House Buying - Moneysaving Tips

Marcus1981

Hi,
Interesting read however I have a question re: the people used in the deal.

Broker? When the term broker is used, is this the same thing as a IFA? This the person who get's your mortgage deal if you dont go direct to banks etc..? I wasnt aware those who get you the mortgage also help with the buying in submitting offers etc.. or do I have this wrong?

jonewer

slosher wrote: »

Hi all, would be appreciative of any advice you can give me, am a FTB with cash and with no house to sell and am looking at a house for asking price of £249.950 what would a good starting offer be? House has been on the market in 2008 and then back on again in Nov 09, they wanted £297000 for the house in 08 and now want £249.950.

Many thanks for your help.

I'm afraid that up to you! Just remember, the worst that can happen if you put in a low if is that they say no.

uk_property_expert

Get yourself in a position where the estate agents love you. Get a dip on a mortgage and show the agent, Offer a 48 hour exchange when you have found a solicitor that can do a 48 hour exchange get a letter from them to say you are in a position to offer a 48 hour exchange. Be flexible on completion date then this is area dependent say to the estate agent here is proof of mortgage offer and proof I can exchange in 48 hours do you have anyone who is priced to sell that will accept a 80% offer in return for a 48 hour exchange. Repeat the question to 10 agents and 1 will find someone willing.

Or arrange a bridging loan facility then design a leaflet and deliver it to the area you want to buy in saying that you will do a 48 hour exchange and complete within 2 weeks but in return you will pay 80% of the market price. You will need to research the prices in your area or for around £150 you can get a surveyor to do a drive by valuation or use hometrack

uk_property_expert

If you are not embarrassed by your offer you are offering to much

sarang

First timer - my daughter wishes to get on the property ladder - seeking advice regarding this via bank and independent adviser. She probably will not get a large mortgage only earns £16-17k we are aware of a house locally which is about to be repossessed (owner not selling just waiting for eviction to go in to social housing) can an offer be made to the owner at below market value (£40-£45k) i.e. would say if went on market would be put on for £60k - £70k (needs cosmetic and some structural work) - could the lender block any deals because it would fall short of what is owed i.e. £65k plus 18 months of arrears/court fees etc

bridgewells43

Nationwide are giving

bridgewells43

Nationwide are giving free conveyancing on mortgages. "Yourconveyancer" in Dunfermline are contracted to do it. I've just saved hundreds of pounds. Good luck.

Squish_21

uk_property_expert wrote: »

Get yourself in a position where the estate agents love you. Get a dip on a mortgage and show the agent, Offer a 48 hour exchange when you have found a solicitor that can do a 48 hour exchange get a letter from them to say you are in a position to offer a 48 hour exchange. Be flexible on completion date then this is area dependent say to the estate agent here is proof of mortgage offer and proof I can exchange in 48 hours do you have anyone who is priced to sell that will accept a 80% offer in return for a 48 hour exchange. Repeat the question to 10 agents and 1 will find someone willing.

Interesting - never heard of this before. Is this something you have done yourself?

Zankee

Real estate investing should be like any other investment, if you can't measure the ROI, the cashflow or the IRR. Then you are probably not walking into the deal with a clear picture of what you should be offering

chriszz

Nationwide are a good company to go with to be honest. They arent too pushy when it comes to trying to sell you extras and it was a very smooth process too. Best rates at the time as well (1.5yrs ago).