ZacP Posted January 12, 2021 Posted January 12, 2021 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 4
Big Jimbo Posted January 12, 2021 Posted January 12, 2021 What a shame. However, i think the value of the plot is what people are willing to pay for it. Better luck next time.
ProDave Posted January 12, 2021 Posted January 12, 2021 Keep looking for another plot then try again. Don't give up the dream. Best of luck.
nod Posted January 12, 2021 Posted January 12, 2021 Talking from experience Many snapped up plots come back on the market Weeks or months later
Mr Punter Posted January 12, 2021 Posted January 12, 2021 The market looks overvalued at the moment, but unless we see a rise in interest rates it may stay that way.
ZacP Posted January 12, 2021 Author Posted January 12, 2021 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.
Buzz Posted January 12, 2021 Posted January 12, 2021 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 .
Ferdinand Posted January 12, 2021 Posted January 12, 2021 Wishing you all the best. Who knows there may be a 350k house out there with a big garden. 1
ZacP Posted January 12, 2021 Author Posted January 12, 2021 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.
Buzz Posted January 12, 2021 Posted January 12, 2021 Come to sunny Norfolk 90 mins from London https://www.rightmove.co.uk/commercial-property-for-sale/property-85641325.html
dnb Posted January 12, 2021 Posted January 12, 2021 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.
Russell griffiths Posted January 12, 2021 Posted January 12, 2021 I will be perfectly honest and say I think you just dodged a bullet, lucky escape theres better out there, 1
joe90 Posted January 12, 2021 Posted January 12, 2021 A real shame but don’t give up, I spent years looking fir a plot and got there eventually ?
ZacP Posted January 12, 2021 Author Posted January 12, 2021 3 hours ago, Buzz said: Come to sunny Norfolk 90 mins from London https://www.rightmove.co.uk/commercial-property-for-sale/property-85641325.html 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!
Roundtuit Posted January 12, 2021 Posted January 12, 2021 Sorry to hear thing's haven't worked out. At times like this, I like to think that 'fate' might actually be a thing, and stuff happens for a reason. The best is yet to come! 1
Bitpipe Posted January 13, 2021 Posted January 13, 2021 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. 1
Ferdinand Posted January 13, 2021 Posted January 13, 2021 You probably ended up alright. Occasionally on here we get somone for whom risk has not worked, and it can be very painful. 1
jack Posted January 13, 2021 Posted January 13, 2021 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! 1
ToughButterCup Posted January 13, 2021 Posted January 13, 2021 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. 1
Oldsteel Posted January 13, 2021 Posted January 13, 2021 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! 1
Thorfun Posted January 13, 2021 Posted January 13, 2021 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. 1
bradders3109 Posted January 13, 2021 Posted January 13, 2021 On 12/01/2021 at 18:36, Buzz said: Come to sunny Norfolk 90 mins from London https://www.rightmove.co.uk/commercial-property-for-sale/property-85641325.html 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. 1
Weebles Posted January 13, 2021 Posted January 13, 2021 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. 1
Tom's Barn Posted January 14, 2021 Posted January 14, 2021 Good luck with your search; sorry to hear you have missed out 1
Buzz Posted January 14, 2021 Posted January 14, 2021 22 hours ago, bradders3109 said: How far from Yarmouth are you Buzz The other side of the county ! right on the Cambs border
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