My first offer made on a house!
Discussion
Hi folks, I appreciate I keep asking these questions but after some good general consensus on what I should do so any help I would much appreciate.
Been looking at houses. Found a nice 4 bed detached house, up for 190k offered 165k.
As I placed the offer I was told someone offered 175k this morning. So on the market since July and first 2 offers in one day. Coincidence!
My offer was rejected as was the other. They want 180k but said would accept 175k for me as I have no chain and cash waiting. If I dont pay 175k they will sell to the other people.
I said I would go 170k tops they are sticking to 175k but chucking things at me right left centre. Light fittings, carpets, blinds, curtains, dining room table, dining room cabinet etc.
I said I would think over night but strongly believe this extra buyer is make belief. What do any of you think. I am a stubborn git and tempted to lose this dream house by sticking to my guns half expecting a call next week saying yes. But for the sake of 5k should I go for it.
Just after any experience people have had. Im too naive, my dad is too much of a pessimist!
Just for reference I am a first time buyer with cash waiting no chain etc mortgage approved.
The other party are downsizing and part of a long chain despite having sold their house. This is what I was told anyway?
House sold for 197500 in April 05 & 139000 in December 2000 as a guide.
Been looking at houses. Found a nice 4 bed detached house, up for 190k offered 165k.
As I placed the offer I was told someone offered 175k this morning. So on the market since July and first 2 offers in one day. Coincidence!
My offer was rejected as was the other. They want 180k but said would accept 175k for me as I have no chain and cash waiting. If I dont pay 175k they will sell to the other people.
I said I would go 170k tops they are sticking to 175k but chucking things at me right left centre. Light fittings, carpets, blinds, curtains, dining room table, dining room cabinet etc.
I said I would think over night but strongly believe this extra buyer is make belief. What do any of you think. I am a stubborn git and tempted to lose this dream house by sticking to my guns half expecting a call next week saying yes. But for the sake of 5k should I go for it.
Just after any experience people have had. Im too naive, my dad is too much of a pessimist!
Just for reference I am a first time buyer with cash waiting no chain etc mortgage approved.
The other party are downsizing and part of a long chain despite having sold their house. This is what I was told anyway?
House sold for 197500 in April 05 & 139000 in December 2000 as a guide.
personally mate, i think if you like the house go for 175k,su re they may just be trying to get more and mroe money out of you, but if 5k really worth losing the house over. I appreciate what they may be doing isnt exactly fair, but in these hard times people are trying anything.
i say go for it.
i say go for it.
having no chain will put you in a strong position for bidding on most houses.
175k for a 4 bed detached seems like a very decent deal to me, espcially if the house needs little or no work.
thats 10% of the hardwork done, now for the mortgage minefield.
my tip of the day is first direct offset mortgage at boe(1%) +1.89% and about 1k in fees and most importantly NO tie ins, so when the rate gets back up to 5%, you can switch for a nominal fee (about £150)
interest only by default, then just just overpay into a savings account if you so choose to. you can also withdraw any overpayments as a personal loan at you mortgage rate.
i DONT work for them btw!
175k for a 4 bed detached seems like a very decent deal to me, espcially if the house needs little or no work.
thats 10% of the hardwork done, now for the mortgage minefield.
my tip of the day is first direct offset mortgage at boe(1%) +1.89% and about 1k in fees and most importantly NO tie ins, so when the rate gets back up to 5%, you can switch for a nominal fee (about £150)
interest only by default, then just just overpay into a savings account if you so choose to. you can also withdraw any overpayments as a personal loan at you mortgage rate.
i DONT work for them btw!
Edited by homerjay on Friday 27th February 18:13
Whoops sorry wrong area, could some kind mod move it 
as for rates changing Nationwide are increasing their fixed rates by 0.3% as of Monday whereas they are reducing their variables by 0.5%
I can afford more than 165k, 175k is still affordable but I want to pay 170k if that makes sense. I could physically buy a house at 200k but dont want to in the current climate.
As for the switching comment made it sounds good but I dont really understand it! Best mortgage rate I got was a 5yr fixed at 4.99% with no fee 250 quid cash back all legal fees paid and free survey. This then lets me know the score for the forseeable future.
as for rates changing Nationwide are increasing their fixed rates by 0.3% as of Monday whereas they are reducing their variables by 0.5%
I can afford more than 165k, 175k is still affordable but I want to pay 170k if that makes sense. I could physically buy a house at 200k but dont want to in the current climate.
As for the switching comment made it sounds good but I dont really understand it! Best mortgage rate I got was a 5yr fixed at 4.99% with no fee 250 quid cash back all legal fees paid and free survey. This then lets me know the score for the forseeable future.
I would pay the £175,000, at the end of the day its only £5,000 more than you are willing to pay. What would you think l if you lost it for the sake of £5,000. How long are you anticipating staying there for? Remember it’s a long term game. The fact that you have no chain has some monetary value.
matt21 said:
Been looking at houses. Found a nice 4 bed detached house, up for 190k offered 165k.
As I placed the offer I was told someone offered 175k this morning. So on the market since July and first 2 offers in one day. Coincidence!
My offer was rejected as was the other. They want 180k but said would accept 175k for me as I have no chain and cash waiting. If I dont pay 175k they will sell to the other people.
I said I would go 170k tops they are sticking to 175k but chucking things at me right left centre. Light fittings, carpets, blinds, curtains, dining room table, dining room cabinet etc.
I said I would think over night but strongly believe this extra buyer is make belief. What do any of you think. I am a stubborn git and tempted to lose this dream house by sticking to my guns half expecting a call next week saying yes. But for the sake of 5k should I go for it.
The other party are downsizing and part of a long chain despite having sold their house. This is what I was told anyway?
House sold for 197500 in April 05 & 139000 in December 2000 as a guide.
Does sound a little suspect that two offers have been made on the same day, however if they have rejected both offers as they seem to suggest how are they going to offer it to the other party at 175k? agents still playing games?As I placed the offer I was told someone offered 175k this morning. So on the market since July and first 2 offers in one day. Coincidence!
My offer was rejected as was the other. They want 180k but said would accept 175k for me as I have no chain and cash waiting. If I dont pay 175k they will sell to the other people.
I said I would go 170k tops they are sticking to 175k but chucking things at me right left centre. Light fittings, carpets, blinds, curtains, dining room table, dining room cabinet etc.
I said I would think over night but strongly believe this extra buyer is make belief. What do any of you think. I am a stubborn git and tempted to lose this dream house by sticking to my guns half expecting a call next week saying yes. But for the sake of 5k should I go for it.
The other party are downsizing and part of a long chain despite having sold their house. This is what I was told anyway?
House sold for 197500 in April 05 & 139000 in December 2000 as a guide.
do you actually like the fixtures and fittings enough to pay 10k for them? probablly wouldn't cost more than a few to put all new in
as for leaving the fixtures and fittings in, they should be there anyway to an extent, ie that you would expect the carpets to be left in (any seller taking them and everyother bit out should be avoided imho), any expensive fittings would at least need to be replaced with cheaper ones before completion.
You've also got to wonder if the furniture is stuff they don't want to take with them, so throw it in as part of the deal - would it of been left anyway
matt21 said:
I said I would think over night but strongly believe this extra buyer is make belief. What do any of you think. I am a stubborn git and tempted to lose this dream house by sticking to my guns half expecting a call next week saying yes. But for the sake of 5k should I go for it.
you could either pay the extra, leave it and see if the sold signs go up or go for the slightly riskier strategy and speak to the vendor directly and ask about the two offers to try and see if the agents are mucking aboutif nothing else leave the offer on the table and see if they get back to you
if you think 165 or 170 is a good offer then why increase it, there will be other properties and you'll never be in the position you are in now
matt21 said:
House sold for 197500 in April 05 & 139000 in December 2000 as a guide.
imho you need to guess where you think it will be in 5 years time when you need to remortgage, neg equity could seriously limit your options when your deal ends and you move onto the svrEdited by Brite spark on Friday 27th February 18:59
KENZ said:
Stick to your guns. Only one way house prices are going at the mo and it's not up!!
maybe, but how long do you wait? they wont go down for ever.if the house you want is there and you can afford it, then buy it (at the right price obviously)
check the value of houses in the area on www.zoopla.com
anonymous said:
[redacted]
vendors are a recently married couple. they are buying a new bigger house with both their sales of houses. however they have sold one, been waiting to sell this since july and agreed to buy another. they want to sell this but can afford to buy the other anyway so it will just be left empty with them still paying the mortgage.I would bet a pound to a penny there is no other person/offer. At the end of the day if they are telling the truth and suddenly come back and say they have accepted the other parties' offer (which I doubt) then you can match it later because you still are likely to be in the better position purchase wise.
In the meantime I'd say tell them to get stuffed at the moment at least... Just in a more polite way, i.e. just say that 165k is your max and that is it............
In the meantime I'd say tell them to get stuffed at the moment at least... Just in a more polite way, i.e. just say that 165k is your max and that is it............
Edited by Jasandjules on Friday 27th February 18:54
If it really is a dream house and you are not maxing yourself out then go for it, 5K is not a great deal IMO in the grand scheme of buying a house.
If you have a doubt and it is pushing you of your comfort zone then perhaps it is best to leave it, there doesn't look like being an upwards surge in prices anytime soon so the money you have waiting will still get you an equally nice home.
If you have a doubt and it is pushing you of your comfort zone then perhaps it is best to leave it, there doesn't look like being an upwards surge in prices anytime soon so the money you have waiting will still get you an equally nice home.
paoloh said:
Merc fan said:
shirt said:
Merc fan said:
shirt said:
a perfectly reasonable answer
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