Jump to content

Goodbye!


ZacP
 Share

Recommended Posts

Couldn’t find the goodbye part of the forum but we’re bowing out of this game.

 

Ecology valued the plot £100k less (£250k, not £350k) than it was on the open market so we were forced to reduce our offer. Despite absorbing £75k of this reduction and only reducing to £325k the vendor has sold to a different party within 48hours. We were due to exchange next week. FFS.
 

Heaven knows where they got the £250k from. £350k is obv market value as there were 3ppl offering in that area!
 

No plot. No build. No house. 


Thanks for your help and advice, this is an amazing resource and hopefully I’ll be back when we have found something else.

 

Zac

  • Sad 4
Link to comment
Share on other sites

17 minutes ago, Big Jimbo said:

What a shame. However, i think the value of the plot  is what people are willing to pay for it. Better luck next time.

Agree, that’s however is not what ecology thought! Our original offer was asking price.

 

17 minutes ago, ProDave said:

Keep looking for another plot then try again. Don't give up the dream.

 

Best of luck.

Thanks! I’m keen. SWMBO less so.

13 minutes ago, nod said:

Talking from experience Many snapped up plots come back on the market Weeks or months later 

We had our offer on this one accepted 6months ago. 6 months of due diligence and a week off exchange it all goes Pete Tong!

13 minutes ago, Mr Punter said:

The market looks overvalued at the moment, but unless we see a rise in interest rates it may stay that way.

think this is why the plot value was reduced by ecology.

Link to comment
Share on other sites

Feel sorry for you ?,  keep looking fortune favours the brave. 

No guarantee the new buyers will be able to raise the finance either,  might be worth keeping an eye on , as others have said could come back to you .

Link to comment
Share on other sites

2 minutes ago, Buzz said:

Feel sorry for you ?,  keep looking fortune favours the brave. 

No guarantee the new buyers will be able to raise the finance either,  might be worth keeping an eye on , as others have said could come back to you .

They’re cash. Boo. 
Thanks tho. I’m researching off-market plots!

 

Just now, Ferdinand said:

Wishing you all the best.

 

Who knows there may be a 350k house out there with a big garden.

Not round here! Some £1m+ houses have small gardens! Might retire to the boarders.

Link to comment
Share on other sites

Keep looking and don't give up the dream. It took us a couple of years to find the right place and secure it, with many disapointments along the way. Good luck for the next stage of the search.

Link to comment
Share on other sites

3 hours ago, Buzz said:

But 4 hours from my daughters school!

 

30 minutes ago, dnb said:

Keep looking and don't give up the dream. It took us a couple of years to find the right place and secure it, with many disapointments along the way. Good luck for the next stage of the search.

Thanks! I’ll keep my eyes peeled!

16 minutes ago, Russell griffiths said:

I will be perfectly honest and say I think you just dodged a bullet, lucky escape 

theres better out there, 

Almost tempted to agree.... almost....

3 minutes ago, joe90 said:

A real shame but don’t give up, I spent years looking fir a plot and got there eventually ?

something will turn up, learnt lots already! Thanks!

Link to comment
Share on other sites

From our experience, you can get quite emotionally attached to the first few plots and there is the risk of overpaying to 'get the dream'.

 

We dodged a bullet early on  - was an old farmhouse with what would have been a plant nursery business at the rear. An odd shaped plot with some issues about access to the front.

 

However we loved its location and were sad when we could not make it work financially but it took experienced friends with cooler heads to get us to walk away. 

  • Like 1
Link to comment
Share on other sites

15 hours ago, nod said:

Talking from experience Many snapped up plots come back on the market Weeks or months later 

 

We were outbid twice by developers for the bungalow that we eventually bought and knocked down. The first time it went off the market for several months then came back, the second it was off for a few weeks. I think the sellers were done with developers by the time they sold it to us.

 

That was in 2012 though, so slightly different market.

 

12 hours ago, ZacP said:

something will turn up, learnt lots already! Thanks!

 

Eventually, something always does. Good luck!

  • Like 1
Link to comment
Share on other sites

Sad to hear how you feel at the moment. But it's only a feeling. And those change over time. 

Even low levels of involvement in self building means that you look at almost every building in a different way. You can't flush that experience out of your mind. A bit of you will always be a self builder, and I bet you won't stop looking either. Even if you do so in secret, under the bedclothes so she can't see you looking. 

 

We waited 35 years.

  • Like 1
Link to comment
Share on other sites

16 hours ago, nod said:

Talking from experience Many snapped up plots come back on the market Weeks or months later 

I agree. We paid £150k for our 0.25 acre plot without pp in the Cotswolds, in a conservation area, in 2018. We had looked at similar plots with pp for sale at up to £400k (nuts, by the way). It was valued by a surveyor for finance purposes 2 months ago at £260k. The surveyor looks at the end market value of the proposed build and works back from there, ending up with the valuation. For us, its fine as we intend to live in the property and not sell it on. The shortage of plots tends to push up prices, however when buyers look at the total costs of the build (compared with what they could buy a completed build for) they may well end up pulling out of the deal. I think realistic valuations work in our favour, keeping agreed prices down, so do keep trying!

  • Like 1
Link to comment
Share on other sites

we also had a rough journey getting to where we are. our first place we were also gazumped when we were about 1 week away from exchanging. the second place was a long drawn out procedure to get residential access rights over a 3rd party piece of land and the sellers eventually just pulled the plug on the whole thing. It was a real downer, but then only a few months later we found the bungalow I'm currently typing this is and now are just awaiting groundwork quotes before we can begin building our dream home!

 

I know it's cliched but these things seem to happen for a reason as we know we'll be so much happier here than we would've been at the last one that fell through.

 

so, even though you're down about it all at the moment, keep looking and something will come up. 

  • Like 1
Link to comment
Share on other sites

On 12/01/2021 at 18:36, Buzz said:

 I did.  Left Manchester and eventually found a nice derelict property which will eventually god willing be an excellent home.

How far from Yarmouth are you Buzz.

 

ZacP

 

Keep your chin up mate.  I know it's difficult at times like this.  I have been close to four properties before I finally got one.  Each one was the development of my dreams and on each occasion that I lost out I was distraught.  You'll get there.

  • Like 1
Link to comment
Share on other sites

We also dodged a few on the way to where we’ve ended up. In hindsight they were the wrong plots but it was upsetting and frustrating each time.  Hang in there.  Something will turn up. In our case, it was an empty bungalow on a road we never knew existed despite having lived less than a mile away and looking for the best part of 8 years.  You’ll get something. 

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...