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1st time buyer, property that needs work, urgency in sale...
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EagerLearner
Posts: 4,976 Forumite
Hi all,
We have been contacted about a property (Brighton area) that has fallen through. The price is £180k but needs at least £10k spending on it.
We know they're keen as they were in a chain that fell though and they already have boxes ready for their planned move away from the area and as I understand it have comitted to another property.
There is no data for the property as they have lived there a long time now.
Given that previous buyer was in a chain and we're not plus we have a mortgage agreed in principle and good reasonable deposit - we don't want to be mean, but the market is changing daily. We're trying to guess what to go in at... how cheeky would you be?
;)
We have been contacted about a property (Brighton area) that has fallen through. The price is £180k but needs at least £10k spending on it.
We know they're keen as they were in a chain that fell though and they already have boxes ready for their planned move away from the area and as I understand it have comitted to another property.
There is no data for the property as they have lived there a long time now.
Given that previous buyer was in a chain and we're not plus we have a mortgage agreed in principle and good reasonable deposit - we don't want to be mean, but the market is changing daily. We're trying to guess what to go in at... how cheeky would you be?
;) MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover
0
Comments
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150
well you did ask.0 -
Wow - a new level of cheekiness! True... then I worry another FTB will snap it up, properties are selling now in the area quite quickly...MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover0 -
You've been contacted. You can but try ... if it's something you're not bothered about then it's easier to be cheeky and not care if they accept0
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We'd be able to up the offer I guess but can emphasise the speediness, quick moving date etc. Hmmm, have to have a think.MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover0 -
It would not have got above stamp duty from the abortive buyer, I suspect.
How much below that? You'll have to compare similar houses, check their sales prices at www.nethouseprices.com
How long has it been on the market? Use Property Bee to find out, check for price changes over the period.
Then compare with how that fits on Brighton's price moves...
[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1>=1&a=Brighton+And+Hove&s=01 January 2007&e=01 April 2009&t=1[/IMG]
Add in some gut feeling, how badly you want it....0 -
Thanks Cannon Fodder wow that's an impressive chart there...
It's been off market for a while as was being sold, not sure how long this had been on the market, I have IE so can't use PropertyBee but the crux now is that they're stuck and need a buyer. EA said prev offer close to stamp duty but I wouldn't trust it...MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover0 -
download firefox then, or give me the rightmove link...0
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Thanks CF, no RM link as it isn't officially on... will have to look at FireFox later and see what's what, so stressful! xMFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover0 -
Is it worth £180k with the work done? Can you afford that? Most people may not want to unpack for £1k, but will happily unpack and stay put for anything like £5k i would say.
Besides which, if you offered £20k less than the previous offer, that will mean they can't afford to proceed, maybe.0 -
Ask for evidence of the previous agreed price. They can only say no!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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