The nervous wait to exchange....

  • Thread starter Thread starter noj
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Tesla said:
Our valuation survey has come back £21k lower than our offer, £11k lower than original asking price.
(Therefore our offer was £10k over asking).

Appreciate we offered over asking but didn’t anticipate the survey coming in £11k less than the original asking price.

Would it be unreasonable to renegotiate our offer?
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Not unreasonable at all, it's probably the most common approach after this happens.

It could have been a bad surveyor but in all likelihood another survey for another set of buyers would come back with the same or similar results so the sellers would struggle to get the offer they got from you to proceed unless someone was willing to fund the additional £21k in cash as the mortgage company won't consider it for their valuations.

Always worth a shot, even if you meet halfway and fund about £10k yourself and they drop £10k.
 
Slowly moving towards exchange - despite telling our solicitors over and over again when we aimed to complete (therefore really must exchange a good while before to allow the lender sufficient time to release funds..), they submitted everything at the last minute. Our completion date is now at risk - if we can't do that date then we'll need to wait for another month due to work and other commitments. Very frustrating when we made our intentions clear and they don't seem to understand or help work towards them.
 
11 weeks in after chain complete + instructing our solicitors. Still no sign of exchanging contracts. Solicitors are just so slow and keep fobbing us off with the 'it's a busy time of year' line.
 
NotAGolf said:
11 weeks in after chain complete + instructing our solicitors. Still no sign of exchanging contracts. Solicitors are just so slow and keep fobbing us off with the 'it's a busy time of year' line.
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so about 2.5 months... given your scenario, about 4 months I would say is fairly average....

That said, if time is a concern (not breaking the chain, etc) you'd be supprised how fast solicitors respond if you put a rocket up their ass and threaten to pull out of the sale, and choose a new soliciotor...

"it's a busy time of year" that's objective nonsence... it's a well documented process, so if they are saying that, what they are really saying is "we can't be arsed right now, sod off".
 
Currently in the process of purchasing my first home via a local Share to Buy provider.

Had a brief bit of frustration with the housing association's solicitors getting details wrong on the contract multiple times, but finally got it all corrected after a couple of weeks of back and forth.

Just signed off the legal paperwork with my solicitor earlier this week and gave them the deposit monies, so now keeping fingers crossed that everything will proceed smoothly from this point on and that I'll be able to move in within a month or two.
 
I always remember when this thread was started ten years ago, but I didn't ever think I'd be posting in it as we didn't anticipate moving. But after a house valuation 'out of curiosity' last week, it prompted a discussion with the wife, and hey, three estate agents later, we're working out the price of the house. It looks to be going on the market next week. We looked at a couple of houses today to check the square feet and ensure what we were looking at wouldl be suitable for us (family of 6 + dog), and we were pleasantly surprised.

Some background: We bought our current house from our in-laws 12 years ago as they emigrated. We did have a home before that in the local town, so we have experience buying a house, but a lot has changed (e.g., stamp duty), we are in a lucky position that we are mortgage free.

Any tips/recommendations would be appreciated. I'm a pessimist at heart, so there's no need to tell me to always have a plan B, as I know it's unlikely we will ever get our 'dream' house, and there will be no doubt withdrawals/disappointment along the way. It would be lovely to sell the house by Xmas, but I also recognise it's not the greatest time to be selling. We aren't in a rush, so we will see how it all goes.
 
It doesn't seem like long ago I was posting in this thread for advice with first time buying. Now I'm a first time seller!

We put our house on the market a fortnight ago and had 7 viewings on Saturday and another one tomorrow.

I know it's a long process and I shouldn't take anything personal or get too emotionally invested but I've already failed at the first hurdle. One of the viewings feedback was "a bit expensive for a 2 bed". That wouldn't really rub me the wrong way but it has. Firstly, because the price wasn't hidden it seems nuts to view a house fully aware of the price and then complain about the price. Secondly, there are 9, 2-Bedroom houses for sale within the area we live. 6 of those houses are priced higher than ours!

Though fortunately one of the other viewers really likes the house so that's made me feel a bit better at least.
 
I wouldn't think of it as a fact, nine times out of ten they're trying for a bit of a barter. It's a bit expensive, any chance you can come down in price? If you don't ask, you don't get kind of situation. If you have the other interest you can stick to your price fortunately. Usually comes in the shape of a silly offer trying to undercut what you want instead of feedback though. Definitely difficult not to take it personally though.
 
Junglist said:
It doesn't seem like long ago I was posting in this thread for advice with first time buying. Now I'm a first time seller!

We put our house on the market a fortnight ago and had 7 viewings on Saturday and another one tomorrow.

I know it's a long process and I shouldn't take anything personal or get too emotionally invested but I've already failed at the first hurdle. One of the viewings feedback was "a bit expensive for a 2 bed". That wouldn't really rub me the wrong way but it has. Firstly, because the price wasn't hidden it seems nuts to view a house fully aware of the price and then complain about the price. Secondly, there are 9, 2-Bedroom houses for sale within the area we live. 6 of those houses are priced higher than ours!

Though fortunately one of the other viewers really likes the house so that's made me feel a bit better at least.
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Their feedback is irrelevant. We had one viewer who wrote war and peace about ours - it was fun to read but no idea why she took the time to write it (as she didn't want to offer). Bear in mind a lot of clowns like to do this for fun - view houses, leave feedback etc.
 
Yeah, I'm leaving most of this to my partner as she is the more mentally stable one out of us. I just take it personally and want to track them down for an argument :D

Now we've had an offer from someone else £5K under what we've put it up for... despite that being almost 20K under the banks valuation! We've got the number we know we'd accept so hopefully a few others bid as well.

It's only been 48 hours and I'm already tired of the process lol. We weren't even planning to move this year but circumstances got to us
 
Does feedback really matter? Lol

I don't think I've ever offered feedback on the properties I viewed but didn't offer on. Just told the EA that it wasn't suitable for my requirements.
 
Not at all! I've taken a throw away comment personally lol. I just think if you're going to leave feedback, make it worthwhile. Had they said they didn't like X I wouldn't of had a bee in my bonnet about it all.
 
Junglist said:
Not at all! I've taken a throw away comment personally lol. I just think if you're going to leave feedback, make it worthwhile. Had they said they didn't like X I wouldn't of had a bee in my bonnet about it all.
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You'll know if it's competetivley priced by comparing it to similar properties in the area.

One tip... Set up a rightmove email alert as if you were buying in that price range in that area...
That way you'll get a feel for what's selling when they dissappear, and usefully... What's been sat on the market and not selling... You should be able to figure out if it's overpriced, in a less disirable area etc etc.

But yes it's the potential buyers perogative to try to get the lowest price they can for obvious reasons.

8 viewings in a fortnight suggests you're priced in at least the right ball park as that's a decent amount of interest..
 
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