Buying a house - what are the chances of it actually happening?

[ladyruskin]

We have been pipped to the post on sealed bids by cash buyers several times now. Is there any hope of us getting a home for our family anywhere in south east London? Vendors seem to be hanging out for as much money as they can get and it's going crazy. We're doing everything right; we've got a buyer for our flat, mortgage agreed, massive cash deposit & I'm on first name terms with loads of local estate agents. We're even looking outside the catchment area of Charter school ;) Any other hints people an offer?

[womanofdulwich]

approach the estate agent that is selling your flat- they should work extra hard for you- as they have so much more to loose.

Of course vendors are holding out for as much as poss. Thats property ownership!

If you are quite sure about what you want and have a few roads in mind then fly post the houses on that road and agree to buy at a price agreed by an independent chartered surveyor.

Bribe the estate agents a personal ? bonus if they help you acquire a house.

[RichJ]

The fact that houses are going to sealed bids suggests that vendors are right to be holding out for as much as possible - the demand is clearly there. That said, it sounds as though you are in a strong position so keep plugging away, I'm sure it will come good for you.

[LondonMix]

Don't be strategic. Ignore the asking price and don't try to anticipate what someone else will offer. Offer the maximum you are willing to pay for the house. You are in a strong position but if you are being beaten by just a few thousand each time, I'd suggest if you really see something you want, go for it.

[ladyruskin]

Thanks for the hints. We're trying not to lose heart. I delivered 94 hand-written letters last Tuesday. So far not a sausage. Will keep trying though. I just wonder where all these people are getting ?650k in cash from!!!

[ratty]

Mummy and Daddy?

[LondonMix]

There aren't that many cash buyers. If the agents are saying that I wouldn't believe them.

[Saila]

Agree. They are calling them 'cash buyers' but actually they are chain free buyers with a mortgage approval

Often selling chain free and renting, then buying quickly to get the property

Seems like he only way of buying these days

[ladyruskin]

We are as close to those cash buyers as we can get. We've got a buyer, mortgage approved, 50% cash deposit. If we move to renting we lose our current mortgage deal which would make the whole thing unaffordable.

[Saila]

Really? Ask your mortgage advisor

My fixed mortgage can be held in the 'ether' for 6 months w/out a property

See if they'll allow it - may mean u can do the chain free thing

[alieh]

Do check re: mortgage ladyruskin as we thought the same but after some very protracted conversations with the mortgage company they agreed to hold it for a number of months while we moved into rental. Agree that it is a total nightmare right now! We have the complication of needing to be walking distance to my son's school, which really restricts the search area.

[Saila]

There are hundreds of families waiting to pounce on catchment area properties... Whole thing is ridiculous

Bring in lottery system and abolish private schools!

[alieh]

I agree that the whole thing is ridiculous! Catchment areas are crazy and a lottery system does make sense, but I think it is reasonable that people should be allocated a school within less than a mile, say. But within those bounds, sure a lottery system would be fine. In the meantime I still need to find a house within a mile of my son's school. Off topic sorry!

[Saila]

I'm not in any way blaming you

It's a 'if you can't beat 'em, join 'em' situation

[DaveR]

"Is there any hope of us getting a home for our family anywhere in south east London?"

Yes

"We're even looking outside the catchment area of Charter school"

You may need to look a bit further

[bluesuperted]

We just bought in a nightmare chain which lasted 7 months and nearly fell down at the final hurdle. We ended up completing on the day of exchange as 6 month mortgage deals for two of the chain were expiring. It's been crazy, we packed up our house (with the amazing JT Enterprises, glowing recommendation to follow on different thread) on a wing and a prayer with no exchange in sight - and ended up moving the next day thank god having exchanged AND completed in the same day. It's been such a hard week especially with a toddler (try explaining moving overnight to an already new-sibling unsettled toddler?! Not our finest parenting hour!) and a month old baby, wowzer.

Our budget was MUCH lower than yours Lady Ruskin, and we have bought a wreck, but we are thrilled to be in SE23 (SE22 total no-go money wise for us) and in good catchment for two really great school choices. I had to project manage the sh1t out of the agents/solicitors/chain etc - multiple daily calls for many months - but worth it in the end. Day 3 and loving being in Forest Hill, definitely recommend over ED.

But never again with a chain, next time we'll definitely rent in between as we did between our first two property purchases and it was so so much less stressful. In fact I never really understood the 'moving as stressful as divorce' thing til this chain, now I can imagine!!