what would you offer for this?

rach!_3

http://www.reedsrains.co.uk/usrPropertyDetails.aspx?from=buy&PropID=110092

this is the house we were/are meant to be buying paying £84,575 plus £5k gifted deposit. i want honest but not mean answers please
£84,575 is all halifax said they would give us now due to whats going on with banks etc they have reduced this to £70,000 would it be too cheeky to see if she will now accept this?("IF" FA cant get us another deal for original amount).
we want to know whether to just give up on the house or to try our luck.
as far as we have been told DG & GCH is almost brand new and wiring is only around 5yrs old.

to be honest i am just hoping FA can come up with another deal, as we dont want to offer less and risk losing it.

Cannon_Fodder

Is the reduced amount from Halifax based on your deposit/Loan-to-value/affordability, or is it the valuation of the house?

If the house is valued at £70K, show it to the EA and say, sorry it'll have to be that, no more. They can only say no or yes. If someone wants to come along with cash and pay more then £70K, let them go into immediate negative equity.

If the problem is affordability/LTV/deposit/salary, why put yourself into debt more than necessary/you can afford?

Prices are still on the way down...there will be, there are, other houses.

pawpurrs

Dont take this the wrong way, but isnt your vendor getting twitchy yet, your offer was accepted a long time ago and you still havent had the survey done,and IIRC you were not putting sol in touch untill they did the survey.
Have you not mentioned the problems tou are having yet to the EA/vendor?
Has your FA not looked in to other mortgage deals for you yet?

rach!_3

as far as im aware they have put it down due to changing lending criteria etc with what has been going on with banks etc lately.
the survey hasnt been done yet due to FA trying to get us another deal.

rach!_3

pawpurrs wrote: »

Dont take this the wrong way, but isnt your vendor getting twitchy yet, your offer was accepted a long time ago and you still havent had the survey done,and IIRC you were not putting sol in touch untill they did the survey.
Have you not mentioned the problems tou are having yet to the EA/vendor?
Has your FA not looked in to other mortgage deals for you yet?

i wouldnt take it wrong i understand completely, everything we are doing we are doing on the advice of the FA and i havent heard from him since friday when he said he would let me know saturday aft if he had gotten us a d.i.p. from elsewhere, have email several times aswell as text and tried to call to know answer, as far as im aware from the EA she wnats the sale to go ahead as she hadnt had viewings or something until us.

pawpurrs

As I have said before please be honest with your vendor tell them exactly what has happened and that you are trying very hard to come up with another option. Lack of communication, makes so many deals come unstuck.
At this point you can tell the EA/Vendor how much you want the house and how hard you are working to get a mortgage, also you could get them to ask the vendor if you cant get the mortgage at x amount whether they would be willling to reduce.
Has your soliceter done any work on the deal yet?

rach!_3

the solicitor hasnt, no.
im not sure whether to go to ea or vendor?

andrewmp

Without knowing the area it's impossible to say. That sort of property wouldn't be sold for £85,000 in this area (North East), probably sell for close to £70k. I'd try the 70k thing, you have nothing to lose!

pawpurrs

Are you in contact with the vendor?

rach!_3

pawpurrs no we arent but its not going to be hard as she lives next door to the property

andrewmp we are in east yorkshire

andrewmp

rach! wrote: »

pawpurrs no we arent but its not going to be hard as she lives next door to the property

andrewmp we are in east yorkshire

If that's all you can borrow then you have no choice but to go back and offer that amount. If it is accepted, great, if not, move on.

How much are you total earnings per year?