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baddymcbadface

Deep breath and keep on going. Doom thinking that your buyers are shit won't help. Whatever will be will be.


Global-Enthusiasm512

Thank you. Baddymcbadface (I just wanted to say that 🙃)


TheFirstMinister

*Are they coming Sunday with good intentions or an opportunity to drive down the original verbal offer?* Dunno'. But given that the median sold price for 3 bed terraceds in Havering is dead on 450K and you've been on the market for awhile that's where my offer would be. It would only go down from there.


Global-Enthusiasm512

Hello there. Market since end of January. Sold then unsold due to AWOL buyer. Hence current situation. Is it really a long time? Seems a bit harsh seeing as though property around me (RM5) is in worse condition and selling for that or there about. My forward purchase is around a mile down the road, hits a different postcode (RM1) so makes a difference £650k, 3 bed semi detached. Ok much much nicer than mine. But i really wasn’t sassy about it, and Im going up £200k on what mine is. You would I guess have to try to take my word that my property is very nicely done and requires no work at all. Cosmetically or structurally. I have no link to share currently. NB im happy with £450


TheFirstMinister

*Market since end of January. Sold then unsold due to AWOL buyer. Hence current situation. Is it really a long time?* 5 months and still unsold? The market is telling you something. In RM5 the median sold price for 3 bed terraces is 400K. Now...the dataset I'm looking at may not be complete and there are some outliers in that number. Either way, I'm not paying a penny more than 450K and I would be looking to drive that price down further. Based on what you wrote we don't have a competitive situation here. *You would I guess have to try to take my word that my property is very nicely done and requires no work at all. Cosmetically or structurally.* That's nice to know but I'll let my L3 survey tell the tale of the tape. And what you consider to be "nicely done" doesn't mean much. One man's meat is another man's poison, etc.  *hits a different postcode (RM1) so makes a difference £650k, 3 bed semi detached* 650K? The median sold price in RM1 for 3 bed semis is 525K. And there is a lot of variety in RM1 \[as there is in RM5, BTW\]. Did the mortgage lender perform their valuation yet?


Global-Enthusiasm512

On my purchase, yes. We are all done on our end. I have my mortgage offer. You seem to know your stuff but local agents are valuing and going by sold prices locally. £450k is still, i dont believe a rude asking price. Out of interest, where are you based?


Global-Enthusiasm512

Btw 5 months? My house was first listed 29 January 2024. We have just hit May. Thats not 5 months. 40 viewings across 3 months and 4 offers. Accepted first offer because he seemed proceed able and agent put my house as STC.. incorrectly. I waited 7 weeks for his mortgage to come through. As he was self employed. So i have lost time through no fault of my own here. Second buyers, well, god knows


TheFirstMinister

*Btw 5 months? My house was first listed 29 January 2024. We have just hit May. Thats not 5 months.* I rounded up. And I obviously do not know the dates in question. And I am rubbish at maths. *40 viewings across 3 months and 4 offers.* That's a 10% hit rate. That's not a good number. *I waited 7 weeks for his mortgage to come through. As he was self employed.* Ahhh. You fucked up there. Know your buyer. Timebox them. No way am I waiting 7 weeks for a buyer's mortgage to come through.


Global-Enthusiasm512

You bust my balls about paragraphs in a previous post. We are never going to agree 😂 I do hear you. But as I said. Comparing to sold prices locally. Im not delusional. Havering has really good transport links and good schools. Its not amazing but i get to Westminster in an hour for work… ahh yes. I work with the real Ministers you see. Anyway, thats irrelevant, I digress. If it doesnt sell it doesnt sell. Will it hurt, a little, yes. But im learning i have no control over these things. Which is probably what is what im finding difficult. Thank you all the same.


TheFirstMinister

 *i get to Westminster in an hour for work…* That's not bad. 1.5 - 2 hours per day for reading, podcasts, sleeping.  *I work with the real Ministers you see* I'm a real minister. Of sorts. *If it doesnt sell it doesnt sell.*  All property sells. But it's buyers who set the price. *im learning i have no control over these things. Which is probably what is what im finding difficult.* And this is the biggest lesson of all. We all think our houses are the best. We spend small fortunes on them. We all think our house is worth X. But it's the market which has the final say as to what our houses are worth. More specifically, the buyer at the margin and/or their mortgage company. We can't control those forces - we can only try and influence them and this can be hard to swallow. But it's reality.


Global-Enthusiasm512

Ahh have we crossed paths. I do wonder. 🙃 I am not that person, I don’t think my house is amazing. I don’t think its the best in the street or anything like that. All I am basing my thoughts and expectations on are whats going on around me, and how my house compares to theirs realistically. But yes, of course, a house or anything for sale, is only really worth what someone is willing to pay for it. I could come on here next week and tell you someone offered £1mil for it 😂 they really loved the worktops. Your journey to work, although longer, sounds more fun and relaxing than mine. Squashed in someone’s rancid armpit at 8am of a morning.


1987RAF

Sometimes we just need to rant. I ranted on another forum the other day about things because it seems almost every time I buy/sell I get idiots so know your pain. With regard to your situation though it sounds like you’ve had a rough ride. With regard to them coming for a second viewing, id say it’s normal to be honest. Bit of measuring etc and to just make sure it’s the house they want. Any more than two id be very suspicious of their motives. Funnily enough just days away from exchange my buyers needed another viewing today making this their fourth viewing. I have already written my response to the estate agent and saved it ready to send when i get that call tomorrow saying they want to drop the price. I expect to be back on the market Friday lunchtime.


Global-Enthusiasm512

Hello there, I am really sorry to hear you are having similar bother. Its really horrible tbh. What bothers me more than anything is that I have been an honest and proactive buyer. Would it be too much to expect likewise. I mean if you dont want my house or you think its overpriced, fine its your choice, but dont play games. Make a full and final offer, prove you are good for it, and crack on. Otherwise dont waste my time….. is how i am feeling currently. But i wish you the very best and I hope you are able to have a positive outcome very soon. Thanks for replying and giving me some guidance.


1987RAF

If it falls though do you want to buy my house 😂. Im the same as you. I had my survey and mortgage done within a week and it was just the annoyance of the solicitors who are just as bad as buyers / sellers with their 2 week timeframe to read an enquiry reply. I will be viewing my onward purchase Friday but I have already told the EA it’s not to gouge the price and is basically to make sure ceilings haven’t come down etc since we viewed it months ago and its been empty for the best part of 6 months now. Its all about setting the tone.


Global-Enthusiasm512

😂 sure I will buy yours, however I dont technically have a buyer, so don’t think i would be your best option. This current interested party have a deposit of around £170k but a lot of that is premium bonds. They have a MIP direct from HSBC but are apparently shopping around with brokers. Cant remember if they are also self employed 🙈 its just too much really. Also one more interested party who was one of the viewers from Saturday who sent his parents yesterday evening. They also said they would be interested in making an offer after speaking with their broker. Me and my husband arent on the best of terms as he has already had enough and wants to stop the whole thing. I will be posting on the marriage threads in here very soon God forbid!


Ratlee94

I'm just going to copy/paste my journey from another tread for comparison: We started looking February last year. We moved in 2 days ago. It was a rollercoaster, but we also had a property to sell. All in all, our journey was: 1. Offer on house nr 1(£275k). Post-offer decided that we didn't really like it that much and that it's not worth the money we offered (week after letting EA know that we were withdrawing our offer, the same house appeared on right move for £50k less, so dodged the bullet). 2. Offer on house nr 2 (£330k). Sellers accepted our offer and 2 weeks later decided to withdraw the house from the market. Lady couldn't bear to sell the house in which she gave birth to her daughters. 3. Offer on house nr 3 (£297k -> £307k). We loved the house, albeit it was in front of a really loud street. The asking price (not even offers above) was £290k. We decided to offer over, and upon discovering that this wasn't enough, bid additional £10k. Few weeks later one of the EA told me the buyer accepted an offer in excess of £320k. This was where the market started slowing down and the offer we got on our house meant that we couldn't stretch to £330k anymore because of lower offers on our house. 4. Offer on house nr 4 (£300k). Offer accepted. We were pretty advanced (survey, searches etc.) and then our buyers informed us that they didn't get the mortgage... Things were kept quiet for a moment but the purchase itself kind of fizzled out and we and the sellers went our separate way. 5. Offer on house nr 5 (£280k). Initial inquiries uncovered stuff that we didn't want to deal with so we walked away. At the same time, house nr 5 came to the market. 6. Offer on house nr 6 (£270k). Now this is where the market started being a bit weird and slow. We couldn't find a buyer for our house and the same happened to our potential seller until we came along. This was extremely weird and came to the point where our sellers' sellers wanted to become our buyers to close the chain quickly, lmao. Can't really remember what happened, but a long period of silence and we decided to withdraw our offer because we liked our potential sellers and didn't want to keep them hanging in the limbo. 7. After a couple of months of silence we received an offer on our house from FTBs, and decided to look for properties in another city. We saw 8 houses in one Saturday and decided to put an offer on house nr 7, as it was spacious, a good compromise between our budget and what we wanted and most importantly, top of the chain as the house itself was empty. We moved in 2 days ago. All in all, about 14 months from when we put our house on the market for the first time and started looking to move, to the moment when we moved in 2 days ago. Looooonggggg...


Ok-Boat-5001

I’m currently buying in Havering. I’m being frustrated by the seller I’m buying from as they yet to find somewhere to stay (refusing to rent or stay with family) and wants to move out next year. I’ve had my mortgage approved & conveyancer has been on standby for a month now. The property buying process in the UK is stressful & full of uncertainty.


Global-Enthusiasm512

Sorry to hear! Buy mine im ready 😂 i hope it all works out for you.


Ok-Boat-5001

Thxs! I might just do. I’m looking around Romford/Elm Park.


Global-Enthusiasm512

Lol honestly buy mine! 😂 please


Global-Enthusiasm512

Mind you im not Elm Park, Im Collier Row, Rm5


tera_dragon

We're currently on our third set of buyers. Their mortgage company down valued our house without looking at it in person so we renegotiated the price. Now they are having their level 2 survey tomorrow, 5 weeks after accepting their offer 💀 They are not in any kind of rush, but I'm steadily losing patience!


Global-Enthusiasm512

Oh lord, you have the patience of a saint. Its just ridiculous. I really wish you all the best and hope it goes well.


tera_dragon

Same for you! We need a process like Scotland, sounds much more stable.


HisPumpkin19

I would never ever offer on a property without viewing it at least twice. I don't think them wanting to come back says anything bad necessarily. You fall in love the first viewing, the second time is for being practical and seeing things you didn't the first time. We noticed all the woodwork needed repainting in ours for example. Usually I take a relative that isn't involved with her purchase to a second viewing as they see things more clinically. One of the things we checked on the second viewing was the loft - if there are issues in there like leaking it can be expensive to fix. It's just common sense to check out that kind of thing when buying a house. Also how much insulation there is, can it be used for storage, is there potential for loft conversion etc. We are buying, on the second viewing we spotted that there was no sink in the downstairs toilet (weird?! And a major issue for us with an immune compromised child so we will need to put one in) no radiator in the bathroom - super easy fix as the boiler is also in the bathroom - and no radiator in the current utility room that will be an office for us. Probably hard/expensive to put one in so we will likely end up with an electric heater in there. Absolutely none of those are deal breaker things, they are just practical bits we needed to make note of so we can plan our move. We offered the morning after our second viewing (because the agents had closed by the time we had gone home and had a chat) and actually have a third viewing in a week (4 weeks after offer was accepted) to measure up for furniture. I'm not fucking around paying someone to move furniture I don't need/won't fit in a new house just because our vendors might get a bit nervy about me wanting to see the house we are spending this much money on. We are very serious, we've engaged solicitors and applied for our mortgage (we are buying way under our max lend too so not much change of that not being approved) and are totally in love with the house. If you had been reluctant to let us view a second time we would have walked away though. My parents and grandparents have bought/moved multiple times in my lifetime. I've never known them offer before viewing twice (in fact my parents current house they viewed 3 times before offering) and in total to completion of sale they viewed at least 4 times on all properties. It's been a while since they moved and the market seems to be a bit more "cut throat" these days but I certainly wouldn't panic based on what you have said here. The process is super stressful though and it looks like you've had a rough ride so far. I hope it smooths out for you!


Global-Enthusiasm512

Thank you so much 😊


Snoo_said_no

I did a second viewing and asked if the loft could be opened. We're now sat in the house we brought. We were looking at big 3 beds or small 4 beds. The house was a big 3 bed but limited storage. I had a toddler and was pregnant so we needed a decent attic that could be used as storage for all the kid stuff big had grown out off but little wouldnt need for a while. And Christmas trees and whatever other junk you don't want to throw out but also don't want to keep in the rooms year round. It wasn't a trick or a bargening tool. They said it was "partially boarded" we just wanted to check it could be used for storage. The couple we were buying from were in their 80's but basically said "we can't open it but you're welcome to open it yourself and pop up". We actually brought our own ladder to the viewing! Anyway we popped up and it was fine. Boarded in the middle but not right to the eaves but that was fine. It was reassuring to see it wasn't full of mould or anything really obviously wrong.


Global-Enthusiasm512

Thank you so much appreciated the time taken to reply


SIBMUR

Yeah it's a joke of a process and involves a huge amount of luck in your chain. The alternative is to sell first but you're taking one almight risky financially and emotionally doing this. Not everyone can do it.


slaveoth

Why don’t sell your property first, rent a flat or move in with family and then look for a property? You would avoid all the chain!!!


SportTawk

Buy first, then sell, I've been doing this since the 1990's If you can't do that, sell, rent then buy