House Buying - Moneysaving Tips

money_spending_expert_4 · 9 September 2007 at 9:05PM

Hi Samspam, I forgot to ask how do we check when the house builder financial year end is ? Thanks again for previous info.

Feoras · 25 September 2007 at 7:20AM

Hi Andy, hope your reply for the post is worthful here in this topic than Doozer post. you have done a great reply for the post elaborately explaining how to buy home. i found your guidelines are really useful for all the buyers buying home. hope your 8 years work experience is amazing in this field.

t_i_g_e_rr · 17 October 2007 at 10:04PM

Please forgive my panic, but I have been asked to make an offer on a repossession property tomorrow morning, "possibly best and final offers" (I was told this today at my first viewing). I don't know what I am doing.

I know it has been on the market for just over 1 week. It is basically sound but needs a kitchen and central heating (boiler and radiators taken). It is a 3 bed mid terrace, town centre location. I am told there are a number of investors interested. It is up for 84,950. According to hometrack it is worth 109,000 (but obviously this is for a house in good repair).

I am a cash buyer. I notice a recommendation here to offer a starting offer of 10% less (i.e. £76,500). Is this wise in this situation. I am told the property has "a lot of interest", but is this just estate agent speak? I was thinking of offering 78k - 80k.

Any advice (especially quick advice) greatly appreciated.

Guy_Montag · 17 October 2007 at 10:11PM

t_i_g_e_rr wrote: »

Please forgive my panic, but I have been asked to make an offer on a repossession property tomorrow morning, "possibly best and final offers" (I was told this today at my first viewing). I don't know what I am doing.

I know it has been on the market for just over 1 week. It is basically sound but needs a kitchen and central heating (boiler and radiators taken). It is a 3 bed mid terrace, town centre location. I am told there are a number of investors interested. It is up for 84,850. According to hometrack it is worth 109,000 (but obviously this is for a house in good repair).

I am a cash buyer. I notice a recommendation here to offer a starting offer of 10% less (i.e. £76,500). Is this wise in this situation. I am told the property has "a lot of interest", but is this just estate agent speak? I was thinking of offering 78k - 80k.

Any advice (especially quick advice) greatly appreciated.

My advice:

1) Start your own thread, you'll get more response,
2) best & final offers is not the same as haggling with the seller (which is the 10% thing), the rules change, you get one chance.
3) Only you know what the place is worth to you. You know what comparable houses are like, you have to decide.

Just to make it more fun imagine the countdown clock ticking down - have you made your mind up yet?

err. wrong thread, but most of the advice is still good

Doozergirl · 17 October 2007 at 10:14PM

If it's only those two things wrong, then the asking price sounds like a good deal, especially if there are many interested parties.

You can always wait to find out what the 'successful' offer was and then go in higher. Best and Final does not really exist when it comes to repo's. The lender is obliged to consider all offers.

What you do need is a mortgage approval and proof of deposit - the bigger the better in these circumstances.

t_i_g_e_rr · 17 October 2007 at 10:19PM

Thanks for quick responces.

Cash Buyer? I can sign just as soon as they want. Any idea how much this will count for? (this is more of a general question I suppose).

I'm going to start a new thread. Thanks. http://forums.moneysavingexpert.com/showthread.html?p=6588965#post6588965

Doozergirl · 17 October 2007 at 10:23PM

Cash is KING with repo's and may win you the property over slightly higher offers that will need mortgage finance. You will need proof of funds to show, probably with your offer.

indigoblue_3 · 18 November 2007 at 8:47AM

Hi,this is my first time... got to act quick to get the deal... our present home worth 150,000, new property 85,000, our mort is 35,000, we are 1 year into our new business. we would prefer not to put ours on the market till the spring,or could rent .cash flow for living is tight ,but opportunity is very good, would apreciate any ideas and advice.

indigoblue_3 · 18 November 2007 at 8:49AM

havent figured out where to post new questions yet !!!!!! get there eventually....

chriserenity · 18 November 2007 at 2:36PM

I'd just like to say that a big moneysaving tip when considering a house is the information contained in an Energy Performance Certificate provided for free (or a small surcharge) to the buyer by the seller in the Home Information Pack (currently only 3 bedrooms and above).

If you have a choice of five properties all with different price tags the EPC can help you decide if that pricetag is worth it in terms of how much the home will cost you in your gas/electric bills and how much work might be involved in bringing the place up to scratch in terms of energy efficiency and limiting the amount of carbon the home produces.

The EPC breaks down the property and tells you how much you can expect to save over a year if for example you filled your cavity walls with insulation or if you swapped the clapped out old open flued coal fired boiler with a new energy efficient condensing natural gas one.

It lays out your options after a thorough inspection by a qualified inspector and gives you an idea on whether its worth doing the improvements. Again, this information is in most cases free for the buyer so ask for it and read it!

Most of us look at the 'A-G' scale when considering which lighbulbs to buy or whether the new washer is worth it, why not a home?

House Buying - Moneysaving Tips

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