Ever overpaid for a house
Discussion
OP you've overpaid for it if post Brexit there is a long recession.
If you don't plan on selling up for a few years then no you haven't overpaid.
Local to me the estate agents changed their viewings from appointment to open house due to supply demand. One terrace is up currently for 100k over previous on that street.
All those people will know the fear of overpayment.......
If you don't plan on selling up for a few years then no you haven't overpaid.
Local to me the estate agents changed their viewings from appointment to open house due to supply demand. One terrace is up currently for 100k over previous on that street.
All those people will know the fear of overpayment.......
Petrolsmasher said:
Deleted before all the abuse starts.
Well that was a waste of time since you were quoted within 2 minutes.Edited by Petrolsmasher on Saturday 17th August 22:29
However, you haven’t overpaid until completion, and a survey may call for a lower value on the place, and perhaps renegotiation, so I don’t see the issue.
We paid the asking price for our current place.
Saw the house and knew instantly it was the one - we debated about what price to bid whilst going round the viewing but jointly agreed full asking price on the first viewing the property had.
We still live there 11 odd years on. Sure it’s possible we might have shaved a few £k off but we risked losing the one we wanted + we had seen a few and none gelled.
Saw the house and knew instantly it was the one - we debated about what price to bid whilst going round the viewing but jointly agreed full asking price on the first viewing the property had.
We still live there 11 odd years on. Sure it’s possible we might have shaved a few £k off but we risked losing the one we wanted + we had seen a few and none gelled.
Welshbeef said:
We paid the asking price for our current place.
Saw the house and knew instantly it was the one - we debated about what price to bid whilst going round the viewing but jointly agreed full asking price on the first viewing the property had.
We still live there 11 odd years on. Sure it’s possible we might have shaved a few £k off but we risked losing the one we wanted + we had seen a few and none gelled.
I’ve just done the same myself. Plan to be there for many years so didn’t want to piss about.Saw the house and knew instantly it was the one - we debated about what price to bid whilst going round the viewing but jointly agreed full asking price on the first viewing the property had.
We still live there 11 odd years on. Sure it’s possible we might have shaved a few £k off but we risked losing the one we wanted + we had seen a few and none gelled.
People often forget the feelings they have during the viewing stage when they’ve been living in a house for a while. They start to question the value etc. when the emotion has gone.
Basically a house is worth whatever you think it’s worth (obviously assuming your lender agrees if you have one
)Scotland so probably different. I paid 7k over asking, which was 3k over home report value. Exact same price as the worse condition, worse positioned house that came up 2 years previous.
Good news is 10 bid, I know 2 from work who bid more than me but no chain so we got it. Result. When they ask me what I bid I just say too much, when in reality it was less than them. 6th house in that area for 39 years, so when I come home one night to find the local postman/milkman/dpd driver servicing the wife itll be easy to get out...
Good news is 10 bid, I know 2 from work who bid more than me but no chain so we got it. Result. When they ask me what I bid I just say too much, when in reality it was less than them. 6th house in that area for 39 years, so when I come home one night to find the local postman/milkman/dpd driver servicing the wife itll be easy to get out...
Wife paid home report value for our flat. I'd say she overpaid by about £25k. But seller wouldn't budge. Wouldn't take a penny less than HRV . For certain reasons she really wanted it. There are very very few like it and possibly many years (which we don't have) till another one came up, so just sucked it up and gave the seller his price. No regrets.
eltax91 said:
Petrolsmasher said:
Bought a house within an hour of viewing it today.
Stunning house, massive kerb appeal, absolutely immaculate, close to good schools and a good area.
Had a lot of interest and only been on the market for a day so we acted quick, ended up paying full price for it and on closer reflection we have maybe overpaid for the house about 5% of its true value. Does this cause any problems when it comes to getting a mortgage?
Its not crazy overpriced, maybe 7.5k at most but no less.
It causing trouble with mortgage entirely depends on your situation. Your equity/ deposit matters. Stunning house, massive kerb appeal, absolutely immaculate, close to good schools and a good area.
Had a lot of interest and only been on the market for a day so we acted quick, ended up paying full price for it and on closer reflection we have maybe overpaid for the house about 5% of its true value. Does this cause any problems when it comes to getting a mortgage?
Its not crazy overpriced, maybe 7.5k at most but no less.
If it’s a £200k house and you’ve paid £210k, then doh t there will be a problem if you are looking for a 65% LTV mortgage. If you want a 95% however, that could be a problem
The bank will decide what they think the house is worth. They will then decide how much they will lend you based on LTV. If the loan plus your deposit = buying price then it's all good. If not then you will either need to reduce your offer, or increase your deposit.
Theoretically I'd say it's impossible to overpay for a house. You will pay what it's worth to YOU and that doesn't just include the PHYSICAL asset value. For me, living close to my parents, keeping my kids in their current schools, and staying within the general area made the house more valuable than it would have been to others.
Petrolsmasher said:
5%
7.5k at most but no less.
At this level, I wouldn't class it as paying too much or not for a house. The numbers are hardly anything in the grand scheme of things and would barely cover a bathroom or kitchen refurb. 7.5k at most but no less.
Try ending up with sealed bids and £126K over the asking price. Then it is a bit more of a question about did we overpay or not......
In our case, we expect to be here for the long term so it was not worth losing out for the sake of a few more £K on the mortgage.
Did we overpay or not? - who knows? The mortgage company were happy to value it at what we paid for it and there is nothing nearby that compares.
The other thing is it could be years and years before that house if for sale again (if ever).
My parents bought the family home in the mid 1970’s they would never sell it.
My mums parents bought in the 1950’s lived in it until passing a decade or so ago - it’s retained in the family and we all use it whenever for holiday home activities. If one part of the family wanted out that’s fine we or the remaining would buy them out.
Basically some houses locations properties are so good & possibly sentimental they will never be available on the market - so if you want it go for it if your not sure it’s not the one & you’ll likely spend more £ having to change again in the future vs never having to move.
My parents bought the family home in the mid 1970’s they would never sell it.
My mums parents bought in the 1950’s lived in it until passing a decade or so ago - it’s retained in the family and we all use it whenever for holiday home activities. If one part of the family wanted out that’s fine we or the remaining would buy them out.
Basically some houses locations properties are so good & possibly sentimental they will never be available on the market - so if you want it go for it if your not sure it’s not the one & you’ll likely spend more £ having to change again in the future vs never having to move.
eltax91 said:
Petrolsmasher said:
Bought a house within an hour of viewing it today.
Stunning house, massive kerb appeal, absolutely immaculate, close to good schools and a good area.
Had a lot of interest and only been on the market for a day so we acted quick, ended up paying full price for it and on closer reflection we have maybe overpaid for the house about 5% of its true value. Does this cause any problems when it comes to getting a mortgage?
Its not crazy overpriced, maybe 7.5k at most but no less.
It causing trouble with mortgage entirely depends on your situation. Your equity/ deposit matters. Stunning house, massive kerb appeal, absolutely immaculate, close to good schools and a good area.
Had a lot of interest and only been on the market for a day so we acted quick, ended up paying full price for it and on closer reflection we have maybe overpaid for the house about 5% of its true value. Does this cause any problems when it comes to getting a mortgage?
Its not crazy overpriced, maybe 7.5k at most but no less.
If it’s a £200k house and you’ve paid £210k, then doh t there will be a problem if you are looking for a 65% LTV mortgage. If you want a 95% however, that could be a problem
Hate
s that waste peoples time by deleting the op when they don't like the answer.At least have the decency to get a mod to close your cancerous thread.
w
kers.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff