FTB help

sneezyboots

Sorry to pester you all with what is probably quite silly questions but i want to make sure i do everything right.

Myself and other half are looking at a few properties tomorrow, one of which would be our second viewing on a flat. We have an agreement in principle thing from our broker which says we can get a mortgage and that we are basically ready to proceed. The flat which we are viewing for the second time tomorrow we really like. We have got some background info on it (ground rent, maintainence, etc) and have checked what it last sold for, but haven't yet seen the HIP. Depending on the other properties we see tomorrow we are probably (90% likely) going to put an offer in on the flat.

Here are the questions:
Firstly should we definately see the HIP first?
Secondly, when do you think would be a good time to put in an offer after viewing without seeming too keen? I suggested thursday/friday, OH said why not monday?
Thirdly, and most importantly, how much do you think we should offer initally? It is on the market for £114,950 which i think is actually quite good (most similar properties seem to be £120+).

As i mentioned, we don't want to seem too keen, but I am aware that the estate agents are really trying to sell this place and have given it a larger space in the local paper this week than their others. I believe the current owner is moving to renting too so no chain and probably wants to get out quick.

Thanks for any help you can provide
xx

G_M

Firstly should we definately see the HIP first?

Why not? Go in to the EA who has to show it to you free.

Secondly, when do you think would be a good time to put in an offer after viewing without seeming too keen? I suggested thursday/friday, OH said why not monday?

Why wait? After checking the Hip, say you like the property, have mortgage arranged, but have a limit on what you can offer. Mention any work the house needs doing, (kitchen update whatever) and then offer....

Thirdly, and most importantly, how much do you think we should offer initally? It is on the market for £114,950 which i think is actually quite good (most similar properties seem to be £120+).

why not try £110 on the understanding it is to be a quick sale.

ciano125

Why not look at comparable SALES evidence rather just other asking prices? And do you have to buy a flat? You'd probably be much better off getting a house, although it will depend upon the area of course.

geoffky

prices are at 2003 prices so have alook ..i would be starting at 95k myself....whats the hurry?

david29dpo

Certain things in the HIP may be of interest i.e. terms of the lease and the length etc. So worth a look before you view.

sneezyboots

Thanks for all the advice. In response to some of your points:

With regards to mentioning anything neededing improving, it is actually perfect and was only built 2005 so has no faults.
Thanks for the 2003 info. I didn't realise that, but unfortunately the flat was built in 2005. (sold for £130,000)
I will definately have a look at the HIP before offering now.
And finally, we don't have to buy a flat, but this one is very nice. We are looking at houses too.

Thanks again

pawpurrs

If you really want the flat, then dont play games waiting untill friday, just because you dont want to appear too keen, what if someone else offers before then? As long as you set the budget you are willing to pay and dont go over it, I really cant see the logic in that, the vendor will have a price they are willing to accept and you a price you are willing to pay, that wont change between today and friday?

before_hollywood

sneezyboots wrote: »

Thanks for all the advice. In response to some of your points:

With regards to mentioning anything neededing improving, it is actually perfect and was only built 2005 so has no faults.
Thanks for the 2003 info. I didn't realise that, but unfortunately the flat was built in 2005. (sold for £130,000)
I will definately have a look at the HIP before offering now.
And finally, we don't have to buy a flat, but this one is very nice. We are looking at houses too.

Thanks again

flats built circa 2005 arent brilliantly built imo (my ex lives in one)

could have bought one down the road from my place and didnt

cattie

I really just don't see the point in waiting to put in an offer if you want the flat. If you decide it's the place you want to buy then surely you'd want to secure it for yourself & not risk losing it to somebody else?

I can understand waiting a few days before increasing an offer you've made on a place you want to secure, but not the initial offer. It just doesn't make sense.