FTB Question

mrsnow101

There are a few houses I am interested - marketed by a company have never heard of called Novahomes. Both are on at around £180k, and are on a new development. They are either being marketed by Novahomes on behalf of the developer, or they are re-selling (following a repo I assume). There are a large number of these houses on the development that have still not been sold - and have been listed since last June. We are FTB's with a nice deposit and a mortgage offer in principle- ready and raring to go. £130k is the max I am willing to go - am I being a tad unrealistic?

zone

£120-135k tops sounds ok. But it will depend on the location and surroundings.

mrsnow101

Thanks for the reply. I guess I’m after re-assurance more than anything that I’m not being completely unrealistic. Worst case scenario is that if we make an offer, they will just say no I suppose…..

It would be great to hear if other people have made offers in or around the mark I outline in my op...

mrsnow101

Ok, well we have just arranged a viewing of the properties for early next week. When speaking to the agent on the phone, she was quite open about the fact that they were repossessions – and that they as agents were selling the properties on behalf of the bank.

One of the properties still has a tenant – who will be vacating as soon as their contract ends (not sure as to when that will be). The agent also revealed that one of the houses had an offer made on it, but their chain subsequently collapsed (which I knew from using Property Bee!)…

I'm guessing and hoping (!) that a ftb in a proceedable position is quite a valuable commodity at the moment!!!

Edit: Just looked on www.houseprices.co.uk, house number 1 originally sold for £270k on 16/11/2007

TopKat*1

Hi Mrsnow101

I am in the process of buying a repo, offered 20k under asking price and was accepted so its all starting to move now, but it is still being marketed so someone can still come in and beat us, im just hoping like u say that a FTB is a valuable commodity as we can complete quickly.We made an offer last Wednesday and in 7 days we have had our mortgage approved, they are sending valuer around today, solicitor is just waiting for paperwork from vendor before they start their searches.