2 houses OTM for the same price a few doors away...

Manchester_Lucy

Hi,

We are FTB. We have got a mortgage in place for £130,000 and are ready to take the plunge. :j :j :j

We've identified a couple of 3 bed houses that are within our price range and we've going for viewings today to see if we REALLY like them enough to offer.

Thery are both on the market for £130,000. They are ex-council so we've found that one was bought in 2002 for £57,000 but this was probably a discounted rate and therefore not a realistic market value. Recently houses in the same road have sold from around £110,000 to £130,000. There has also just been a 2 bed house go up for £139,950 but it's had an extention. They may well play on the fact that theirs are 3 bed so therefore worth the full asking price. _pale_

If we do like them and go the offer on one then do you think we stand a better chance of going in with a lower offer and almost playing them off against each other.

The houses in this area (Sale, M33) that are under £170,000 are few and far between so we wouldn't want to lose either but want to get the best price possible. Stamp duty is currently set at £125,000 so if we could get below this figure then I'd be a lot happier!
:j :cheesy:

abbecer

All i can say is you won't know if you don't try. Five years ago i offered £66,500 for a house that was £73,000. It is now worth at least £220,000. If the owners didn't sell quickly they were going to lose the bungalow they had set their hearts on. Go in for a low offer and you can always go up but you can never go down. Good luck with it.

Rebecca x

abbecer

Apologies for multiple posts. Computer seems to have gone crackers!!

Rebecca x

Manchester_Lucy

Well we're due to see them today at 3pm so I'll see what they are worth to us. It all depends on how long they've been on the market and I'll only know this when we speak to them.

I just don't want to lose them because I start playing too many games but then again I guess that the house buying process is all one big game, you just have to know the rules before you play!

divadee

abbecer wrote:

Apologies for multiple posts. Computer seems to have gone crackers!!

Rebecca x

i have deleted your duplicate posts xxxx

Cara79

Hi there

How did you get on this afternoon Lucy?

Just a thought from me, if they are advertising the price at £130,000, to be quite honest, I doubt they would get any offers over £125,000 due to the stamp duty.

Therefore, I would not go above £125,000 or is it £124,999?!

I would also think that they will not be expecting to get the full asking price.

Good luck
x

loujay_2

Hi, Just wanted to let you now my experience.
We have lived our our house for 10 years and have decided to move, so this is the first house I have sold and its very stressful. Im very excited at buying a new home and couldnt wait to get looking. Everyone told me whats meant to be will be and its true. Each house Ive fell in love with has sold or weve been out bid or fell through and each house I fall in love with has been better than the previous.
We are in a similar position to you, most houses in our area M45 are £160 plus and the ones we can afford and better ourselves are few and far between. All I can say is sit back and take your time, whilst Ive been looking and thinking I'll never get another like this, more come on the market. My house sold 9 weeks ago, we found one to buy then our buyer pulled out but then I found an even better house. Ok thats sold now too as we were out bid but Ive finally accepted and realised that they are coming on the market all the time.
Good luck.

Miss_Penny_Pincher_2

If they are not willing to go to go as low as £125,000 (stamp duty starts at £125,001) then you could possibly offer £125k and perhaps £2k for their fittings e.g. old cooker etc. This avoids stamp duty and is legal as long as what you are offering towards fittings could be said to be of similar value that the fittings are worth.

Manchester_Lucy

Cara79 wrote:

Hi there

How did you get on this afternoon Lucy?

Just a thought from me, if they are advertising the price at £130,000, to be quite honest, I doubt they would get any offers over £125,000 due to the stamp duty.

Therefore, I would not go above £125,000 or is it £124,999?!

I would also think that they will not be expecting to get the full asking price.

Good luck
x

Well we went to look round. Both properties were pretty much exactly the same layout just different interia design :rolleyes:

The first couple are emigrating to Oz as she has been offered a nursing job out there, their property has been on the market for just a week. They also said that a lot of their white goods and other fixtures and fittings would be available at a good price as they don't want to take them with them. We've got a lot of our own white goods but things like curtains would be useful maybe to save us having to find some for each window.

The second couple had put in an offer for a new house on the same estate that we're currently renting on that has been accepted. However the other vendor has kept their property on the market as this couple hadn't got a buyer for their house. Their house has been OTM for 3 weeks.

Overall we think that the first house is probably a better one for us although like I said they were almost exactly the same.

The idea was that we put in an offer of around £120,000 on Tuesday but the OH wants a second viewing before we do this and we could only do this on Thursday, is this waiting too long or do you guys think that we'll still be in with a chance?

I don't think they will accept our first offer but I don't want to go in too high to start with. I thought we'd go to £122,000 after that and if that's rejected then maybe approach the other property and start the bidding process with them. Any advice much appreciated!! :embarasse

Manchester_Lucy

Any advice on how to 'play' the offer process with the two properties.

I know I'm a pesky FTB, but I need help! I'm already having sleeples nights!

PS I've also folded down lots of pages in the IKEA catalogue which I know is a bit premature but it's currently my bed time reading! ;-)

real1314

Manchester_Lucy wrote:

Any advice on how to 'play' the offer process with the two properties.

I know I'm a pesky FTB, but I need help! I'm already having sleeples nights!

PS I've also folded down lots of pages in the IKEA catalogue which I know is a bit premature but it's currently my bed time reading! ;-)

If you would be happy to live in either property, then play them off against each other, espcially if both are with the same EA.
Put an offer in on the "best" one at the price you'd want to start on the worst one.
If it's rejected, put that same offer on the worst one.
I'd start well into the "cheeky" zone, what can they say? No?

Just don't get attached to one in favour of the other, stay even on both and see who is most desperate to sell.
Ok, some might see this as being "not nice", but they don't have to sell for what you offer, just what they agree to and holding out for more and more money is equally "not nice".

ps Whereabout in Sale are they?