The nervous wait to exchange....

  • Thread starter Thread starter noj
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A seriously overpriced house has just gone up on my street.

450k with a zoopla estimate of 395.
Not only that but it's seriously overpriced vs similar houses sold in the area.

With market poised to fall I doubt banks would lend at that level. But I cant see a cash buyer taking the plunge either.

Seems like a pointless exercise to overpriced now. Surely you want to price on the competitive side?
 
413x said:
A seriously overpriced house has just gone up on my street.

450k with a zoopla estimate of 395.
Not only that but it's seriously overpriced vs similar houses sold in the area.

With market poised to fall I doubt banks would lend at that level. But I cant see a cash buyer taking the plunge either.

Seems like a pointless exercise to overpriced now. Surely you want to price on the competitive side?
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some people think they can just wait and someone will bite.

here, the demand has dropped for sure as I can see more and more houses get reduced and stay on the market for longer.
 
Has anyone gone through buying a property that's in probate?

Heard it can take weeks/months for the probate certificate to be issued? Making me worry a bit as our mortgage offer says it's only valid untill the end of November.
 
@Snapper^

Get on the phone to yer mortage Co mate

They'll have T+Cs for extending :) could be a mont (natwest) could be 6 month (natwest thru a broker)

Not that I'm salty about our Mortgage advisor for being an utter clampitt or owt lol
 
@~Divine~Wind~ Thanks for that, didn't know it could be extended so that's at least good to know

I thought once the mortgage offer had been sent over to the solicitors it was essentially locked in untill completion
 
Snapper^ said:
Has anyone gone through buying a property that's in probate?

Heard it can take weeks/months for the probate certificate to be issued? Making me worry a bit as our mortgage offer says it's only valid untill the end of November.
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yes my new home was a sale via probate, but the executor already had everything in place before listing the property so no hassle from their end (it was my conveyancers that were the rate-limiting step)

depending on which mortgage provider, some will allow a lengthy extension to the mortgage offer, some will not.
i had to call my financial advisor as i was at risk of not completing in time (thankfully i did)... barclays only allow 2 weeks extension as long as there is a completion date agreed within that time period or else barclays will not allow an extension
some lenders may allow a couple of months but read the fine print (ymmv)
 
Snapper^ said:
I thought once the mortgage offer had been sent over to the solicitors it was essentially locked in untill completion
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or offer expiry, whichever comes first
the mortgage offer will say on the front sheet when it will expire if the transaction is not completed
 
Anyone know what the deal is with applying for a mortgage and the official mortgage offer, given current circumstances? I applied for a mortgage 6 weeks ago via Habito, few questions back and forth (because I'm self-employed) and next step is the official mortgage offer. I've obviously applied for a specific mortgage product.

I've mortgaged and remortgaged a few times before but with the market being more static then, or being an existing customer, the timeline just didn't matter at all.

Is there a risk of the mortgage not being offered, or with the application in are we guaranteed it? Checks and valuations etc are complete and fine.
 
Been to see a house today made an offer they declined, upped the offer, declined again.
Offering below the asking as its just not worth that much (they have had 2 offers accepted and fall through due to money issues), the ENITRE house needs redecorating and patched. Its a 3 bed semi with gargage 2017 build and it's what I would personally describe as filthy. Walls have been ruined by kids (one of the walls it seems to have been used as wall for the kids to stab pencils and draw on), smoke damage everywhere (the owner is a smoker or a former smoker although it doesn't smell of smoke), banister and scurting boards are yellowed due to smoke, yellowed plastic fan extractor in kitchen along with general smoke damage all around, bathroom needs a VERY deep clean as the grouting and silicone around the bath is disgusting. Scurting boards and banister are starting to peel away from the walls. 2 adults 2 big dogs and 2 kids.

Would need a DEEP clean and redecorating every room. The carpet seems fine from what I could see but that probably needs replaced due to the smoking as I imagine if you actully get down you can smell it.

I honestly don't understand how people can live in places like that, I've seen worse house hunting, but its still filthy to live that way. I'm not the cleanest person or a germaphobe but have some standards people, specially if you are trying to sell a house. Have the agent calling me tomorrow to "discuss" things. I'll go up alittle bit more from what I offered but not by much already being stretched thin with the mortage rates and its alittle further away than I would like from work/home.
 
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MatsyLR said:
Been to see a house today made an offer they declined, upped the offer, declined again.
Offering below the asking as its just not worth that much (they have had 2 offers accepted and fall through due to money issues), the ENITRE house needs redecorating and patched. Its a 3 bed semi with gargage 2017 build and it's what I would personally describe as filthy. Walls have been ruined by kids (one of the walls it seems to have been used as wall for the kids to stab pencils and draw on), smoke damage everywhere (the owner is a smoker or a former smoker although it doesn't smell of smoke), banister and scurting boards are yellowed due to smoke, yellowed plastic fan extractor in kitchen along with general smoke damage all around, bathroom needs a VERY deep clean as the grouting and silicone around the bath is disgusting. Scurting boards and banister are starting to peel away from the walls. 2 adults 2 big dogs and 2 kids.

Would need a DEEP clean and redecorating every room. The carpet seems fine from what I could see but that probably needs replaced due to the smoking as I imagine if you actully get down you can smell it.

I honestly don't understand how people can live in places like that, I've seen worse house hunting, but its still filthy to live that way. I'm not the cleanest person or a germaphobe but have some standards people, specially if you are trying to sell a house. Have the agent calling me tomorrow to "discuss" things. I'll go up alittle bit more from what I offered but not by much already being stretched thin with the mortage rates and its alittle further away than I would like from work/home.
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Not sure a house needing a wash and a decorate warrants a discount.
 
just out of interest, do you need to complete before your mortgage offer runs out? or providing you are in the process (ie all the paperwork being done) does that count?
 
MatsyLR said:
I honestly don't understand how people can live in places like that
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Smokers. They're absolutely oblivious to themselves. Crazy for example, how someone at work or a social event can nip out for a cigarette, come back smelling like a disgusting bonfire and everyone is expected to pretend like it's fine. Or the breath, if you get too close, sheesh. If someone came back from the bogs smelling like a royal turd I'm sure people would have something to say! :p
dLockers said:
Not sure a house needing a wash and a decorate warrants a discount.
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Sounds like it needs fully redecorating which is a big undertaking. If it's priced to the same level as something move-in-able then it's absolutely worth offering lower. Those carpets will definitely need replacing, that'll be a few grand straight off the bat.
 
Decoration is so rewarding. A room turns from just awful to really special. A great way of making the house feel "yours".

Never smoked myself. Had a girlfriend at uni who smoked. Ended up quite liking the taste :-)
 
Went to see a house yesterday which was great and very affordable. On the market for £300k, which felt very keenly priced for the spec of the house, the only let down was the area. It's in a mixed area which as a wider area is considered quite rough and not desirable, but the street itself was OK.

On the flip side, going to see another house today which is a bit bigger in sqm, has a very similar open plan downstairs layout with doors to a decent sized garden. It was on the market in August and sold back then but there was a chain and it turns out their buyers buyer fell through. They let the current buyer try and find a new buyer for theirs but appears they got tired of waiting so its back on the market.

This house is bigger (extra bedroom and bathroom), has UFH and looks a little more modern overall and is in a much nicer area but is on for £380k. We like both houses and the £380k'er mortgage is right at the top end of what we'd want to pay for a place. We go to see it this afternoon but will likely put an offer on it if it checks out in person. Im tempted to offer a nudge under asking price given we are in a desirable position (no chain, FTB, AIP, substantial deposit), can move quickly hoping the seller will want a more surefire sale.
 
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