The FTB club

Xinpei

Hi Selena, I think I only signed papers with the solicitor twice. First was during the beginning where you fill in your details like name, address, etc. Second time was the actual contract to be exchanged with the other solicitor after the searches are done. Signing the contracts with you r solicitor does not seal the deal - only exchange of contracts is! So actually, not that many times. I prefered one near us (though it was not cheapest) because I was paranoid about things getting lost in the post etc.

Xinpei

dottiepeas wrote: »

This might not be good time to be thinking this!...BUT!....

Do you think we should wait for house prices to drop even further before buying!? I've been completely confused/getting cold feet from reading on another forum about house prices, saying that I'm basically a fool for buying now!!...as the prices have only started to drop since last year, and they (these poeple on this forum) say it will take a couple more years to drop further!...and tell me to wait until NEXT year to buy!!?

You know we've have had our offer accepted!...but it's only at the initial stages!....but do you think waiting for another year would be better!?....Part of me feels that I should wait....and then part of me wants a house now!!....so I just don't know!...the house we offered on, is a normal semi-detached, so more of these will crop up again at some point I'm sure?.....maybe I've got too much time on my hands to get these doubts about buying now!!!........

Dottie I know it can feel terribly scary! Not to attempt to add to your panic, I read somewhere the worst prediction for house prices is for them to fall to £75,000. But somehow I don't see people SELLING at that price. If there are no houses for sale, no one is going to to have a chance to buy anything?

It is everywhere on this forum that people are saying you should wait or you are stupid to buy now etc. Honestly, they could very well be right - prices could crash on further and blahey blahey blah.. Sooooo, the BIG SOOO is that you will have to know 100% this is what you want to do NOW. and when you get about picking the house, making the offer, bear all these factors in mind and try to protect yourself. Largish deposit, low offer price, etc, good resale chances etc..

The other side of the coin is - rightmove has published two month increases in house prices - albeit this is the asking prices. Lots other people on the forum will go on about how unrealistic these sellers are but they ARE pricing higher and that is something no opinions on a forum can change.

My father in law, who is in the construction industry, has been out of work for months in the run up to Xmas 08 now has contracts lined up for him and he never been busier. Buyers enquiries are up so people ARE looking (sure there is the looking but not buying thing but they are LOOKING). Depending on where you look, some say spring is a traditionally quiet time, some will say it is a active time because it is a new year.. so interpretation of the increase in asking prices can go both ways.

Anything can happen - i still have a dream about what could happen in my ideal world :j .. As soon as credit lets up, people will be able to buy houses again. hmm I mean, conventry BS lent US money - so it cant be that bad lol.

SelenaLouise

Ok so I have soicitor sorted and have just received Memorandum of Sale. Its all very exciting.

Now to arrange mortgage and survey things. I wonder how long it will take to get sorted after the survey is completed.

How is everyone else doing?

Xinpei

It could be very very fast! Are you in a chain at all Selena? Hows the mortgage deal looking like too?

Hubby laid down the drive over the weekend and we bought more furniture from Ikea on saturday - looking at the dining chairs on littlewoods direct and feeling VERY tempted! what do you think? I like the blue ones http://www.littlewoodsdirect.com/rf/lxd/navigation/spreadDsbs.do?categoryId=8347996&spreadId=8130178&cmEvent=page_navigation

QTPie

Hi

Does this thread welcome "no chaim buyers" as well as "FTB"?

We are just about to begin seriously looking at properties (having sold our own and going to be renting it back for 6 months). I have a few properties that I am "watching" (through rightmove), but we wanted to get the sale out of the way and get "chain free" before starting to look.

So this will be back to the more fun side of the fence (being a buyer, rather than a seller).

QT

SelenaLouise

Hey I’m a first time buyer so no chain, my FA is trying to finalise everything with mortgage company about my deal with them or something. Then I hope I can arrange the survey. HIP has been completed and has been sent to my solicitor.

I need to calm down though because until I have the keys in my hand I don’t really want to get excited at all.

Does anyone know how long it takes to do a Homebuyers Survey?

pipo

Me and my OH are also FTBs looking to join this club. We went in to see several properties at the weekend and per our requirements have now narrowed it down to two, very similar properties (price, layout, square footage, etc). In fact they are both on the same road!

We’ve arranged 2nd viewings for each one on Thursday and I had a little chuckle to myself when both EAs said “Is that the earliest you can do? We have lots more viewings taking place between now and then.” Which may very well be true, but since we’re not really in any hurry to buy we are prepared to play the mind games. The only thing is that sales seem to be picking up in our area which is a slight cause of concern – just hope that no one starts offering before us as we’d really be reluctant to start offering on something we’ve only seen once.

Will provide more updates as and when they happen.

MsConfused

Hello old and new posters. Well another update from me. We have started having all our solicitor forms come through (identity checks, etc) that we need to sort out. We had a mortgage valuation done that looks fine. Our lendors are happy to go ahead with mortgaging on the property, and valued it at our offer. The only thing we're concerned about is the valuation form states "a homebuyers report is strongly recommended". Our mortgage broker said it was up to us if we wanted one but didn't seem too concerned. Should we get one at extra cost? The house we've put an offer in for is from 1980s (we were told '84 but the valuation says '80) so not too old. Just confused as to what it would tell us, and whether its a a waste of money. Any ideas?

SelenaLouise

Can you do a top up of what you already have or do you need to do the Homebuyers report from scratch

VKay

Had a second viewing on Sat. Still liked the property. Put in an offer on Sat morn. Had to wait til Monday as the EA say they don't pass on offers on Saturdays! Wot??Anyway, our cheeky 'initial' offer was refused and there are two other offers on the table- apparently close to asking price but neither buyer proceedable. Don't know if i wantthe house enough to bother with trying to compete with their offers. i don't think the house is worth the asking price and didn't plan on offering more than 10% under anyway. Will have a ponder but think perhaps this one isn't the one for us! Getting a bit sick of the waiting around and silly games the EAs seem to play plus we have seen every house in our price range at least once if not twice!