Are you planning to make an offer on a house in the next few weeks?

We collected the keys to our first house on Friday morning. I kind of expect us to lose money on it now but really no one knows what’s going to happen. I certainly wouldn’t have put off the purchase for 1-2 years or however long it’ll take for all this to settle down because we would have been paying rent for all that time instead of paying off the mortgage.

I’m happy anyway, we’ve finally got a garden 8)

Just got my 2 yrs fix mortgage approval through at 2.8%

So our buyers had their mortgage approved which is good. Think we are going to continue to rent as next step and hope for low interest rate mortgage in 6 months time. However still think there will be more demand than supply in West Yorkshire.

our buyers have come back saying that the result of the mortgage/lender survey/valuation report thingy was that they would only be allowed to borrow £5k less than we’d agreed on.

Jog on. Go find the £5k.

I can see this sale falling through

that they would only be allowed to borrow £5k less than we’d agreed on.

Jog on. Go find the £5k.

Ask to see the valuation letter…

Normal to be valued less isn’t it? Meet in the middle.

One the estate agents I deal with through work has had the plug pulled on about a dozen transactions in the course of the week and the smallholding in the Brecon Beacons (right in the hills)that was auctioned on Thursday evening went for the knock down price of 250,000 but a local young couple managed to get at that price so all power to them.

My wife is an estate agent (a nice one 😀 ) and sales are falling through at an alarming rate. Too much uncertainty at the moment for people to want to commit to pre-Brexit prices.

Nipper99 – just googled Brecon Beacon small holdings – wow!

that they would only be allowed to borrow £5k less than we’d agreed on.
Jog on. Go find the £5k.

Ask to see the valuation letter…

Valuation letter has come through – the buyers had put the amount we agreed for the house and also the furniture through as the total mortgage amount they wanted to borrow. But even so the report is still way under what 4 estate agents all valued it at.
Buyers are messing about with counter offers so the wife has had enough and put it back on the market!

We were selling/buying but decided to wait til next summer. We had a heap of offers on ours (it’s a very nice flat!) but found nothing where we were buying.

Gave up!

If it is the valuation it’s not really the buyers fault….possibly they are right up to the hilt already so genuinely can’t find another 5k….if you think you’ll get another buy easy enough go for it, be prepared that when they have their valuation done the same thing happens….

We are waiting to find out about an offer, apparently pre brexit the agent was achieving 101% of asking, post it is 98% so not a massive difference. We ended up accepting an offer at 95% and have offered at a similar level. Let’s hope the seller wants to get on with it. I’m told it’s been on the market for quite some time….

Agree that I don’t want to wait a couple of years to wait and see, but I am worried that we will overstretch and the market then crash. But, that is how much house cost, so the choice is wait and hope for a drop, or stump up and get on with it….

Just wanted to bump this and see what the current feeling is as we are looking at putting our house on the market next week !

Is it too small for you?

We’re awaiting exchange at the moment and have fingers tightly crossed that our buyers (surname Rodriguez… not sure where they are from exactly) aren’t going to pull out or try anything. They’ve had nearly two weeks now and our agents say they haven’t seen any Brexit-inspired withdrawals so we’re cautiously optimistic.

Is it too small for you?

Sold ours a few weeks ago, have found somewhere to buy now after several failures, being outbid and gazumped…
Lost one pretty much on the toss of a coin.
Didn’t end up leaflet dropping, have the leaflets though…
We looked at the house, that we have now got an offer accepted on, several weeks ago. It had an offer on at the time and the vendor and buyer were negotiating.
Turns out they dropped out in the end, using Brexit as the excuse, I think they were expecting the vendor to come back with a price they would accept.
They were trying to be smart / play the game and thought they were in a winning position as a cash buyer.
Their loss, our gain.
I hope they don’t try to Gazump us as that would be seriously annoying, the same agent has sold ours, so it wouldn’t be in his interest.
My thoughts re Brexit / economy, we can afford the house, we’ve done calcs with higher interest rates, we have other property for a serious faecal matter / fan interface, scenario. We are going to be there for decades I hope, so in the long run, it will work out.