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slightly cold feet
slopemaster
Posts: 1,581 Forumite
OK, so I've had my offer accepted.
It's what I decided the place was worth , and 20% less than it was originally on at.
I have 70% of the purchase price to put down.
Compared with renting, it is cheaper - based on the interest I lose on the money I put in, plus the interest I pay on the loan. BUT of course if it continues to lose value as well, then it is probably not cheaper!
So, slightly cold feet...
It's what I decided the place was worth , and 20% less than it was originally on at.
I have 70% of the purchase price to put down.
Compared with renting, it is cheaper - based on the interest I lose on the money I put in, plus the interest I pay on the loan. BUT of course if it continues to lose value as well, then it is probably not cheaper!
So, slightly cold feet...
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Comments
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If you have any doubts pull out now.
I usually go with gut instinct.
Good luck!0 -
hmmm..
thanks for the good wishes
Its about 2001 price, so seems not bad, but still
Oh well, I'm going to get a builder to take a look at it for me,
not committed to anything yet0 -
slightly similar circumstances as you, we put an offer on 380k house of 358k and it was accepted (seller has just lost out on his house by the amount i reduced his by if you understand what i mean, so i need him to find another house before i can move)
I have 272k to put down. I'm sure the houses will drop further but i dont mind paying a extra few K just to ensure i get the house i want now. I remember late 2007 and what it was like trying to find a house they were going at asking price or over on the day they went up for sale, and it was getting pointless going to book all these houses for a saturday viewing when the time you got round there they aleady had above asking price already offered.
These are similar houses to what we see back then, and were £425.00 or more, so i'm glad i waited.
personally with that amount of cash to put down i would feel safe that even if they drop a little more then who cares, you have a house you wanted.Listen to what people say, but watch what people what people do!!0 -
Seems a good price. If you need a house now then go for it.Squish0
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If someone bit your hand off when you offered 20% less than they were asking, and you now reckon you'll be paying 2001 price, so the asking price was low in the first instance, ask yourself why."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
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What ou expecting a builder to do? Give you a quote for doing it up? Or tell you it's structurally ok?0
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If someone bit your hand off when you offered 20% less than they were asking, and you now reckon you'll be paying 2001 price, so the asking price was low in the first instance, ask yourself why.
yep it could be a money pit, held together by wallpaper.
it could be the seller HAS to sell. always doing as much research as you can so there are less nasty suprises.
unless you are going to want to get further loans on the house or are hoping to buy now and sell in 12 months and make a profit, it sounds like you have found a decent deal.what is the plural of moose?
slags0 -
If someone bit your hand off when you offered 20% less than they were asking, and you now reckon you'll be paying 2001 price, so the asking price was low in the first instance, ask yourself why.
I am doing.
But mebbe they just want shut of it.
We accepted almost 20% below asking price (and 10% below what we paid in 2007) on the place we sold last year. Just glad to have got out.0 -
poppysarah wrote: »What ou expecting a builder to do? Give you a quote for doing it up? Or tell you it's structurally ok?
Tell me how much a new kitchen and bathroom might cost, so I can take that into account.
I've already mentally allowed for it, but want to see if what I've allowed is about right.
Hopefully no structural problems as its apurpose-built flat in a block so any problems would be common to the whole block. (It's not new though, maybe 1970s.) So I will contact the management company to ask if anything is known about re major problems with roof, foundations etc. Anyone know whether they are obliged to tell me???
And anyone know about surveys on flats?
I mean, if I was buying a house I wd get a full structural survey, but how does that work on a flat? Is it necessary - and surely even if I paid for full structural survey they wd only look at the individual flat?0 -
That's exactly why you should tread carefully. What house of horrors are they so keen to get shut of exactly?slopemaster wrote: »...But mebbe they just want shut of it...."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
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