House Buying - Moneysaving Tips

mmctear

Hi all,

I'm in a weird situation at the moment, buying a house with my mum and sister!

I just wanted to ask does it really matter what broker you go with?

I know people on here suggest London and country but we've started to go with someone else. Does it all matter in the grand scheme of things?

We've decided to go with a panel of mortgages instead of whole of market just because we are first time buyers and don't have a lot of spare cash.

The broker is really nice and I am happy (at the moment). Just a little worry!

Thanks for your patience!

M

thecautiousones

Hello everyone

My partner and I are out of the country at the moment and are looking to purchase our first property as we are moving back to the UK. We've been looking for a long time and have recently come across a property we love. The house is in the east midlands and is a mid-terrace priced at 130,000.

We are no chain and have our deposit ready so we put in an offer for 115,000. It was not accepted. The seller is also no chain and his property has only been on the market for x2 weeks.

We really love the property and we don't know what we should do and how long to wait between offers, as we can't go too much higher! Any help would be greatly appreciated.

ManchegoMan

Hi, I'm a FTB (well I think so? - sold my house in July 2005 but rented ever since although it doesnt make any difference as Im looking at properties over th 250k mark). HSBC and my solicitor seem to think so although having just read the notes on MSE it seems clear if you've owned a property in the past then you are not a FTB.

Anyway, I'm looking for a house around 300k and I have a 15% deposit. I've got a mortgage agreed from a previously fallen through purchase and its 'on hold'. I understand it will need adjusting to the new house price, but should be straightforward enough. A solicitor is in place already (they still hold 100 quid of my fee money from the fallen purchase). I can move out of my rented house within 2 months if needed.

I've been looking at houses up to around 350k (well, why not eh?!) and seen a house for 330k which I like. It hasn't been reduced since it came to market (although I think its only been there for just over a month). Buyer has seen a house they want but not offered on it yet. They bought it for 259k in 2004 (although they have added a conservatory since).

I think I will make an offer on it soon. Am I being too low in making an starting offer of 285k? It does sound like it would possibly be unrealistic to accept so low from the asking price, but its a buyers market isn't it.

Although I can afford up to 305-310k its the market uncertainty that makes me nervous.

Some advice would be most welcome as my only ever house pruchase was way back in 2000 when there was a boom and I paid near to asking price at the time.

Dont know if area is important but this house is in south east - towards Newbury area.

Thanks, M.

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Goldust

I've got a question about this point -

8) Submitting The Offer
Bearing that in mind they wish to offer 'x' subject to the following conditions.
All future and current viewings are cancelled
The property is withdrawn from the open market immediately and they have exclusivity over it
The sold board goes up within 48 hours
They receive weekly updates on the progress of the chain.

I'm viewing a property tomorrow and it's up with two different agents. If I put an offer in and it's accepted and the EA takes it off the market surely the other agent could still attempt to sell it. I'm not sure how that works, seems like I can be outbid at any point if it's up with two agents?

anokayperson

out of curiosity what percentage are people asking off the asking price - 10% - 20% ?

paul090971

anokayperson wrote: »

out of curiosity what percentage are people asking off the asking price - 10% - 20% ?

I am looking at a house thats just on for £290K & may offer £250.

I would aim for 12-10% off the price so go low first,maybe 15% first.

PropertyExpertChris

anokayperson wrote: »

out of curiosity what percentage are people asking off the asking price - 10% - 20% ?

It depends on your position in relation to how quickly you can proceed and how keen the sellers are to move on. It pays to ask the agent as much as possible about their circumstances as this will help you guage the offer you go in with.
Typically if you are in a strong position and they are keen to sell it is definitely worth starting at 20% but it is important to validate your offer with a genuine reason for the offer i.e. condition of the property, recent comparable sales or market conditions and not just because that is all you can afford.

In any case good luck with your negotiations, it can be tough and nerve racking but well worth it when you get the property you want.

robatwork

Goldust wrote: »

I've got a question about this point -

8) Submitting The Offer
Bearing that in mind they wish to offer 'x' subject to the following conditions.
All future and current viewings are cancelled
The property is withdrawn from the open market immediately and they have exclusivity over it
The sold board goes up within 48 hours
They receive weekly updates on the progress of the chain.

I'm viewing a property tomorrow and it's up with two different agents. If I put an offer in and it's accepted and the EA takes it off the market surely the other agent could still attempt to sell it. I'm not sure how that works, seems like I can be outbid at any point if it's up with two agents?

It's not the agent taking it off the market it's the vendor - it's them you are making the contract with - so make sure they do

robatwork

paul090971 wrote: »

I am looking at a house thats just on for £290K & may offer £250.

I would aim for 12-10% off the price so go low first,maybe 15% first.

I have been thinking about this too - and the answer is "it depends".
The bottom line is that if it's priced realistically then 15% would be a ridiculous offer, but if it's priced 15% too high then it's realistic!
There is no rule.

The only place where you could say there is a "rule" is around the stamp duty break points. So if you offer say 250k for a 290k house, you should say it's your first and final offer because of stamp duty. If their house is worth 275k and they priced at 290k (which would be a reasonable "drop" to me) then you have no chance..... it depends!

I've had what I think are reasonable offers of just 5% less than asking turned down even in the current market

Rob