).

    We'd made the first offer on a Friday, but the seller said they wanted the weekend to think on it.
    We saw a different property over the weekend, made an offer and the seller accepted it
    On the Monday we called the original EA and said that we were pulling our offer as we'd found a different property

    He proceeded to give me an earful and lots of verbal abuse about not honouring our offer - I have a feeling we had made the highest offer on the property and he was going to have to go back to the vendor with egg on his face after telling them to wait for higher offers over the weekend.
     
  6. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,193

    Location: Isle of Wight

    We had one that was clearly a bit upset that we'd made multiple offers, but I'd made it clear that whoever accepts first is the one we'll go with. As soon as he told us his clients accepted our offer, I told him to consider that was it.

    We're not holding out to see if we prefer one over the other, but I'm not going to twiddle my thumbs waiting for a seller to decide, and miss out on something else in the meantime. We've been gazumped 2 weeks after an accepted offer, we've had sellers pull out due to not selling after a month. I'm not going to go back on an agreement accepted by both sides, but I'm sure as hell not going to miss out on opportunities waiting for someone else.
     
  7. ci_newman

    Sgarrista

    Joined: 24 Feb 2004

    Posts: 9,967

    Location: Hook, Hants

    That was my point of view as well. We were told they were waiting for other offers before deciding to accept our offer.

    I had no idea if my offer would be accepted, why should I miss out on another property whilst waiting for them? Most houses in my area are still selling in < 48 hours of arriving on the market.
     
  8. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 23,753

    Location: Llaneirwg

    With gazumping, sellers pulling out and other issues it's completely fair to have multiple offers.

    Change the law that you can't just back out after an offer is accepted penalty free if you want buyers to put only one offer in
     
  9. andy_mk3

    Capodecina

    Joined: 5 Oct 2009

    Posts: 11,678

    Location: Spalding, Lincs

    Thank you! Got some paperwork from the solicitors on Friday, they said the contracts are being sent out for my signature under separate cover. Being a first time buyer I can only assume that that's pretty much the point of exchange.

    We're hoping to move end of November or early December so fingers crossed.
     
  10. ci_newman

    Sgarrista

    Joined: 24 Feb 2004

    Posts: 9,967

    Location: Hook, Hants

    Signing the contracts means you are *ready* to exchange, that's not the actual point in time where you exchange.

    Exchange won't happen until the rest of the chain are also ready to exchange (and typically the bottom of the chain, i.e. you, will be ready to exchange before everyone else through virtue of starting first).
     
  11. andy_mk3

    Capodecina

    Joined: 5 Oct 2009

    Posts: 11,678

    Location: Spalding, Lincs

    Yes that makes sense, that's pretty much what I meant really. I don't actually know what position our sellers are in yet. I do know when we first viewed the house they had already found somewhere, so hopefully they're making good progress.

    I can't wait for it to be over, this whole waiting game where it can all still fall through is consuming me, its exhausting.
     
  12. Invertigo

    Wise Guy

    Joined: 19 Sep 2010

    Posts: 2,255

    Location: Manchester

    So perhaps someone can enlighten me a bit here, first time buyer and all.

    Just had a message through from our broker saying that our application has been approved subject to valuation. Now reading this I take it to mean they're happy with lending us the money assuming the house is worth what its been sold for? For what it's worth the lender is Natwewt and it seems from reading online they only instruct valuation once they're willing to lend?
     
  13. Peerzy

    Soldato

    Joined: 9 Nov 2008

    Posts: 6,971

    All correct. They will now value the house and compare that to what you've offered. If they value the house at £250k and you've offered £260k you'll need to either renegotiate down or find £10k in cash to complete the deal. Most valuations come back spot on with what you've offered unless it's wildly out, an unusual property, no local market data to go on (a road with no sales for the past 3 years) or a new build.
     
  14. Invertigo

    Wise Guy

    Joined: 19 Sep 2010

    Posts: 2,255

    Location: Manchester

    Hopefully no issues then, we're aware it was priced to the higher end of what you'd expect but it's also been thoroughly renovated recently so I'd imagine that justifies it. In an area where prices seem to be in a continuous, fast climb too, I.e. it's a 900sqft semi at £255k, there's now 700sqft terraced nearby listed online for £10k less
     
  15. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,193

    Location: Isle of Wight

    3rd time lucky hopefully.

    Crazy day. Recieved a call from one estate agent that an offer was accepted and within 2 minutes a call from the other saying that the second offer we had on was also accepted.

    We'd said we'd take the first to accept, as it was so close we took the one we like the most. Now they get to tell someone else they've got a chance.

    No chain as it's vacant and we're first time.

    Paperwork and mortgage application now.

    Bets on the mortgage screwing us somehow?
     
  16. Hyburnate

    Capodecina

    Joined: 29 Jul 2011

    Posts: 15,296

    Location: Near Northants / MK

    I feel like I should check in here, this is such a scary prospect and I get scared every time my phone rings :(

    Thankfully, I have secured a good and fair price but I am so perplexed despite having a lot of info....
     
  17. LuckyBenski

    Soldato

    Joined: 28 Dec 2017

    Posts: 6,005

    Location: London

    Waiting for you to come back and tell us the lender offered their cash to someone else as well and they've accepted it :p

    Out of interest did you go with the first or second caller?
     
  18. casper_uk

    Gangster

    Joined: 7 Oct 2004

    Posts: 324

    First time buyer here also. I can't believe how slow and annoying the process can be. Thankfully I have managed to avoid EA's completely thanks to knowing someone who wanted to downsize. It's made the process easier, with no worries about being beaten to the punch. But boy, I will certainly be in no hurry to go through all this again anytime soon!
     
  19. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,193

    Location: Isle of Wight

    I'm waiting on us not getting the sum originally offered by the dip. Fingers crossed.

    It was actually the second call that we wanted.
     
  20. andy_mk3

    Capodecina

    Joined: 5 Oct 2009

    Posts: 11,678

    Location: Spalding, Lincs

    I just emailed my solicitor to ask if there was a rough completion date we're working towards so I can get an idea of planning the move. She just emailed back saying we're hoping to complete by the end of this month! That's come as a bit of a surprise, I was expecting another 4-8 weeks yet!