FTB Help!

txa622

Hi all, I am just looking for some advice really ...

My boyfriend and I viewed a property last night that we are really interested in. We really like the property and whilst there a few cosmetic changes that we would like to make, there is nothing major that needs doing.

We do however think it is a bit over-priced - it is on the market £114,950. We know that two similar properties on the same street sold for a very similar amount, but this was back in 2006 when the market was obviously much stronger.

We would really like to put an offer in, but being first time buyers we aren't really sure how to proceed. Does anybody have any suggestions about what would be a reasonable first offer to make? Also, what kind of time frame should we wait (if any) before making the offer?

I know there are probably loads of people who have already asked these kinds of questions, but any advice would be much appreciated.

Thanks, Tanya

BitterAndTwisted

What other houses sold for three years ago is not material. Have any of the houses in that street been sold in the last few months? How long has this particular house been on the market?

Also why are you in such a hurry to buy right now? Crystal-ball gazers reckon prices are going to drop a quite a bit further in the next 12 months. Is this going to be your forever home or just temporary lodgings?

mbga9pgf

General consensus on a couple of bearish websites is:

If you arent embarrassed when you put the offer in, its not low enough!

superfran_uk

Offer what you think it's worth. By now you should have looked around enough properties to make a judgement. They can only say no, in which case you can increase your offer or find somewhere else.

Bermuda_John

95000 should be a nice start, doubt they would go lower than 100k, psychological i think.

state on the emial when you offer that you are first time buyers and can therfore complete with very little problem as you have the mortgage all sorted

EA will love it

im in a similar situation and it appears the EA is on my side ....... 172,500 and i got it for 145,000

i threatened twice to walk away and always delayed my responses for days to make it appear liek i wa sserious. i was getting two or three calls a day from the EA pleaded for my response

brit1234

House prices are at 2003/2004 levels at the moment and dropping. If it is above these prices then it is far too expensive as prices are still rapidly falling.

Look at actual selling prices not the asking prices which are inflated and will see you massively losing out.

superfran_uk

brit1234 wrote: »

House prices are at 2003/2004 levels at the moment and dropping. If it is above these prices then it is far too expensive as prices are still rapidly falling.

Look at actual selling prices not the asking prices which are inflated and will see you massively losing out.

Depends where it is. In some areas house prices haven't fallen much at all. You just have to see a lot of places and compare what is on offer.

brit1234

I disagree. Mortgage restrictions are Nationwide and not area specific. Mortgage lending defines prices with the exception of cash buyers.