The nervous wait to exchange....

[Chris344]

@Chris344 if you're willing to walk away then signal that to the agent
it's been on the market for over 2.5 months now and also how many were interested before your offer was accepted? - i think these would be factors if the vendor would be willing to budge
if yours was the only reasonable offer in the last couple of months then your threats have more weight
say you're willing to negotiate to bridge the 30k gap but would want some movement from the vendors as well
also depends whether there is a chain involved...the longer the chain the less likely that all involved will want to budge their agreed price


ah

Thanks @tamzzy

It has been listed for a while. They had an offer accepted before ours at £900k but the buyer suddenly pulled out without explanation. There's been no other interest according to the agent, he also told our agent that it isn't worth the asking price. It should never have been listed at £950k. Our buyer is cash, and the vendors have found their "dream" home and in a rush to sell.

Looking at the local area, this is expensive. There's another detached 4 bed property on the development that is on at £575 - it's far more realistic (as they paid £550k), at £375k less than this one: https://www.rightmove.co.uk/properties/146553938#/?channel=RES_BUY

 

[tamzzy]

@Chris344 sounds like you have them over a barrel then lol
if you semi-really want this property then offer 5-10k above valuation and negotiate from there
if you don't mind losing it, then say you are unable to meet your initial offer and reduce by the full 30k, if vendor says no, you have one more offer saying you "found some cash " and then be prepared to walk away - don't put in more than one offer if you go this route as the vendor/EA will know you have more funds than you are letting on, or are taking the micky. wait for them to recontact you if the vendor changes their mind (if they do).
the alternative scenario is that the vendors do actually need most of that £30k to actually complete their move, so won't be able to move...in which case, market dictates anyway and they're overpricing and overstretching
(you could also say that you've looked at the other property and put in an offer there...make them sweat a bit lol)

 

[Peerzy]

this is the other house that's on the market for £875k same location

Check out this 5 bedroom detached house for sale on Rightmove

5 bedroom detached house for sale in Gransden Road, East Malling, West Malling, Kent, ME19 for £875,000. Marketed by Wards, Larkfield

www.rightmove.co.uk

with this in mind, im not surprised it was downvalued.

That house is much smaller though, 160sqm compared to 205sqm excluding both garages.

 

[tamzzy]

That house is much smaller though, 160sqm compared to 205sqm excluding both garages.

yes, you're right

 

[ChrisD.]

What? What the actual **** am I reading and seeing? £13k for some mdf and paint?

Someone is laughing really hard right now. In fact I think multiple people are.

It looks nice and it's been done well, but that's a bit like people trying to increase the value of their car by listing out modifications and prices.

Main thing is if you are happy.

 

[jpaul]

the other place had had some extra woodwork/fittings too, presumably same firm - but we don't know what premium those attracted over the basic house inflation
from new 710 a year ago , presumably isn't being sold stc at 875 - which should be another reality check for Chris's place pricing;

both of these folks must have overstretched themselves, as they had thought Liz Truss was a glitch, not an international mortgage rate reset, and now trying to claw back.

 

[Chris344]

@Chris344 sounds like you have them over a barrel then lol
if you semi-really want this property then offer 5-10k above valuation and negotiate from there
if you don't mind losing it, then say you are unable to meet your initial offer and reduce by the full 30k, if vendor says no, you have one more offer saying you "found some cash " and then be prepared to walk away - don't put in more than one offer if you go this route as the vendor/EA will know you have more funds than you are letting on, or are taking the micky. wait for them to recontact you if the vendor changes their mind (if they do).
the alternative scenario is that the vendors do actually need most of that £30k to actually complete their move, so won't be able to move...in which case, market dictates anyway and they're overpricing and overstretching
(you could also say that you've looked at the other property and put in an offer there...make them sweat a bit lol)

Absolutely. We don’t mind losing it and happy to play hard ball. It’s their own fault for spending good money on internal decorative items which don’t really add much value and are all subjective.

We will wait and see what they come back with and we’d be happy to proceed at the valuation price, which is realistic and inline with the local area.

 

[Chris344]

the other place had had some extra woodwork/fittings too, presumably same firm - but we don't know what premium those attracted over the basic house inflation
from new 710 a year ago , presumably isn't being sold stc at 875 - which should be another reality check for Chris's place pricing;

both of these folks must have overstretched themselves, as they had thought Liz Truss was a glitch, not an international mortgage rate reset, and now trying to claw back.

Agreed.

What? What the actual **** am I reading and seeing? £13k for some mdf and paint?

Someone is laughing really hard right now. In fact I think multiple people are.

It looks nice and it's been done well, but that's a bit like people trying to increase the value of their car by listing out modifications and prices.

Main thing is if you are happy.

Again, fully agree. They didn’t list the prices, we did ask for a summary as we couldn’t understand why so much had been spent. We wouldn’t have done the majority of the stuff they have done.

 

[jpaul]

does look like commercial company is involved in sale of the cheaper property
not 875, but 578585 if you have - what the hell a lifetime lease ? ....
if such a property were then sold that part ownership company (is that what they are) would have different behaviour than a normal seller,
if you are buying on an estate of that type is that going to pervert the market.

Check out this 5 bedroom detached house for sale on Rightmove

5 bedroom detached house for sale in Gransden Road, East Malling, West Malling, Kent, ME19 for £578,000. Marketed by Homewise, Worthing

www.rightmove.co.uk

Key features​

• ONLY OVER 60s are eligible for the Home for Life from Homewise (incorporating a Lifetime Lease)
• SAVINGS against the full price of this property typically range from 20% to 50% for a Lifetime Lease

 

[Diagro]

Oh god, is this a new tactic?

does look like commercial company is involved in sale of the cheaper property
not 875, but 578585 if you have - what the hell a lifetime lease ? ....
if such a property were then sold that part ownership company (is that what they are) would have different behaviour than a normal seller,
if you are buying on an estate of that type is that going to pervert the market.

Check out this 5 bedroom detached house for sale on Rightmove

5 bedroom detached house for sale in Gransden Road, East Malling, West Malling, Kent, ME19 for £578,000. Marketed by Homewise, Worthing

www.rightmove.co.uk

 

[jpaul]

maybe question is can you tell if you are trying to buy a house that has shared ownership - even for chris's one if the private buyer bought if for 550 on a lifetime lease,
and had put in 30K of enhancements, and now want to sell, the company wouldn't take that 30K hit, they'd value their part and tell seller what they would have to give them,
and the seller then has to make the best of it.

 

[Chris344]

does look like commercial company is involved in sale of the cheaper property
not 875, but 578585 if you have - what the hell a lifetime lease ? ....
if such a property were then sold that part ownership company (is that what they are) would have different behaviour than a normal seller,
if you are buying on an estate of that type is that going to pervert the market.

Check out this 5 bedroom detached house for sale on Rightmove

5 bedroom detached house for sale in Gransden Road, East Malling, West Malling, Kent, ME19 for £578,000. Marketed by Homewise, Worthing

www.rightmove.co.uk

There are two ad's, one for this over 60's option, and one for the full, outright purchase, they do that a list in the south: https://www.rightmove.co.uk/properties/147277337#/?channel=RES_BUY

 

[Macky]

Those hw 60+ ads were really annoying as you were seeing houses much nicer than your budget would usually allow for only for you to go into the advert and read the small print.

 

[LuckyBenski]

Those hw 60+ ads were really annoying as you were seeing houses much nicer than your budget would usually allow for only for you to go into the advert and read the small print.

It was a nightmare. Anything good we spotted, either a retirement scheme or auction. Or shared ownership at 50% so it's double the cost.

 

[jpaul]

That 895 sale is still backing two horses, if there is a private seller they've agreed to both 3rd party part share purchase, or a 100% purchase at an ott price.

I guess land registry would have to show complete purchase price in both cases

 

[MR_Punk]

We've had word this morning that we will complete next Friday (apparently earliest funds can be released by our buyers lenders (HSBC). We are just in the process of seeing if we can exchange contracts tomorrow as our seller as seemed okay with the option of giving us the keys once exchanged which would make moving a hell of a lot easier doing it over a few days rather than one.

 

[MR_Punk]

Following on from the above we have exchanged contracts today and get the keys to do some little bits in the new house next week before the move date next Friday - happy days!

 

[Chris344]

@Chris344 sounds like you have them over a barrel then lol
if you semi-really want this property then offer 5-10k above valuation and negotiate from there
if you don't mind losing it, then say you are unable to meet your initial offer and reduce by the full 30k, if vendor says no, you have one more offer saying you "found some cash " and then be prepared to walk away - don't put in more than one offer if you go this route as the vendor/EA will know you have more funds than you are letting on, or are taking the micky. wait for them to recontact you if the vendor changes their mind (if they do).
the alternative scenario is that the vendors do actually need most of that £30k to actually complete their move, so won't be able to move...in which case, market dictates anyway and they're overpricing and overstretching
(you could also say that you've looked at the other property and put in an offer there...make them sweat a bit lol)

We want back and offered 10k above the valuation and it is a "flat out no" so good luck to them really, we will continuing searching.

 

[Chris344]

Following on from the above we have exchanged contracts today and get the keys to do some little bits in the new house next week before the move date next Friday - happy days!

Congratulations - exciting times for you and your family.

 

[jpaul]

We want back and offered 10k above the valuation and it is a "flat out no" so good luck to them really, we will continuing searching.

Did you get enough feedback to know if it is currently shared ownership, with, hidden, seller obligation to redeem a particular sum to other owner.