Where are EA's getting valuations from??

puddy

what area is it, there are 625 houses within 3 miles of cardiff, which are 3 beds under the price of 200k, help me narrow it down and i'll find you a nice house!

Gizmogiz

Great thanks so much for that, becuase I clearly haven't seen all 625 of those houses every day when I do my search!
If you do a search on right move for 'within 3 miles of cardiff' it actually brings up a huge number of properties some of which are up to 30 miles away so that narrows it down somewhat.
Anyway this thread is going way off topic. I'm not asking for someone to find me a house under £200k, if I needed that kind of help I would be on Location, location, location.
If you don't know Cardiff at all then you can't find me a 'nice house' simply by searching on the internet.

clairehi

Gizmogiz wrote: »

We were told originally that the seller keen to move but when we put our offer in they said he's not in a hurry to move and wants closer to the asking price.

yes well they will always say that!


What is on your side here is that the EA will want to get their fee ASAP as its costing them money to market the property. the EA (although supposedly acting for the seller) will be keen to get them to accept an offer, if there is one on the table, rather than wait for "jam tomorrow". why would an EA want the expense of marketing a property for longer costing them money every time they show someone round, on the off chance they might get an extra couple of hundred quid on their commission.

I would emphasise to the EA that you are proceedable (hope you have mortgage agreement in principle), as FTB in professional occupation in rented accommodation so no chain, spell it out to them that you are an attractive and committed buyer and that should influence them to push the seller to accept your offer

clairehi

Gizmogiz wrote: »

If you don't know Cardiff at all then you can't find me a 'nice house' simply by searching on the internet.

PS Gizmogiz - are you able to say what school catchment you are looking in?

featherstick

clairehi wrote: »

yes well they will always say that!


What is on your side here is that the EA will want to get their fee ASAP as its costing them money to market the property. the EA (although supposedly acting for the seller) will be keen to get them to accept an offer, if there is one on the table, rather than wait for "jam tomorrow". why would an EA want the expense of marketing a property for longer costing them money every time they show someone round, on the off chance they might get an extra couple of hundred quid on their commission.

I would emphasise to the EA that you are proceedable (hope you have mortgage agreement in principle), as FTB in professional occupation in rented accommodation so no chain, spell it out to them that you are an attractive and committed buyer and that should influence them to push the seller to accept your offer

My thoughts exactly.

EA's work for themselves.

JA1000

I agree this Thread is way off topic. What is wrong with a £180k mortgage on a joint income of £60k with a deposit of £30k. You are young and salaries are likely to only go one way.

You have no debt, you are planning for the future by looking at a family house when prices are low and your main problem is the value of the house.

Well done for doing the research over the last couple of years and still going in at a sensible offer.

I see you having a 15% deposit as well, that 85% LTV will make such a difference.

Keep on going the way you are and go in with the valuations as you have done. Please emphasise that you are effectively a cash buyer with no chain as this can be a trade off for some sellers on price.

Well done.

clairehi

I must say think the OP is being very sensible..I was in a similar position myself 10 years ago as a (pregnant at the time) FTB in Kairdiff and you do need to plan ahead if you are starting a family. moving house is an expensive business, so you dont want to get it wrong if the place is too small or schools are bad. there is a huge variation particularly at secondary level (although you need to be aware that catchment areas can change over time - there was a big upheaval in Cardiff a few years ago I believe)

Gizmogiz

Thanks for those last few posts. I was beginning to wonder why it had suddenly turned into a post about our affordability which I am certainly not asking on a forum about.

For info, we are looking at Whitchurch/Rhiwbina/Llandaff/Roath Park/Lakeside somewhere within 15 mins walk of a train station if possible (though we are starting to think about compromising on this).

We don't yet have a MIP in place as have been warned against it by our broker due to the credit check. With rates changing so much all the time, we don't want to get an MIP with the current best offer only to find we need another credit check done with a diff lender.

puddy

ok, i wasnt suggesting that you havent already looked into whats available or thought about finances, but this is a money saving website and i was trying to offer advice

i feel thankful everyday that i cut down my expectations price wise when we bought this place, in hindsight, the extra 40k that i thought we could afford at the time, would not have been sustainable and would have made our lives very hard

you're (presumably) young and happy, dont tie yourself down with more than you need to is the point i was trying to make

and in any case i like looking at houses, i like being nosey on others behalf!

Leaseholder49

JA1000 wrote: »

What is wrong with a £180k mortgage on a joint income of £60k with a deposit of £30k.

Nothing - but it sounds as if fairly soon this could be a £180k mortgage on a single income of (guessing) £30k.

For our current house we borrowed a similar amount on a joint income of ~£90k, with no plans for kids, and I found this daunting (and this was back in the days of good deals so we have a very low interest rate, paying about £850/month).

But back to the question of the value of the house - if they want/need to sell they will have to accept the best offer. If they don't, they won't sell. I'd stick to your guns and don't offer more than what you think it's worth. You might go through several possible houses before you get a feel for what you will realistically have to pay for what you want.