House Buying - Is it just luck?

I wanted to share my house buying journey with you all. I have been on this journey for a long time, so not sure how this post will go, and for how long, but it was something that I wanted to share and find out if I am alone in this situation, am I being to picky and unrealistic. Feedback always welcome!

Start of Journey

My house buying journey started around four years ago. Me and my partner decided a few years before that we would start to save up for a deposit and find somewhere of our own as we had been renting and never had a home to call ours. So about four years ago we started on the search and a few months into it we did find a property that we liked. I can remember the viewing and the estate agent was very nice and open, but instantly told us that the property had been overpriced and that those selling in the area had been much lower. We decided to put in a low offer that was instantly rejected and then we put in another offer, still below the guide, but not by much and the offer was accepted. Lovely!!

As this was the first property that I was going to purchase I had done a lot of research into what the buying process was going to be like etc and I thought that one of the best things to do would be to have an independent surveyor come out to survey the property and grounds. I found a local surveyor and he was absolutely amazing. Can not praise him highly enough. The mortgage valuation undertaken by my bank was standard and it went through for the mortgage, but when I met with the surveyor at the property to go through the findings I was amazed. In short there was about £30,000 of work that needed to be done, before anything else; parts were structural and dangerous. I did not have the funds for that kind of work and after me and my partner talked about it we decided not to go through with the purchase. Needless to say the estate agents were not happy, but as I explained then, if I had the funds it may have been a different matter, but not for that amount!

Mortgage Valuations

So then me and my partner ventured off to look for other properties. We have found at least four others that we have placed an offer on, been accepted and then rejected on the mortgage valuations. The reasons have been varied; too close to shops, noise violations, not decorated to standard etc. The reasons have even perplexed some of my mortgage advisors ( I have three mortgage advisors, one solicitor and two surveyors that I can call upon! I like to have things in place!).

House Prices

Over the past year I have found it extremely difficult to find properties within our price range. The prices have shot up so much during the pandemic and now that properties that I would have been able to afford in the areas we have looked at are no longer viable for us. One property I saw 12 months ago for sale was on the market for £135k and it was on the market for quite a while, was taken off the market about one or two months ago and has now been advertised as new to the market at a price of £175k!! I found this mind boggling! How can this happen?

Estate Agents

One of the other issues I have, and this  may be controversial to some, so apologies, but it is estate agents. Now, don't get me wrong, I have met some lovely estate agents and they have worked very hard for me and have been honest and open re the properties, any issues and the prices, but, my gosh, I have met and spoken to some horrible estate agents! Arrogant, snotty, not answering questions, some won't even give you the time of day if you don't have a high budget. When I ask questions through Rightmove most of the time I get a message back saying that I have requested to view the property etc and most never answer the question I am asking. I am asking a question for a reason and if the answer you give me suits my needs then I will book a viewing, but not before! I would be just wasting my time, their time and the sellers time, which I think is unnecessary. 

Problems

Now, I know that recently Kirstie Allsopp has said that a few things on how the young can get on the property ladder (especially re cutting out Netflix!), but I have to say that I don't think that is the problem. The issues are that prices are far too high, demand is above and beyond, mortgage valuations are crazy in their outcomes (and that even is said by some of those I have worked with; solicitors, surveyors, estate agents and mortgage advisors) and some of the other issues are like the processes. 

One of my bug bears is Modern Method Auction. Now I have looked into this and spoke to a variety of independent people about it and have been told to steer clear of this process. If the buy falls through, you lose your money! Had can that be an easy and good service to use?! I spoke to one mortgage advisor and he told me he had a client that went through this process and the sale fell through and he tried to get their money back, but couldn't, so they basically lost all their deposit plus more! I think this process is not viable that do not have any extra funds to back them up, and lets face it, most first time buyers do not have the extra and have saved up for years for their deposit.

Future

I just want to know - is house buying all about luck? Because if it is, I have not had none at the moment!! Of course, this just means that my deposit still keeps growing and I think by the time I have finished I will be able to buy a property with cash!! Wouldn't that be great!

If I am not alone out there with this process, let me know; four years on and still going!!