Repossession, 2 offers, we need to submit our final offer

littlened

I had a good look into prices before we put in the offer of 90k. The house next door is up for sale at the minute for 119k, another house down the street which is the same as the one we've had our offer accepted on but it's nicely decorated is up for 135k.

In 2006, the house was bought for 117k.

Seeing as we're not buying the house to make money, we think it's a bargain at 90k.

When the house went on the market, it was on for 106k, it dropped to 96k, then down to 86k.

littlened

pawpurrs wrote: »

Where abouts is it OP? Sounds cheap!

It's in the north east, where everything is cheap

hethmar

Ned, if you are happy, thats the important thing

GDB2222

littlened wrote: »

I had a good look into prices before we put in the offer of 90k. The house next door is up for sale at the minute for 119k, another house down the street which is the same as the one we've had our offer accepted on but it's nicely decorated is up for 135k.

In 2006, the house was bought for 117k.

Seeing as we're not buying the house to make money, we think it's a bargain at 90k.

When the house went on the market, it was on for 106k, it dropped to 96k, then down to 86k.

That is really the info you need to work on, ie actual sale prices, not what the neighbours would like to get for theirs. You also need to take into account work that may need doing and that prices currently are lower than 2006 levels.

I don't get the bit about "Seeing as we're not buying the house to make money, we think it's a bargain". Just because I am buying baked beans to eat them doesn't alter my perception about whether I'm gtting a good price when I buy them.

If prices fall another 25%, will that be ok, or will you be upset with yourselves for not waiting? You'll be paying more on your mortgage for years to come, but you will have the benefit of having settled down now, rather than waiting.