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Advice for first time Buyer
Big_John_4
Posts: 9 Forumite
We have offered £315k on a house which has been on the market now for some 4 months at £350k. It was originally on at £380k for 2 months (6 in total), - way too much money for what it is.
The seller (a developer) bought the house 13 months ago for £275k (some £20k more than similar houses in the area had sold for at that time) and has completely refurbished it. (New integrated kitchen, bathroom, plumbing / boiler, rewiring, flooring etc) The work is of a good standard.
Prior to my offer, The EA told me that that there were currently no other offers and as the house was empty and costing some £1200 per month to service the debt I thought he might bite at this offer. (We are first time buyers with mortgage in place and ready to go.)
My offer was revoked and we then went to £319k, which once again he turned down.
I spoke to the EA on Friday who told me that another person was viewing the house for the 3rd time this weekend who are also first time buyers and he will call me this week to discuss the position.
I see three possibilities.
He accepts our revised offer at £319k. – Should we still deal at this price?
The other person (real or Phantom!) outbids us and he invites us to make a counter bid.
He tries to negotiate us up to a price where the seller will deal.
The house is 2 bedroom so not suitable for everyone.
I’d welcome guidance on what we should do.
The seller (a developer) bought the house 13 months ago for £275k (some £20k more than similar houses in the area had sold for at that time) and has completely refurbished it. (New integrated kitchen, bathroom, plumbing / boiler, rewiring, flooring etc) The work is of a good standard.
Prior to my offer, The EA told me that that there were currently no other offers and as the house was empty and costing some £1200 per month to service the debt I thought he might bite at this offer. (We are first time buyers with mortgage in place and ready to go.)
My offer was revoked and we then went to £319k, which once again he turned down.
I spoke to the EA on Friday who told me that another person was viewing the house for the 3rd time this weekend who are also first time buyers and he will call me this week to discuss the position.
I see three possibilities.
He accepts our revised offer at £319k. – Should we still deal at this price?
The other person (real or Phantom!) outbids us and he invites us to make a counter bid.
He tries to negotiate us up to a price where the seller will deal.
The house is 2 bedroom so not suitable for everyone.
I’d welcome guidance on what we should do.
0
Comments
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I might as well be the first person to say 319k is a hell of a lot of money for a 2 bed place.
Where on earth is it!!:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Marlow in Bucks0
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The only advice I can give is, only offer what its worth.
Basically I expect the seller is in a situation where every single month they will be needing that 1200 to be making up thier percieved losses. All depends how desperate they are.
Whats the most you will pay for it ?Offer that, leave it on the table and say, you wont go up from there. theres no point in overstretching yourself is therE?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
wow,£320k would buy a mahooosive house in my area!0
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and mine LOL:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
My sig's too large, apparently - so apologies to whoever's space I was taking up.:lipsrseal0
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That's my problem. I don't know what it's worth. This particualr EA has a lot of the for sale market but I feel their houses are over priced. I have given as much history as I can, price they paid, condition etc and I have made my offer based on that.
Thanks for your reply0 -
I would stand firm at 319k....unless you can afford more and must have it....
Estate agents sales pitch take with a pinch of salt and remember you are in a great position...also int rates up and market getting quieter0 -
have you checked on https://www.rightmove.co.uk - sold prices - to see what houses actually sold for in your streeet.0
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nethouseprices.com is good too.Happy chappy0
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