have i been totally unrealistic?

lostinrates

before_hollywood wrote: »

i have offered about 8% below as a realistic offer, i offered 15% below and was pretty much laughed out by e.a

i cant really say too much about it but its not in an expensive town, my parents viewed on my behalf on somewhere (i am a ftb in my 20s and was working, e.a wouldnt give a viewing on my day off) and the house was overpriced at 60k, and i mean vastly overpriced

before hollywood, how future proof is the property for you? I'm not sure where in your twenties you are but a lot of things can change very quickly at that age and I'm wondering how much room for growth this property might give you? Would you have room to live with a partner and child/children there, for example (and never say never!) if you couldn't sell?

In an ascending market moving up a stage, though expensive, was relatively quick. Its highly possible things won't be perky for a long while, and being locked into a home could be a little risky.

I'm not arguing that buying now is necessarily a bad idea, just suggesting that you buy something that has some room to grow built in.

before_hollywood

lostinrates wrote: »

before hollywood, how future proof is the property for you? I'm not sure where in your twenties you are but a lot of things can change very quickly at that age and I'm wondering how much room for growth this property might give you? Would you have room to live with a partner and child/children there, for example (and never say never!) if you couldn't sell?

In an ascending market moving up a stage, though expensive, was relatively quick. Its highly possible things won't be perky for a long while, and being locked into a home could be a little risky.

I'm not arguing that buying now is necessarily a bad idea, just suggesting that you buy something that has some room to grow built in.

yes i could live in it with a partner and child, its 2 bedrooms and one was previously used as a childs bedroom.

i have been shown many 1 bed places by e.a's and the reason i like this one is it is the best two bed place for the money

thelawnet

10% less? Very generous on your part.

RetroBob

Depends on how realistic the asking price is.

Actual current market value £105k
If asking price = £110k, a 10% less offer is £99k = reasonable
If asking price = £150k, a 10% less offer is £135k = bad deal

Home_Swap_Advice

If you want a realistic idea of what the property is worth, look at what other houses have sold for in the area and what they are for sale for.

Whether houses are dropping "£2,000" a day or any other figure doesn't make an ounce of difference if the vendor is not going to accept an offer based on all the figures already quoted in this post.

As soon as you mention an asking price, everybody jumps in and says that you should offer X% less. Not every house in the country is over valued. The price of this property may have already been reduced to mirror the fall in house prices. Ask your EA if there have been any reductions.

Also, the house has not been valued against the details that you see. The house will have been valued with the work needed in mind. Therefore, using this as a justifier will not have much effect. If the house didnt need any work, it would be on the market for more.

Not all Estate Agents are corrupt. They do work to get the best price for the vendor but they are not going to be turning away possible sales. The vendor may well have stated that he doens't want to accept 3% lower. If he doesn't live there, he may have inherited it meaning he can afford ot wait for higher offers.

Running_Horse

geoffky wrote: »

You Have Offered Too Much..prices Are Dropping 2k A Month On The Average Price House....think About It...

Is It Difficult Typing Whole Sentences With Capital Letters At The Start Of Every Word?

before_hollywood

Home_Swap_Advice wrote: »

If you want a realistic idea of what the property is worth, look at what other houses have sold for in the area and what they are for sale for.

Whether houses are dropping "£2,000" a day or any other figure doesn't make an ounce of difference if the vendor is not going to accept an offer based on all the figures already quoted in this post.

As soon as you mention an asking price, everybody jumps in and says that you should offer X% less. Not every house in the country is over valued. The price of this property may have already been reduced to mirror the fall in house prices. Ask your EA if there have been any reductions.

Also, the house has not been valued against the details that you see. The house will have been valued with the work needed in mind. Therefore, using this as a justifier will not have much effect. If the house didnt need any work, it would be on the market for more.

Not all Estate Agents are corrupt. They do work to get the best price for the vendor but they are not going to be turning away possible sales. The vendor may well have stated that he doens't want to accept 3% lower. If he doesn't live there, he may have inherited it meaning he can afford ot wait for higher offers.

thanks for the advice, its an odd street because of the size- it is small, and the nearest houses either are on a main road or are much bigger.

final offer has gone in, e.a said yesterday they would forward details to the vendor and contact me when he had been in touch, there were other viewings (including one last night) and some this weekend, which despite not being happy about, there isnt much i can do about really. my final offer is exactly that, if it gets turned down then i walk away and have been seriously considering booking viewings on 2 other properties

rsykes2000

Running_Horse wrote: »

Is It Difficult Typing Whole Sentences With Capital Letters At The Start Of Every Word?

It's a forum thing - if you post in all capitals then it removes this and simply capitalises the first letter in every word. Still very annoying to read though.

lostinrates

I think geoffky may have mentioned before that his computer just does that some times.

brummybloke

good luck with the house, i got my keys yesterday for my new house, sold my old one 10 months ago and been renting and living at family house since.

it really is not the same as having your own place. i was very lucky renting wise, a fantastic landlord who couldnt do enough for us, a top bloke also.

but my own house is exactly that, mine.

it is smaller than the house i sold but in a far nicer part of the world and in a great area also so better school for my son and far healthier lifestyle.

i think many people seem far too hung up on the idea that buying a house means you care what it may or may not be worth on paper? who cares, if you are not selling then the only other reason to care would be to 'borrow' further money on it.

im buying a house which will be our home, not a house for investment.