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I made a cheeky offer 6% below asking on a house where the chain had collapsed. really like it, very affordable for us. Made a few offers recently and been kicked into touch, but this time after an initial rejection the vendor did an about face...and now I’m like WTF have I done! A part of me is kicking myself because I think the market will tank, another part of me is happy I won’t be burning cash on rent and worried about inflation or UKgov pinching my savings. Be interested in my fellow HPC reactions.

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46 minutes ago, HovelinHove said:

Be interested in my fellow HPC reactions.

It's only an offer so far, nothing legally binding so you can pull out if you want. No harm, no foul, of course you won't be using that agent again, but no great loss.

No one knows what's really going to happen. There are too many variables and the market is far from rational thanks to years of government interference.

For what its worth I think its got a way to go yet, so I am sitting tight. But then again I could be wrong. I have made peace with it. If I am right, I won't celebrate too much and if I am wrong it will cost me a bit more but I won't berate myself too much either.

Whatever you do. Make a decision you alone are happy with.

Good luck to you

 

Edited by Switch625
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58 minutes ago, HovelinHove said:

I made a cheeky offer 6% below asking on a house where the chain had collapsed. really like it, very affordable for us. Made a few offers recently and been kicked into touch, but this time after an initial rejection the vendor did an about face...and now I’m like WTF have I done! A part of me is kicking myself because I think the market will tank, another part of me is happy I won’t be burning cash on rent and worried about inflation or UKgov pinching my savings. Be interested in my fellow HPC reactions.

If vendor said no originally, did you accept straight away on same terms when they came back? I would have let them stew regardless if I was happy or not. Imagine being in a position where you are going back to a potential buyer you rejected. Tragic stuff!!

I’m in the same boat as you. I’m making low but very serious offers, <30% LTV, no chain etc. 12% discount is the closest I’ve got but no one biting yet. I expect lots of the things I’m bidding on to come back to me. 

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Buying a house that is affordable, and you'd be happy in is never a gamble. Trying to time the market it is. 

Try and drag your feet until the end of October... I'm sure your conveyancer will help with that 

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39 minutes ago, HovelinHove said:

I’m hoping she changes her mind. I feel really stupid, but I can’t help myself! I just want to own a house again...I loved it in Canada, and I’m missing being King of my own little castle.

How old are you, a range will do?

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42 minutes ago, HovelinHove said:

I’m hoping she changes her mind. I feel really stupid, but I can’t help myself! I just want to own a house again...I loved it in Canada, and I’m missing being King of my own little castle.

It's comfortably affordable and what you want, why feel stupid?

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23 minutes ago, Frugal Git said:

A piddling 6% off is considered cheeky now is it?! ?

 

That's what I was thinking when reading all his chest-thumping bravado at bagging such a trifling percentage off. With all that's currently happening in the economy no wonder the seller turned round and snapped up his offer. lol

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3 hours ago, Postman said:

Gazunder them

Please don't be a ***** and do this.

Well done on your offer being accepted - i've recently done the same myself.  If the house is the "the one" for you and you're planning on living in it long term then go for it.  Enjoy your new home and good luck.

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There's nothing wrong with buying a house you like. You get to do whatever you want in it/to it, without periodic inspections, being kicked out for no good reason etc etc. Many good reasons to buy.

If you have enough savings etc to weather a couple of months out of work, and / or doing maintenance to the house, then why not?

Even if houses fall in value, then you've saved stamp duty, you got a couple of % off, and you dont have to pay rent. This should all soften the blow if prices fall in nominal terms.

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11 hours ago, Postman said:

Gazunder them

 

11 hours ago, Andy T said:

If you don't feel like you're being ripped off, then go for it. Always time for further reductions if market looks bad.

I have ethical issues with this approach. On the other hand, if someone came along with a better offer, then I know they would take it, so gazundering is fair enough. I think I am going to apply the breaks and begin to slow the process. One of the reasons she chose us is we can buy it cash if we use some family money in loans, but I am going to yank that off the table and now say we need a mortgage. That might send them running. There is also truth in it, namely that if you use borrowed family money and then get a mortgage you cannot use the mortgage money to repay family afterwards. 

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33 minutes ago, PeanutButter said:

You seem happy. If your gut reaction is happiness and relief then enjoy those sensations, they don’t come along that often. 

 

I would need to never come here again, and also close to my eyes to all financial news!

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9 hours ago, blackhole said:

It's comfortably affordable and what you want, why feel stupid?

Yeah, this is where I am at. There are some mitigating factors that might cause it to fall through...like I have just been offered my dream job, and if I take it might not be able to get a mortgage, and will grab these get out options with both hands if they come along, but I am already dreaming of remodelling and drawn up 3 different plans for a new kitchen (I am a sad f^&ker that way).

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I have recently offered on 3 houses. One was a Probate 3 bed bungalow for 275k that we ofered 260 on - it needed 20k spending to live in and another 20k to bring up to scratch. A typical bungalow like that in the area is about 375k. Beaten by another offer.

Offered 265k on a 275k property that was ready to live in that we loved but pulled out after structural engineer's report. House still on market after 5 weeks, reduced to 265k

Offered £290k on a £350k probate detached house that needs light renovation (and one dodgy non load bearign wall that is collapsing..). Vendors rejected it but I don't think they have any other offers. Now, unless it is a house that absolutely ticks every box, we are offereing 10-20% off depending on state of repair. We have LTV of 30% and can accept some negative equity if it is the right property.

 

We rent so have no chain and are ready to move so hoping motivated executors might bite. Biggest problem we are finding is the wild west of adaptations with no planning or buildign control that agents, surveyors and vendors all seem to think can be ignored, even if the local authority are aware of these shortcomings. All of the agents are telling us it's the busiest time ever and everything is rosy whilst I see 30-50% of their RM listings with reductions and half my daily searches are reductions on the first page of RM.

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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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