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First Time Buyer - Please help. Viewing property on Saturday
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chugalongzoe
Posts: 41 Forumite
Hi all
I have been reading loads of threads on this section and found them very helpful. But I
still need help.
Me and my partner are going to view 2 3 bed houses on Saturday. House A is Price Guide
£124,950 - £139,950 this one has been on the market since August 2008 originally on sale for
£149,950 and kept knocking the price down. It needs refurbishment. The second one we are
going to see is House B is Price Guide £119,950 - £129,950 this one has only been on the
market since 19 January 2009. This one also needs refurbishment.
My first question is they both have a price guide does this mean that they don't want
anything less than they are asking? Depending on which one we like I was going to put in a
off for £100,000 what do you think?
Question 2 if we put an offer in for one of these and eventually they accept one how long do
I have to get the morgage sorted? I have a Independent Financial Advisor who is helping me
but his on holiday at the moment so do you think if I ring him next Monday to say an offer
has been accepted it be ok or do I have to give morgage details to the estate agent as soon
as they have accepted my offer.
Also what are the criterias to getting a morgage? (for example do we both need credit card
etc.)
I have about 15K deposit and I have been told deposits have started to come down if that is
true.
Because they are both have No Chain which would be better for us how long do you think
everything should take.
Any help and advice would be very grateful because I'm very nervous about doing all of this.
Thanks
Zoe
I have been reading loads of threads on this section and found them very helpful. But I
still need help.
Me and my partner are going to view 2 3 bed houses on Saturday. House A is Price Guide
£124,950 - £139,950 this one has been on the market since August 2008 originally on sale for
£149,950 and kept knocking the price down. It needs refurbishment. The second one we are
going to see is House B is Price Guide £119,950 - £129,950 this one has only been on the
market since 19 January 2009. This one also needs refurbishment.
My first question is they both have a price guide does this mean that they don't want
anything less than they are asking? Depending on which one we like I was going to put in a
off for £100,000 what do you think?
Question 2 if we put an offer in for one of these and eventually they accept one how long do
I have to get the morgage sorted? I have a Independent Financial Advisor who is helping me
but his on holiday at the moment so do you think if I ring him next Monday to say an offer
has been accepted it be ok or do I have to give morgage details to the estate agent as soon
as they have accepted my offer.
Also what are the criterias to getting a morgage? (for example do we both need credit card
etc.)
I have about 15K deposit and I have been told deposits have started to come down if that is
true.
Because they are both have No Chain which would be better for us how long do you think
everything should take.
Any help and advice would be very grateful because I'm very nervous about doing all of this.
Thanks
Zoe
0
Comments
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Tip no 1: Ignore price guides, offer what you feel is right. Yes they may "want" a price in that range" but you only offer it if you feel it's the right price. If you think it is worth 100k to you then offer that, if they say no that is their right. Never offer more than you feel a property is worth, likewise a seller shouldn't take less than they feel their property is worth to them.
Tip no 2: Don't view these 2 to decide which one you like, you'll need LOTS more viewings of properties to get a real feel for the market and what is the right property and what is the price you should be paying. I must have done 100 viewings on 70 properties in order to find the right one at the right price.
Tip no 3: Ring your mortgage advisor, find out what you can get, and you will need to at the very least to be able to give the estate agent a number for a mortgage advisor if not a mortgage in principal when you make your offer to be taken seriously. If you don't know the criteria for getting the mortgage your IFA clearly hasn't helped you enough! The IFA can also advise you more on your deposit amount, don't forget you'll need to pay solicitors fees as well.
Tip no 4: Can take a month or 6 months from offer to completion. I offered in Dec, and am completing next week.
Now isn't necesserally a bad time to be a FTB, but please please please don't offer on either house A or B withou looking at some more first. Your a girl, if you were getting married would you only try on two dresses? No because it's too important to get it right, house buyign is the same.
GOOD LUCK!Riding out the receession.........0 -
Hi lil'H
Thanks very much for your response I found it very helpful and very useful. Gosh that is alot of houses you viewed lol. I've only looked at 1 so far lol.
Because of the deposit we have really it would only cover 15% on a £100,000 house unless I got that wrong. Our deposit is £15,000. To be fair with my financial advisor I only discussed it with him on Thursday and nows his on holiday. I didn't even know about these properties at the time.
Your help again would be much appreciated.
thanks again0 -
Remember house prices are falling a about 20% a year and likely to continue to fall well into next year and prehaps longer.
If you are going to buy you need to put in the offer under the guide price to help reduce this loss. Explain to them if they have a problem with your quote that prices are falling fast and their sales price has to reflect this.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
0 -
Thank you brit1234 so how much do you think I should start with? less thank £100000?0
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In terms of offers, we viewed a house a few weeks ago that has been on the market since August 08 - at £180000, it was reduced ultimately to £150000 in December 2008.
We offered £130000 (I blushed when I made the offer - after reading the advise here, if your offer doesnt make you blush, its possibly too high;) ) the estate agent was very practical about it, if the vendors can get the same reduction on their next property its all relative - the vendors, not surprisingly, declined the offer.
We made a futher offer of £13750 the response from the EA was, "IF the vendor can get the same discount on a property they like they WILL settle at your offer, we are throwing everything we have at them over the next two days in terms of viewings and will let you know Wednesday" - keep your fingers crossed that these lovely vendors find a house they love for a price that suits them and me.
The advise posted many times on here seems good, offer lower than you are prepared to pay, you can always increase your offer if it is rejected - goodluck.0 -
I agree with the other posters, fees and moving costs can be several thousand pound on top, and then you have to buy furniture etc. The best morgage deals require you to have 75% LTV (25% loan). Perhaps work out how long it will take you to save an extra 10-15k. if its around 18 months it makes sense to save hard and also benefit from reductions in house prices in the mean time.
I kno people move for all manner of reasons but as a FTB you really shouldnt jump in without a mortgage in prionciple.
Also OP you didnt mention how secure your job is - that would be a big worry of mine when buying a property at the moment.
Good luck with what you decide!0 -
Spoke to an EA yesterday who was frustrated because people were "too embarrassed" to make low offers. He said that it was better for the vendors to get offers even if they did not accept them than no offers at all. Also, if they get consistently low offers perhaps that will show them that have over-priced it?0
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Hi everyone thanks for responding its been very helpful. We are luckey we have all our furniture already and I have extra money aside for removals and solicitors. As for our jobs they saying no job is secure is true but I think mine and my partners are ok.0
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