Viewed first house tonight - FTB
Discussion
Geoffers said:
Always get a second opinion,
Put in a daft offer, you may well find the agent will come back and say "Our client will not accept your offer of X, but they will accept Y "
Gives you a good idea of what the vendor will actually accept. It also helps to state that if the offer is accepted, you would look to exchange and complete in 10 to 12 weeks.
Could even go for a quicker timeframe to tempt the seller, a FTB buying a house with no onward chain should be able to wrap things up in 6-8 weeks no problem.Put in a daft offer, you may well find the agent will come back and say "Our client will not accept your offer of X, but they will accept Y "
Gives you a good idea of what the vendor will actually accept. It also helps to state that if the offer is accepted, you would look to exchange and complete in 10 to 12 weeks.
rah1888 said:
Geoffers said:
Always get a second opinion,
Put in a daft offer, you may well find the agent will come back and say "Our client will not accept your offer of X, but they will accept Y "
Gives you a good idea of what the vendor will actually accept. It also helps to state that if the offer is accepted, you would look to exchange and complete in 10 to 12 weeks.
Could even go for a quicker timeframe to tempt the seller, a FTB buying a house with no onward chain should be able to wrap things up in 6-8 weeks no problem.Put in a daft offer, you may well find the agent will come back and say "Our client will not accept your offer of X, but they will accept Y "
Gives you a good idea of what the vendor will actually accept. It also helps to state that if the offer is accepted, you would look to exchange and complete in 10 to 12 weeks.
Geoffers said:
rah1888 said:
Geoffers said:
Always get a second opinion,
Put in a daft offer, you may well find the agent will come back and say "Our client will not accept your offer of X, but they will accept Y "
Gives you a good idea of what the vendor will actually accept. It also helps to state that if the offer is accepted, you would look to exchange and complete in 10 to 12 weeks.
Could even go for a quicker timeframe to tempt the seller, a FTB buying a house with no onward chain should be able to wrap things up in 6-8 weeks no problem.Put in a daft offer, you may well find the agent will come back and say "Our client will not accept your offer of X, but they will accept Y "
Gives you a good idea of what the vendor will actually accept. It also helps to state that if the offer is accepted, you would look to exchange and complete in 10 to 12 weeks.
i'm guessing that things are pretty quiet right now, given the level of transactions, so should be pretty quick.
Well done on a very sound start to the property ladder. Always start low, like someone said earlier what's the worst they can do? - say no - then you make another offer.And taking parents, again sound advice from others, getting a second opinion from people who have been there before, what have you got to lose? I took parents, friends & partners parents to my 1st house.!
Get your finance sorted before you put in an offer. Use a recommended solicitor and if you have any connections in the building trade get them to do a look over the house as well as a survey.
Offer approx 10% off the asking e.g 150 asking = 135 offer and be prepared to go up 30% of the difference if you really want it.
Good luck.
Offer approx 10% off the asking e.g 150 asking = 135 offer and be prepared to go up 30% of the difference if you really want it.
Good luck.
My (ex) wife took my parents and her mother around the house we first bought, but not the second. Somehow having owned a house previously we were well aware of the things to look out for, even after having a complete survey rather than just a valuation.
I'm just in the process of buying my "first" house on my own, and have knocked off over 20k from the price of a 130k house.
If this is the house you want, offer a little below what you are prepared to pay. Then if they reject that offer what you are prepared to pay, and wait. Tell the estate agent that the offer remains on the table until you notify them otherwise. I waited for 6 weeks before they came back and accepted my offer, and threw in the kitchen appliances and some other furniture that they had said I could make an offer on.
I'm just in the process of buying my "first" house on my own, and have knocked off over 20k from the price of a 130k house.
If this is the house you want, offer a little below what you are prepared to pay. Then if they reject that offer what you are prepared to pay, and wait. Tell the estate agent that the offer remains on the table until you notify them otherwise. I waited for 6 weeks before they came back and accepted my offer, and threw in the kitchen appliances and some other furniture that they had said I could make an offer on.
mouseymousey said:
Do most first time buyers get their parents to give prospective houses the once over then?
Ignore this type of comment.It is a good idea to take someone with you if you've not bought a house before. The agent will be simply interested in the sale and not your long term wellbeing.
Parents will give good advice and support, if not parents then a freind who has maybe owned a few houses. First time buyers may not have the experience to notice things that could cost them a large amount of money in the first couple of years or things about the external location / poisition of property that you might miss in your excitement and be more inclined to have a rose tinted view.
Good luck.
mouseymousey said:
Do most first time buyers get their parents to give prospective houses the once over then?
I would - the old man has a few properties, I have none. It would be crazy to throw away experience like that because of a stigma that you still need advice from people older than you. (<--- Clause: I still pretend to know everything)mouseymousey said:
Do most first time buyers get their parents to give prospective houses the once over then?
I did. First viewing was on my own, then when I decided I liked the place I arranged a second viewing and took my parents along. Nothing wrong with that. They've owned houses for 40 odd years, I haven't. Simple as that.Trevelyan said:
mouseymousey said:
Do most first time buyers get their parents to give prospective houses the once over then?
I did. First viewing was on my own, then when I decided I liked the place I arranged a second viewing and took my parents along. Nothing wrong with that. They've owned houses for 40 odd years, I haven't. Simple as that.Mine were also contributing to the deposit, so they had an interest in the place.
Why are they selling? Ask them directly, see how open and honest the answer is (there may be terrible neighbours, thieves operating daily, vandalism abound etc).
No harm in taking your parents along though, why not get some experienced eyes to look at the place, and ask the questions you may not have thought of.
As for the offer, I am a bit pathetic, so I'd offer a reasonable amount. However, I would say that (and say to the EA when making the offer) house prices are estimated to fall by 10-15% this year, therefore asking for 10% or so off is simply attempting to ensure you are not in -ve equity right away...
No harm in taking your parents along though, why not get some experienced eyes to look at the place, and ask the questions you may not have thought of.
As for the offer, I am a bit pathetic, so I'd offer a reasonable amount. However, I would say that (and say to the EA when making the offer) house prices are estimated to fall by 10-15% this year, therefore asking for 10% or so off is simply attempting to ensure you are not in -ve equity right away...
as someone trying to sell a house at the momnet, heres some advice. the person you are buying from will need to get a suitable amount from their home sale because to buy another property they will at best, only get a 75% LTV mortgage at the moment.
thus they need to have at least 25% of the value of the house they want to buy in equity and/or some cash to pay for the fees.
in my position, the house is on for £130K but selling at that price would only give us £35K to play with as we bought it for £100K and i think we have about £95K owing. So anyone offering less than £120K is gogin to get turned away, we are not desperate to move but would like to be closer to the city centre but we arent going to just accept the first offfer knowing that prices are a little higher where we intend to move.
in short, its all very well saying you will try to get £XXXK off the price but the lending market is so screwed at the moment that whilst you are in a good position with the deposit etc, most people with a house around the FTB price, will be relying on equity in order to move up the ladder. Unless the person is desperate to move for work/personal reasons, your plans to put in a cheeky offer will end in disappointment.
thus they need to have at least 25% of the value of the house they want to buy in equity and/or some cash to pay for the fees.
in my position, the house is on for £130K but selling at that price would only give us £35K to play with as we bought it for £100K and i think we have about £95K owing. So anyone offering less than £120K is gogin to get turned away, we are not desperate to move but would like to be closer to the city centre but we arent going to just accept the first offfer knowing that prices are a little higher where we intend to move.
in short, its all very well saying you will try to get £XXXK off the price but the lending market is so screwed at the moment that whilst you are in a good position with the deposit etc, most people with a house around the FTB price, will be relying on equity in order to move up the ladder. Unless the person is desperate to move for work/personal reasons, your plans to put in a cheeky offer will end in disappointment.
pablo said:
as someone trying to sell a house at the momnet, heres some advice. the person you are buying from will need to get a suitable amount from their home sale because to buy another property they will at best, only get a 75% LTV mortgage at the moment.
thus they need to have at least 25% of the value of the house they want to buy in equity and/or some cash to pay for the fees.
in my position, the house is on for £130K but selling at that price would only give us £35K to play with as we bought it for £100K and i think we have about £95K owing. So anyone offering less than £120K is gogin to get turned away, we are not desperate to move but would like to be closer to the city centre but we arent going to just accept the first offfer knowing that prices are a little higher where we intend to move.
in short, its all very well saying you will try to get £XXXK off the price but the lending market is so screwed at the moment that whilst you are in a good position with the deposit etc, most people with a house around the FTB price, will be relying on equity in order to move up the ladder. Unless the person is desperate to move for work/personal reasons, your plans to put in a cheeky offer will end in disappointment.
I'm interested in your logic. With the market falling at a fair rate, surely you want to be selling as soon as possible - chasing the market down will can only end in disaster?thus they need to have at least 25% of the value of the house they want to buy in equity and/or some cash to pay for the fees.
in my position, the house is on for £130K but selling at that price would only give us £35K to play with as we bought it for £100K and i think we have about £95K owing. So anyone offering less than £120K is gogin to get turned away, we are not desperate to move but would like to be closer to the city centre but we arent going to just accept the first offfer knowing that prices are a little higher where we intend to move.
in short, its all very well saying you will try to get £XXXK off the price but the lending market is so screwed at the moment that whilst you are in a good position with the deposit etc, most people with a house around the FTB price, will be relying on equity in order to move up the ladder. Unless the person is desperate to move for work/personal reasons, your plans to put in a cheeky offer will end in disappointment.
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