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NickDurham wrote: »If I could thank you many times I would! Cheers for all this jamtart and at such an hour!
The mortgage we've found is Natwest 1st time buyer 5 yr fixed special - there's NO product fee, valuation at about 250 - and it's by far the cheapest (5.99%) at 90% LTV. We want a full structural survey, but rather than risk losing 750ish quid I figured on getting the basic valuation done through Natwest and then arranging my own structural survey if the valuation is OK and/or if the vendor lowers the price if that valuation is low. The independent structural survey is apparently cheaper - about 500 - so it should work out the same, but I won't have to risk losing so much if the valuation is way down.
Basically, we love the house. Area is OK- not great, but not bad. Best house in the area and there are no others that come close. Other areas we've been looking at for over a year - very little has come up. We just lost the one house we found which ticked all the boxes - VERY similar scenario, but that one genuinely WAS priced to sell. This one is priced about right - which is why we might be paying over the odds... BUT it IS a great house - all the space we need, biggest garden we've seen in any house for a year, lots of potential for converting outhouses...
All in all, I think my best option is to bid high to get the offer accepted and then[STRIKE] if [/STRIKE] WHEN the valuation comes through at below what we've agreed, go back to the vendor and try to make him see sense (ie this will only happen again, if not get lower, so only cash buyers will be able to buy the house) and lower the price back down to more like what we'd like to be paying. If he doesn't we've lost a few hundred quid. If he does, we've got a house we love at a price of roughly what it's worth (acc to the bank!).
Any flaws in the plan let me know! lol
It's no problem, I'm still laughing at the Chelsea fans on the footy thread, opportunities like this don't come up that often. Also, I know how stressful this situation was for us, and I know many people on here will just say "don't buy now" which isn't helpful when you've seen a bargain!
Sounds good re: the valuation. I think if you accept the £250 for the survey is lost then you wotn be as gutted if it doesnt come off.
Just read Pasture's post, I'd feel gutted if the other bid was substantially lower, but in hindsight I'd only pay what I thought the house was worth. If our house was up for £130k, I'd have been amazed at it being a bargain 10-20k cheaper (typically priced at 150k).......so when it came on at 115k, I knew anything we offered up to 130k was still a good bargain, so 120k was fab! at the time i thought "ooh 2k is my central heating paid for"...but luckily i had sense to up the bid to that and NO MORE. We both were clear on that, and accepted if it was mean to be it would be.
Good luck! let us know how you get on!!
:ABeing Thrifty Gifty again this year:A
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It's no problem, I'm still laughing at the Chelsea fans on the footy thread, opportunities like this don't come up that often. Also, I know how stressful this situation was for us, and I know many people on here will just say "don't buy now" which isn't helpful when you've seen a bargain!
Sounds good re: the valuation. I think if you accept the £250 for the survey is lost then you wotn be as gutted if it doesnt come off.
Just read Pasture's post, I'd feel gutted if the other bid was substantially lower, but in hindsight I'd only pay what I thought the house was worth. If our house was up for £130k, I'd have been amazed at it being a bargain 10-20k cheaper (typically priced at 150k).......so when it came on at 115k, I knew anything we offered up to 130k was still a good bargain, so 120k was fab! at the time i thought "ooh 2k is my central heating paid for"...but luckily i had sense to up the bid to that and NO MORE. We both were clear on that, and accepted if it was mean to be it would be.
Good luck! let us know how you get on!!
Will do! 606 on the BBC website was a laugh tonight too! lol
I think I'm only beginning to realise just how stressful buying a house is... and I thought a year of seeing almost every house on for sale in Durham was stressful! (I'm almost serious - we must've seen about 60 houses!)0 -
PasturesNew wrote: »There was a Kirsty/Phil episode where some woman went to sealed bids and won the house .... but there was a mixup in the paperwork a bit later and the EAs accidentally sent her a copy of the other sealed bid - and it was significantly lower than what she had offered... so she felt really ripped off.
I'll see if I can dig out more details in the next 10 minutes. If I do I'll update this.
Update: I can't find specifics, it looks like in that sealed bid Kirsty ramped them into giving it their highest shot and they bid £140-200k more than the next nearest... if I track down the episode/details in the next half an hour I'll update again.
:eek: Jesus!!! At worst we'd be about 3-4k above the other people... galling but nothing in comparison to that!!0 -
The guide was about £450k ... and they were typical annoying programme participantsNickDurham wrote: »:eek: Jesus!!! At worst we'd be about 3-4k above the other people... galling but nothing in comparison to that!!
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Just an update: I've decided not to email the vendor at work - they may well know about it and not sure I'd gain much. I'm going to pop into the EA 1st thing to see if I can get a sense of what's going on, and then mate today make a high offer. I'm basically going to use the bank's valuation as my way of seeing whether I'm offering to pay over the odds.0
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Is there something I am missing here? Why are you offering to pay over the asking price on a house in the current financial climate? I know you like the house but you are basically saying you are only making this offer to secure the house and then when the real valuation comes in you are going to make the owners drop the price or walk away. How would you like it if someone did that to you? It's not their fault that people are being silly over their house.
Of course the valuation is going to come back lower than what you are paying for it - do you think the vendors are trying to sell their house for less than what they had it valued at or something?0 -
Is there something I am missing here? Why are you offering to pay over the asking price on a house in the current financial climate? I know you like the house but you are basically saying you are only making this offer to secure the house and then when the real valuation comes in you are going to make the owners drop the price or walk away. How would you like it if someone did that to you? It's not their fault that people are being silly over their house.
Of course the valuation is going to come back lower than what you are paying for it - do you think the vendors are trying to sell their house for less than what they had it valued at or something?
I don't get your point. If the valuation comes back at the same price we are offering then fine. If it is lower, then I don't see how the vendors could complain. Neither we nor anyone would be able to get a mortgage to pay more than that.
I'm guessing that even in the current market, when a property is very popular and a one-off, then there's a chance it will go for more than the asking price.0 -
Agree with SandC.
The only reason they can go to bids is because you are letting them.Been away for a while.0 -
Running_Horse wrote: »Agree with SandC.
The only reason they can go to bids is because you are letting them.
So you think I should refuse and just not offer any more? I'm genuinely interested to know a way out of this, as it seems a way of inflating the offers to a level that they muyst know can't be backed up by a bank's valuation.0 -
I think you're being played. I don't believe there is another serious bidder - all too convenient for the seller. I think the EA has smelt how badly you want this and is doing a good job of getting the highest price for his client, the vendor.
If you really, really want the house I'd tell them that your previous offer is your final one. Personally I wouldn't go over asking price, but as you say, it's only by a couple of k so if you feel ok with that price, stick with it. Frankly, I'd be amazed if you didn't get it!0
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