The nervous wait to exchange....

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Tenzo said:
Been looking at properties for a while and have found something that has real long term potential for us. It's fairly expensive as is and will require a fair amount of work, but the area is really good and ideal for the kids.

Lots of interest, so it's going to best/final offers this week - any advice from people that have been in this situation before?
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sit down with the other half and decide what your best and final offer really is. Then stick with it.

Make sure you sell yourselves as good buyers as well - is your current house on the market already? Do you have an agreement in principle on the mortgage that kind of thing.

Unfortunately you cant guarantee that you'll get a second chance so decide how much you want the place and put in your offer. Be realistic though and don't go overboard, there will be other places out there that will be just as good but might take time to find.
 
We exchanged yesterday with a completion date of 8th Feb. The whole process from putting our house on the market and finding a house, to decided to let our house when our seller dropped out and finding another house has taken exactly 1 year. I literally cannot wait for Monday.
 
panthro said:
We exchanged yesterday with a completion date of 8th Feb. The whole process from putting our house on the market and finding a house, to decided to let our house when our seller dropped out and finding another house has taken exactly 1 year. I literally cannot wait for Monday.
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Nice one.

Our target for completing is the 19th February so edging closer. Our house went onto Rightmove 9th June last year, so a not year but boy has it seemed a long haul. We've been looking at furniture over the last few weeks - I want to get ordering stuff! House we're buying doesn't need much work but I actually want to have some jobs to do.
 
We've narrowed down our options to 4 potentials. One is now under offer so doubt we'll be able to do the same in time.
Do we go for nicely finished 3 bed but the 3rd bed is very small (not sure if we can get a single bed in) or the 4 bed which needs work but has 2 bathrooms?
Both are similarly priced and we've drawn up a list of pro's and cons and they come out more or less identical for our needs.
 
Bickaxe said:
We've narrowed down our options to 4 potentials. One is now under offer so doubt we'll be able to do the same in time.
Do we go for nicely finished 3 bed but the 3rd bed is very small (not sure if we can get a single bed in) or the 4 bed which needs work but has 2 bathrooms?
Both are similarly priced and we've drawn up a list of pro's and cons and they come out more or less identical for our needs.
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I'd go for the 4 bed if you're happy getting yours hands dirty. Means you can add value to the property bringing it up to standard and get more space as well.
 
Thats my thoughts too although I think my missus would prefer the other one. We've extended our rent for another 6 months to allow time for the sale to go through which should give us a few months to work on it.
We've done this before but the house we're selling didn't need as much doing and even then we started to lose interest as we had to live there as well.
 
Had a survey done on the house we are proceeding on and was up for £135k, got it at £130k and survey come back saying it's worth £125k. How do we go from here, we don't have the 5k to spare. We have paid over 1k for fees etc. The house is sold for inherent money. I'm hoping they will come back and drop it to 125k or come to sort of arrangement.

Any one he similar issues? We are on a time scale and have to complete before 1st April due to buyer. The house is only 20 years old and apparently may need a rewireing. A flat roof on the extension on the back of the garage, but don't know why it would a rewire surely for the age of the building and what is wrong having a flat roof?
 
That's why I always get a survey done because if they pick up on something then you can go back and negotiate.

Ask them for £125 if you really love it and if you're prepared to walk say £120 and go from there.


M.
 
Well after our first house purchase fell through approx 2 months ago due to an absolute cow of a vendor (we learnt a lot from this experience), we have had our offer accepted on a more expensive house than we had originally anticipated.

It doesn't tick all the boxes but we need to complete before 1st April or we may incur the extra stamp duty charges (£30K+ extra in our case), so i guess some compromises have to be made. Just waiting on the vendors solicitors to send the contracts through to ours and we can get the ball rolling. Already have the mortgage offer sent although this was for 5k less than we were expecting.

My mortgage adviser is now on my back to sort out life insurance / CIC / income protection but to be honest i do not know much about these. We have a large mortgage so it seems sensible to get ourselves covered. Any advice would be appreciated.
 
We were meant to exchange Monday, this didn't happen, we're meant to exchange yesterday this didn't happen, so today is now exchange and completion. Should have the keys today 16 weeks to the day after first seeing the property.

Naan, I will have life and critical insurance for both my partner and i, but won't be doing income protection as most of the policies i looked at were wait 3 months before they started paying out, i'll just create my own pot of 6 months pay to cover any issues like that and hope for the best. good luck!

Rich
 
My buyers solicitor didn't have any money from them today, so my mortgage money goes back and were over two weeks away from completion, back to living out of a rucksack again. Can't wait for this to be over
 
going to finally meet our vendors tomorrow - only about 4months since the offer was accepted and 2months since we exchanged! Still, only a month or two till we complete :eek:
 
Buyer has started their searches so just waiting on that.

Have put an offer in on a house that needs work. Should hear back by Monday. Sounds like a few offers of which at least one is acceptable as they are not doing any more viewings. Only went on the market Thursday.

Edit: Seller went with someone else. We have time on our side though so that's okay.
 
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Skillmister said:
Good luck with that! Type of property? Location? Chain?
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I think its doable. Draft contract received yesterday by our solicitors. The vendor is in the same boat with completion, we are chain free, the house they are buying is empty. Its 4 bed semi in Chigwell. And yes very grim if we dont move :rolleyes:
 
2 more offers put in this morning. One was quite a bit under the asking price but it needs a lot of work. The other is offered as a 3 bed but its more like 2.5. Doubt they will be accepted but we have a couple of months to find somewhere.

How much lower do people start their offers at? I've gone for a 9% & 6% lower, Is this unreasonable (a property is only worth what you are willing to pay)
 
Offer what you like really, within reason, on our house when we viewed, I offered £230k, it was up for £250k, back and forth a few times got it to £237k in the end. Whatever percentage that works out, who knows... But never go too close to asking straight away.
 
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