Having been through 7 months and 3 buyers in selling our house, after losing our most recent sale we took a few days out to regain our hope and deal with our frustration before putting the house back on the market for the fourth time. Having lost 7 months in a rising market, we rose our house price by a couple of thousand. Yes, despite having been down-valued twice! Brave or stupid, I don't know. If you don't try you don't get. And let's face it, we needed to find a new house for a now higher price. That money needed to come from somewhere!
Back on the market, within hours we had several viewings booked again. Woop-de-do. Our first viewer put in an offer, we said our thankyous and neither accepted or declined, but decided to peruse the house on the market for the rest of the week. This time we were determined to find the RIGHT buyer. In the end we had 3 offers on the table from 3 very different buyers. A first timer, an investor and a true cash buyer. Having had our house down-valued by mortgage lenders twice, it doesn't take a genius to work out which one we went with.... The one that didn't need a mortgage.
After having accepted an offer, the last thing we wanted to do was rush out to find a new house. If anything, it was a dreading feeling having to find another house. The market has risen, and the government have also introduced the new 'help to buy' scheme, so competition is now high. To add to that, it isn't the optimum time of year for people to chose to sell their homes either. I always keep a check up on Rightmove and Zoopla, and well, all I can say is.. Shit. There is virtually nothing in our original price-range. We had been simply screwed over. Back to our mortgage lender - Please sir, lend us some more?! We rose our budget reluctantly, and began looking again. Many of the houses had structural defects which we knew we didn't want to deal with, and they would only be a struggle to get a mortgage on too. The 'better' houses we went to see, we put offers on (some asking-price!) but because we were in a chain, or against a cash buyer, we lost on all of them - In every house we were up against a lot of competition.. And every time we were the worst pick.
It's a difficult situation - We ended up viewing every single house in our price-range and still coming away house-less. And believe me, we weren't being picky! We had no choice but to decide that should we not be able to find anything before the looming exchange of contracts takes place (if it ever takes place - our record isn't exactly great!) we would have to move out and ether rent or lodge with parents. Not that we've even asked them yet...
Some say being a first-time buyer is hard, but many more say being a second-stepper is so much worse! It really is.