Confused about house offer - HELP!

Doodlebug1

Thanks for all the great advice, I really do appreciate it and it has genuinely made me less stressed!

I hadn't realised that the survey would provide me with that type of info being a first time buyer so thats good to know.

What type of survey would we need to do to get this info, I know there is the Homebuyers survey which is around 400-500 and theres the structural survey which is twice as much - which would be the better option for this scenario?

Had a loong chat with OH and think we will stick with our original offer and tell them that it is subject to survey - once the survey is carried out we will prob get a better idea of what the house is really worth and whether we should continue.

Also whilst Im here wanted to ask a different question, the house has two boilers one of which is for water and both are in the kitchen - is this better or worse than a combi boiler? if worse how much would it cost to get a combi boiler fitted?

Thanks in advance!

kinglewis

It probably has a water heater and a boiler (one for heating water and one for heating the central heating system) which is not a combi (combination) boiler. Not the end of the world but you will be looking at £2k - £5k (possibly more depending on how awkward the job is).


Don't worry too much about offering too much.. everyone feels that way when they offer. There is no right or wrong answer! It's difficult for everyone! You have done the right thing by offering low and offering subject to survey. You can always back out. Don't reduce your offer until after survey.. you will lose respect from the agent and the buyer as not being serious (unless you have a valid reason).

Don't feel obliged to pay for the most expensive survey! You have 3 options usually. 1. basic valuation (for the lender.. not you. This will usually at least value the house and point out major problems) 2. Homebuyers report - this will value the house and identify ALL the POTENTIAL problems with the house which is likely to throw loads of potential problems at you (Even ones that worry you but are not significant). (in which case you can choose to check them out with your own electrical/damp/roofing experts). 3. You pay for a full structural report on particular issues (At this stage you might have already identified these) or it might be an unusual build or barn conversion??

Final point!! Try not to stress.. I can assure you anyone who buys a house.. in any market conditions always feels they may be doing the wrong thing! It's in the lap of the Gods I'm afraid. If you've done your research.. you'll be fine!!

Doodlebug1

Thanks kinglewis, you have put my mind at ease with this whole situation. I think being so heavily pregnant and the stress of finding a house before I pop finally got to me!!:rotfl:
I have spoken to the estate agents and explained that we are sticking with the original offer and that it will be subject to survey so fingers crossed I'll be starting the new year with some good news!

I suggested to my husband we use a broker to help get us a good mortgage deal but he said we can find all the information we need off the internet especially one of those search facilities (Times) - is that a good idea or should we go with a broker?

Thanks in advance

laughingcow81

You can do both - do your own research to find a good mortgage deal, and also go to a whole of the market broker and see what they can find.

You can always go to your broker and say, "I found this offer at So and So bank, can you better it?"

There are so many mortgages out there...it might be a good idea to check with your own banks / building societies to see what first time buyer deals they have going for current customers too.

jenny74

Doodlebug1 wrote: »

Had a loong chat with OH and think we will stick with our original offer and tell them that it is subject to survey - once the survey is carried out we will prob get a better idea of what the house is really worth and whether we should continue.

Thanks in advance!

Now I'M confused... How can you go with your original offer if they have already declined it??

jenny74

tessa0032 wrote: »

yes sellers always expect you to lower the offer after the survey. They will know what the hidden problems of the house are and will expect you to take all the costs of putting them right, off your offer. My instinct says keep your current offer on the table and say you're very keen. But keep looking - you'll find the perfect place out there somewhere!

Not so, we, as sellers, did not expect our buyers to lower the offer after the survey. And they didn't.

I would also recommend looking around, it seems that you want to pay less than the vendor has decided he will accept. You may find a better house that ticks all of the boxes and that doesn't have the boiler problem.

Good luck!

HellsGranny

If they haven't accepted our original offer, you need to increase the offer to get acceptance, only then can you get a survey, and perhaps re-negotiate downwards if the survey is unfavourable.

The vendors won't let you survey without an accepted offer.

Cheers, HG

Nixer

Er...you are confused. They've said they want 160k. So at the moment all it boils down to is - are you willing and able to pay 160k? If so, offer that. If they accept get the survey done and try to haggle if there are any problems that warrant a haggle. If they don't accept the 160k walk away.

Arrange your own mortgage. Estate agents exist to make money, not to look after anyone's interests but their own. You probably should have a mortgage offer in place before you start making offers on houses though - not clear whether you have.