| House-buying advice, please 20:59 - May 16 with 4269 views | Zx1988 |
One for those more experienced than me in such things...
The wife and I are in the process of purchasing our first house. We found a house that is pretty much what we want a couple of months back, and speedily had an offer accepted at less than the asking price. No chain, motivated vendors, happy days. We're just waiting on a few bits and pieces before we're in a position to exchange contracts.
The survey threw up a couple of minor issues, and the vendors have been a bit hard-nosed in allowing us to obtain quotes for the works, saying "you negotiated a discount from the off, so there'll be no more movement on price". They've been similarly non-cooperative in assisting our solicitor with requests for additional information, indemnity policies and the like.
There are a couple of other bits and pieces we would look to do after moving in - new front/back doors, and adding a garage/large shed, but we factored those into our offer price.
All good until yesterday, when an identical house came to the market 20m down the road, at the same price, but semi-detached (house one is terraced), on a slightly larger/better plot, and already has a garage. We're viewing the property at the weekend, and our gut feeling is that as long as the interior decor lives up to the quality of the marketing photos, we need to give serious consideration to jumping ship.
The question for the experienced heads, is how much of a d*ck move it would be to pull out of the sale of property one should be decide to put an offer in (and get it accepted) on property two. My overriding feeling is that we've got to put ourselves first, and bear in mind that our current vendors wouldn't think twice about ditching us if their circumstances changed, or they received a better offer, but at the same time both of us really don't want to be complete and utter d*cks.
Thoughts?
(To cover off other salient points - we've discussed the potential switch with our solicitor and mortgage broker, and the switch is eminently doable, and we can very easily afford the minor additional expenditure if we do decide to jump ship. It's very much an ethical question rather than one of practicalities.) [Post edited 16 May 2023 21:02]
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| House-buying advice, please on 21:03 - May 16 with 3469 views | StokieBlue |
You've answered your own question.
Do what is right for you and your family.
As you've highlighted, there is very little loyalty in the property market and they aren't exactly inspiring confidence with their behaviour.
SB |  |
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| House-buying advice, please on 21:09 - May 16 with 3411 views | gainsboroughblue |
What issues did it throw up? They aren't helping themselves by being so obstructive either as anything other than a bog standard survey is likely to highlight these problems again.
The lack of chain is probably not motivating them to be in a hurry over things. If they are being a pain in the @rse, ditch them and go with the other property (if you both really like it). |  |
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| House-buying advice, please on 21:09 - May 16 with 3412 views | The_Flashing_Smile |
| House-buying advice, please on 21:03 - May 16 by StokieBlue |
You've answered your own question.
Do what is right for you and your family.
As you've highlighted, there is very little loyalty in the property market and they aren't exactly inspiring confidence with their behaviour.
SB |
This. Estate agents. Feck 'em. |  |
| Trust the process. Trust Phil. |
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| House-buying advice, please on 21:12 - May 16 with 3395 views | giant_stow |
(I've only bought two places and sold one, so not experienced, but) I would say it would be daft not to buy the better place, whichever that turns out to be.
It would be harsh on them to pull out, but it would be harsh on you if you stayed with house a.
Ethically, that seems like a draw to me, except they could resell the house still, whereas you'd be detrimentally affected for sure if you bought the lesser house. |  |
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| House-buying advice, please on 21:13 - May 16 with 3395 views | BanksterDebtSlave |
As Stokie has pointed out, being a dick is the obvious choice in today's society. Get £20,000 off the original one or get used to not getting on with the neighbours.
Or hold off....the markets going to crash...  |  |
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| House-buying advice, please on 21:51 - May 16 with 3284 views | factual_blue |
| House-buying advice, please on 21:03 - May 16 by StokieBlue |
You've answered your own question.
Do what is right for you and your family.
As you've highlighted, there is very little loyalty in the property market and they aren't exactly inspiring confidence with their behaviour.
SB |
When we were selling my late mother's house over thirty years ago, we'd accepted an offer. We then found that the agents had let the buyers have a key. They'd had a gas fire fitted and put a shed in the yard at the back. I wish in many years I'd be a total bas**rd and pulled out the sale at that point (we hadn't even exchanged contracts).
As it was we didn't, on our solicitor's advice, pay the estate agents bill. We didn't hear a peep from them.
boris clearly takes estate agents as his role models. |  |
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| House-buying advice, please on 22:04 - May 16 with 3220 views | Lord_Lucan |
Look after yourselves.
Do what is best for you and yours. Screw everything else. |  |
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| House-buying advice, please on 22:04 - May 16 with 3219 views | Sarge |
If they’ve been unhelpful in progressing the sale then seems fair game to me to move on to the other one. Just beware that should you be successful you will be neighbours with the first vendors, at least up until they manage to sell. | | | |
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| House-buying advice, please on 22:29 - May 16 with 3168 views | fab_lover |
If a semi-detached (or do you mean end-terraced) house which is on a larger plot / already has a garage is the same price as a smaller one, then either it's under priced or the terraced house is over priced.
If it's the former, then you may find the price could go up. If you go in quick with an offer on the "new" place, and others do likewise, then the sellers would be silly not to ask for higher offers. Being no-chain will help you, but it's something to bear in mind.
What you also don't know (yet) is whether there is a chain on the "new" property. If you're renting at the moment, that could add to your costs if the chain takes a long time to complete.
Yes, you have to put your needs first. However you've got to find out a few more things about the "new" place before you'll be in full possession of the facts, and it's whether you can do that before exchanging that's the issue. Best of luck. |  | | |
| House-buying advice, please on 22:36 - May 16 with 3134 views | Lord_Lucan |
| House-buying advice, please on 22:29 - May 16 by fab_lover |
If a semi-detached (or do you mean end-terraced) house which is on a larger plot / already has a garage is the same price as a smaller one, then either it's under priced or the terraced house is over priced.
If it's the former, then you may find the price could go up. If you go in quick with an offer on the "new" place, and others do likewise, then the sellers would be silly not to ask for higher offers. Being no-chain will help you, but it's something to bear in mind.
What you also don't know (yet) is whether there is a chain on the "new" property. If you're renting at the moment, that could add to your costs if the chain takes a long time to complete.
Yes, you have to put your needs first. However you've got to find out a few more things about the "new" place before you'll be in full possession of the facts, and it's whether you can do that before exchanging that's the issue. Best of luck. |
Fair points but IMHO everything works out in the end.
I’ve been a couple of times through daughter moving and I’ve had doom and gloom when something has gone south - but both times have been a blessing and she’s got something better than what she thought was the dream house.
At this moment in time it’s not a bad time to buy, not saying that prices will go down significantly but gazumping has stalled a bit.
As for the OP - karma dictates that you will get your ideal place baby. | |
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| House-buying advice, please on 22:41 - May 16 with 3117 views | Zx1988 |
| House-buying advice, please on 22:29 - May 16 by fab_lover |
If a semi-detached (or do you mean end-terraced) house which is on a larger plot / already has a garage is the same price as a smaller one, then either it's under priced or the terraced house is over priced.
If it's the former, then you may find the price could go up. If you go in quick with an offer on the "new" place, and others do likewise, then the sellers would be silly not to ask for higher offers. Being no-chain will help you, but it's something to bear in mind.
What you also don't know (yet) is whether there is a chain on the "new" property. If you're renting at the moment, that could add to your costs if the chain takes a long time to complete.
Yes, you have to put your needs first. However you've got to find out a few more things about the "new" place before you'll be in full possession of the facts, and it's whether you can do that before exchanging that's the issue. Best of luck. |
Exactly - I'd usually work on about £5k for detachment, and £10k for a garage, and that's before we even get onto the slightly better position on the estate (backing onto woodland) and the slightly larger plot.
We know already that it's no onward chain as well - it's a tenanted property with the landlord selling up and the tenants having been given their two months' notice. I fully accept that it might not go to plan, but assuming they play ball the owner will be looking at a void property in two months' time with no income. Hopefully that would play into our hands in terms of being FTBs who have already completed a good chunk of the process if they're potentially going to prize ability to complete quickly over and above ability to pay £5k more.
It's at a tricky price point in terms of the market at the moment - properties in this price band in particular seem to be rather tricky to shift as they seem to be the sorts of properties that would usually be the target of those looking to upsize rather than FTBs, so there's definitely a question of what sort of demand will be there.
We're renting at the moment, but off a family member, so there's the extra flexibility there. At the moment, assuming all things are equal, it's just a case of checking the quality is on a par with House 1. | |
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| House-buying advice, please on 22:43 - May 16 with 3104 views | BanksterDebtSlave |
| House-buying advice, please on 22:36 - May 16 by Lord_Lucan |
Fair points but IMHO everything works out in the end.
I’ve been a couple of times through daughter moving and I’ve had doom and gloom when something has gone south - but both times have been a blessing and she’s got something better than what she thought was the dream house.
At this moment in time it’s not a bad time to buy, not saying that prices will go down significantly but gazumping has stalled a bit.
As for the OP - karma dictates that you will get your ideal place baby. |
Are you saying that karma looks after those that look after themselves and screw everybody else baby? | |
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| House-buying advice, please on 22:56 - May 16 with 3075 views | Lord_Lucan |
| House-buying advice, please on 22:43 - May 16 by BanksterDebtSlave |
Are you saying that karma looks after those that look after themselves and screw everybody else baby? |
I don't think so. | |
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| House-buying advice, please on 22:57 - May 16 with 3077 views | Nthsuffolkblue |
My advice, just be honest. You had concerns over the cost of putting right some items from the survey. The vendors appear to have taken that as you wanting to further negotiate on price (presumably it wasn't). However, their obstruction on this has made you nervous and explore other options.
If you like what you see at the other property go for it.
We accepted an offer from a buyer on a property and when she saw the survey she wanted some very unreasonable things - another survey to prove a modern property had a damp proof course - that was her prerogative. But when she wanted us to take the hot water tank out at our own expense so she could check the soundness of the floor supporting it as the survey had shown some historic water damage we knew we couldn't appease her any more. She then bought a property round the corner instead. We had to drop our price significantly to sell.
I never did work out whether she couldn't understand the nature of the disclaimers and minors that surveys throw up or whether she was being deliberately awkward in order to pull out of the purchase. Until contracts are exchanged you don't need any excuse to pull out really. I would have preferred her to front up and tell us she had found somewhere else she preferred.
My wife had to convince me not to slash her tyres for a while! Not that I really would have done, but it did feel very annoying. In the short term it was very annoying. In the long term it was a bit of money and inconvenience. |  |
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| House-buying advice, please on 23:30 - May 16 with 3047 views | clive_baker |
| House-buying advice, please on 22:57 - May 16 by Nthsuffolkblue |
My advice, just be honest. You had concerns over the cost of putting right some items from the survey. The vendors appear to have taken that as you wanting to further negotiate on price (presumably it wasn't). However, their obstruction on this has made you nervous and explore other options.
If you like what you see at the other property go for it.
We accepted an offer from a buyer on a property and when she saw the survey she wanted some very unreasonable things - another survey to prove a modern property had a damp proof course - that was her prerogative. But when she wanted us to take the hot water tank out at our own expense so she could check the soundness of the floor supporting it as the survey had shown some historic water damage we knew we couldn't appease her any more. She then bought a property round the corner instead. We had to drop our price significantly to sell.
I never did work out whether she couldn't understand the nature of the disclaimers and minors that surveys throw up or whether she was being deliberately awkward in order to pull out of the purchase. Until contracts are exchanged you don't need any excuse to pull out really. I would have preferred her to front up and tell us she had found somewhere else she preferred.
My wife had to convince me not to slash her tyres for a while! Not that I really would have done, but it did feel very annoying. In the short term it was very annoying. In the long term it was a bit of money and inconvenience. |
Winds me up when people expect to knock money off a price for every imperfection thrown up in a survey, which by the way are the biggest load of nonsense from my experience. Of course I’ll still get one if I move again, we just do don’t we? but it’s a bit of a joke the stuff they come back with to cover their ar5es.
As for the OP you have to do what feels right. It’s serious money and a serious decision that you need to get right. Look after number 1. Worth considering though if you’re well down the line with option A then 1 in the hand etc. It could be that you pull out of A and get fecked over on B further down the line. Not to dissuade you by any means, but it’s a risk. |  |
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| House-buying advice, please on 23:57 - May 16 with 3006 views | Pinewoodblue |
You owe no loyalty to the first vendor.
Your survey identified issues and the vendor has come straight back with "you negotiated a discount", perhaps they were aware of the issues. |  |
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| House-buying advice, please on 01:26 - May 17 with 2918 views | Illinoisblue |
| House-buying advice, please on 23:30 - May 16 by clive_baker |
Winds me up when people expect to knock money off a price for every imperfection thrown up in a survey, which by the way are the biggest load of nonsense from my experience. Of course I’ll still get one if I move again, we just do don’t we? but it’s a bit of a joke the stuff they come back with to cover their ar5es.
As for the OP you have to do what feels right. It’s serious money and a serious decision that you need to get right. Look after number 1. Worth considering though if you’re well down the line with option A then 1 in the hand etc. It could be that you pull out of A and get fecked over on B further down the line. Not to dissuade you by any means, but it’s a risk. |
The inspection game does get silly. And obviously gets played both ways depending which side you’re on. Same over here, with chancers taking the pi55. Last sold in 2011 and was desperate to get out and stop the bleeding. Buyer came up with a list of BS demands and said if we didn’t fix them he wanted almost all our furniture and TV. That one stung. And still does. Kids: don’t buy at the top of market and sell at the bottom. |  |
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| House-buying advice, please on 06:26 - May 17 with 2836 views | PMac13 |
100% go for the new one, you owe nothing to the original vendor and you have to do what’s right for you and your family. |  | | |
| House-buying advice, please on 07:13 - May 17 with 2788 views | Dubtractor |
| House-buying advice, please on 22:36 - May 16 by Lord_Lucan |
Fair points but IMHO everything works out in the end.
I’ve been a couple of times through daughter moving and I’ve had doom and gloom when something has gone south - but both times have been a blessing and she’s got something better than what she thought was the dream house.
At this moment in time it’s not a bad time to buy, not saying that prices will go down significantly but gazumping has stalled a bit.
As for the OP - karma dictates that you will get your ideal place baby. |
Plus one here for the 'it'll all pan out OK' view.
We had a long running purchase that fell through after 6 months last year, just as we were about the exchange contracts, but ultimately ended up in a better house in fairly short time. The previous house fell through due to the seller being ill, but it could have been any other reason and the outcome would have been the same.
The key point is that not all offers make it through yo completion, for any number of reasons, so you shouldn't feel guilty for just being another number in that. I'd also add that with the sellers not being in a chain, you're not even jeopardising any further sales. |  |
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| House-buying advice, please on 08:08 - May 17 with 2720 views | Daninthecampo |
Sellers need to realise that with rising interest rates its now a buyers market All houses are over valued and its only worth what people will pay for it. House B is now the value for that local vicinity.
If you want to be ethical, then really you should approach house a and say if you don't reduce the house to below house b price ( as its a bigger semi)you'll walk way. Whilst house B is up for sale or sold they'll never get the price they want now so best to sell asap | | | |
| House-buying advice, please on 08:16 - May 17 with 2707 views | Meadowlark |
Buy the house you want, not the one you don't. |  | | |
| House-buying advice, please on 08:27 - May 17 with 2691 views | ITFC_Forever |
Wouldn't the owners of house number 1 then be your neighbours potentially (if even for a short while if they go ahead with selling the house to someone else)? |  |
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| House-buying advice, please on 08:51 - May 17 with 2660 views | Zx1988 |
| House-buying advice, please on 08:27 - May 17 by ITFC_Forever |
Wouldn't the owners of house number 1 then be your neighbours potentially (if even for a short while if they go ahead with selling the house to someone else)? |
Thankfully not - 20m is probably a little bit of hyperbole - it's more like 100m as the crow flies! | |
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| House-buying advice, please on 09:03 - May 17 with 2626 views | hype313 |
Absolute no brainer to go with the second house. |  |
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| House-buying advice, please on 09:25 - May 17 with 2601 views | itfcjoe |
You have to do what is right for yourself -when we sold our last house we had an agreed price with someone and a week or so later we got offered another £7.5k so took that and let first people down - wasn't easy but ultimately it is a hell of a lot of money for us.
If the market was a bit more regulated then wouldn't have broken contract etc, but it's dog eat dog and no one gives a toss about letting you down as we have found out to our cost previously and since |  |
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