Advice for FTB putting in an offer on a house

themanbearpig

It is irrelevent what the vendors paid. Have a look at what other similar house have sold for in that area over the past 6 months. Google streetview makes this very easy to do!

£165,000 is only 15% less than the peak price, which is NOT unreasonable. Its YOUR money, and they are selling in a falling market. Hold your ground, and pay what you feel its worth in todays market, not what they want.

If they don't accept your offer, walk away, and let them wait for a sucker. Chances are they wont find one, and you will be contacted in a few months by the estate agent accepting £165k. And then offer them £150k.

MORPH3US

Whereabouts is the house OP?

What is your and your wife's combined income?

(if you don't mind me asking....)

I obviously don't have all of the detail, so it depends on your circumstances but £175,000 is a lot of money to be spending for anyone never mind a FTB...

Also what sort of LTV will the mortgage be?

patch3228

zchas42 any update on how this went?

whathavewedone

It's all very well to say offer £165k and then walk away if they don't accept but if the sellers can't afford to move at that price they simply won't move.

They're unlikely to be calling up begging for 150k in a few months when all that will achieve is to leave them owing the bank money with nowhere to live.

A more likely result would be that they will simply take the house off the market and stay there until such time as the market enables them to move which will happen eventually. Once prices have bottomed mortgage companies will probably offer negative equity mortgages as they did at the end of the last recession but we aren't there yet.

All depends how much you like the house. In the scheme of a 25 year mortgage going 5k over your budget isn't going to ruin your life. Obviously if there are loads of comparable houses going for 175k then it isn't worth it.

chinup_3

themanbearpig is absolutely spot on op. I am a professional freelance property negotiater, and listneing to posters talking about ''insulting vendors, being rude, wasting agents time'' etc etc is errr alarming to say the very least. LOOK- its the worst market for 35 freaking years,ie ever, either they get that = unlikely, most of the public don't- or they don't so MOVE ON their loss...no exceptions. posters above right about not stretching urselves to much, never underestimate what 'money- pits' houses are. hit hard people.
jeez. the english sometimes