Please advice me on what to do

drex_123

Hi looking for advice made an offer on house in november was refused Ea has contacted me saying vendors will now accept it. Drop of 10k from what they wanted. The house is ok 9 out of 10 boxes ticked. But since then another has come on that i would really like but 25k over budget made a very red faced offer of 25k under [EA was very pleasent got the feeling they would have liked client to have accepted] however as expected offer refused but said they would take drop of 5k. I am currently in rented after selling house i had no mortgage left on, with this and some inheritance i have 100k in bank the interest was paying the rent but with the cuts its not looking so good.On reasonably low income so would prefer to stay mortgage free.Worked very hard to pay of mortgage and was very lucky at the times bought & sold at.

What would you do if you were me
A Buy first house outright & have enough to spend on it with some left over
B wait & see if second drop anymore maybe take on small mortgage
c wait and see what happens with market & see what becomes within my price range

I am driving my self crazy with what to do for the best so any advice would be very very helpfull[In glasgow]

itsnever2lateisit?

Bet they want to accept an offer you made 3 months ago:rolleyes: I would offer at least 10% below that now, if not more. Just remember, you are in the driving seat, good luck with whatever you do

bo_drinker

Offer 10% lower on house A. The market has dropped since November. 9 0ut of 10 boxes is good.

macaque_2

drex_123

Don't accept the earlier offer. Just don't. Those people were foolish and greedy. If you are desperate for this particular house, you need to think about knocking at least another 20% off the price (lenders are looking for deposits of 40%. What does that tell you?)

Never forget that house prices are intimately linked to income. Your best option by far is to wait for a few months (at least). This is why:

UK companies are shedding jobs at an ever-growing rate, says the Chartered Institute of Personnel (CIPD).

http://news.bbc.co.uk/1/hi/business/7878206.stm

drex_123

Thanks guys I would feel awful offering less again but i know i can't let that influence any decisions [as we say in Glasgow don't know if i've got the bottle for all this lol]

housesitter

Why on earth would you feel awful???

Are you a charity?

If they don't accept a lower price from you they know they will be waiting further still and dropping more.
You are in a winning situation. Don't waste it!

pandamonia

dont buy keep renting and buy at the very bottom of the market. save yourself a fortune possibly, or do cheeky offers well below market value

chucky

pandamonia wrote: »

dont buy keep renting and buy at the very bottom of the market. save yourself a fortune possibly, or do cheeky offers well below market value

or should your post read "dont buy keep renting and buy at the very bottom of the market so that me and Chardonnay my girlfriend can then buy a mock tudor bungalow. it's because i can't afford it right now and don't want to miss the boat because i still have to pay off my £700 a month for my BMW."

pandamonia

chucky wrote: »

or should your post read "dont buy keep renting and buy at the very bottom of the market so that me and Chardonnay my girlfriend can then buy a mock tudor bungalow. it's because i can't afford it right now and don't want to miss the boat because i still have to pay off my £700 a month for my BMW."

chuck you are a grade A !!!!!!.

go read the news and you will see the economic warnings all over the place.

lets just face it.

it feels better when your losing thousands when a few others are sinking in the same ship?

doesnt it chuck

chucky

just a couple of snippets for you - let's see how much of a mug you really are

pandamonia wrote: »

i may be flash and arrogant but to be honest i dont really care?

i waste money on expensive items and all kinds of things but thats my choice.

im living my life to the full before i die.

you can sit on here calling people liars all; day long but i know what i have and i know where im going.

most of the stuff ive posted has been to delibrately enrage the losers who bite.

i then had to explain the warped logic of how you thought house prices would drop
http://forums.moneysavingexpert.com/showpost.html?p=18393219&postcount=312

you then answer this

pandamonia wrote: »

some areas have dropped 17% from peak so far. im just looking at some of the nice areas and the house prices are mixed.

wishful thinking and realistic

so your either talking rubbish in this thread or the other one - don't you remember about all the lies that you tell? :rotfl:

i'm still in awe at you affording £700 a month on a BMW and then thinking it's your right to get a house at the price that you decide... :rotfl:

Zandoni

pandamonia wrote: »

dont buy keep renting and buy at the very bottom of the market. save yourself a fortune possibly, or do cheeky offers well below market value

Agree 100% just hold on to your dosh and buy when houses come out of free fall.