Buying home, can we cancel booking?

memomtoo

we are first time buyers, after tough bidding process we won on a property in Dublin.

We booked it with deposit paid and just starting to assign a solicitor. This is a 2bed house but renovated recently to modern standards and spacious as well like 3bed house, has no backyard.

but just found out some other properties are offering us the same price which are 3bed houses but needs a bit of renovation.

confused a lot as we do like this property but other one is coming for 10k lesser than what we are going to pay for this.

just quickly wondering incase we change our mind, can we cancel this property and go for something else at this stage? just worried is it ok to do, will the negotiator mind?how do we approach the auctioneer if at all we plan to cancel this, if its such a big difference then we have to think a bit.

Meeeee79

Pretty sure you will lose your deposit if you pull out now, thats why its called a deposit I suppose!

Henry Ford III

If you haven't signed contracts you can back out free of charge.

Michael D Not Higgins

Booking deposits are fully refundable until sign and exchange of contracts.

davo10

Op, you need to consider that the other house is going to market at a lower price, that does not mean it will sell at that price. No doubt the underbidders on your house will also be interested in the other one, if you toss up the one you have, you may find that you pay more for a similar property later.

Bushmanpm

davo10 wrote:

Op, you need to consider that the other house is going to market at a lower price, that does not mean it will sell at that price. No doubt the underbidders on your house will also be interested in the other one, if you toss up the one you have, you may find that you pay more for a similar property later.

Ancient Chinese proverb:
"Man who chases two rabbits gets no food"
;-)

memomtoo

Meeeee79 wrote: »

Pretty sure you will lose your deposit if you pull out now, thats why its called a deposit I suppose!

Even am not sure.
Its mentioned in email that if for any reason before signing contracts, if situations change where we do not buy it, we do get the refund.

yes, the other property is coming for 10k lesser than current one we paid deposit for, that is why confused

memomtoo

Bushmanpm wrote: »

Ancient Chinese proverb:
"Man who chases two rabbits gets no food"
;-)

it is the first thing came into my mind(not exactly the proverb but the thought), even I was afraid if I loose it but just because of such a price difference, it left us in confusion

memomtoo

davo10 wrote: »

Op, you need to consider that the other house is going to market at a lower price, that does not mean it will sell at that price. No doubt the underbidders on your house will also be interested in the other one, if you toss up the one you have, you may find that you pay more for a similar property later.

that negotiator gave us a final offer if we close deal with them which is 10k lesser, that is why it kept us thinking a bit

davo10

memomtoo wrote: »

that negotiator gave us a final offer if we close deal with them which is 10k lesser, that is why it kept us thinking a bit

Do you know how much the renovations will cost, even relatively small works will take a chunk out of that €10k.

Claw Hammer

davo10 wrote: »

Do you know how much the renovations will cost, even relatively small works will take a chunk out of that €10k.

Re-wire, re-plumb, new windows, insulate, new kitchem, new bathroom, re-decorate. 40k and rising.

antoinolachtnai

You need the guidance of a solicitor. You will need one anyway, so this might be a good time to find one.

memomtoo

Claw Hammer wrote: »

Re-wire, re-plumb, new windows, insulate, new kitchem, new bathroom, re-decorate. 40k and rising.

:eek:40k really?my goodness, I think am on the right path now

Are we loosing something from mid terrace to semi detached homes? are mid terraced too squashy, not convenient to live with?

jomalone14

memomtoo wrote: »

:eek:40k really?my goodness, I think am on the right path now

Are we loosing something from mid terrace to semi detached homes? are mid terraced too squashy, not convenient to live with?

Surely these are all questions you should have had sorted in your mind/made a decision on before you started the bidding process????

memomtoo

jomalone14 wrote: »

Surely these are all questions you should have had sorted in your mind/made a decision on before you started the bidding process????

I understand what you mean, but now it is important to consider many factors apart from every detail that we want, it is not that easy to be available for an affordable rate too.
Location matters so we had to compromise on few things but only if someone has experience in any differences? pros and cons of it, only wondering

theboringfox

I was buying in Cork City and sale agreed on house at 295k and close to signing contracts. A house up the road with bigger garden and more sq ft came up for 325k. Was under asking as I was close to signing and told it was at last bids by the Monday. Debated it and said no ill stick with house I have. The other one went for 365k in the end. So I would have ended up losing out on both houses. Just be careful. Theres no bargains out there for regular house. Market will find its price. You dont know what the other house might throw up.

tbh I get from you messge you're not too excited by house you're buying and regretting it. You can walk if you want. No deposit lost until sales contract signed...at which point btw its not just deposit at risk...they can sue you to complete on the transaction.

Sausage dog

Semi-detached v. Mid-terrace. What kind of access is there to rear of property/ garden? Where will bins or bikes go etc. Do they go through the house? Any work being done on a patio/garden shed for instance may require a cement mixer etc. going through the house. (Only a once off probably) Noise from neighbours both sides? Parking space... mid-terrace usually narrower whereas semi d may hv parking for two cars. As regards the renovation of one of the houses you need to be very realistic about the cost involved in order to compare the two properties. Why do they want a quick sale on the house that needs work? Is there a catch?

mirrorwall14

We stopped looking at houses in need of work because the price differential did not line up with the cost of the work required in all cases. Usually getting a 10-15k reduction on cost but works would be 25-40k

amtc

Have lived in semi d...take point about access. Lived end of terrace...constantly freezing. Live mid terrace...havent had heat on in two years!