Putting in first offer, advice appreciated.

Nick_Stone

Rich, I don't think anyone has mentioned this, but if so, forgive me. Get the property surveyed yourself. Don't rely on your mortgage lender's survey. The surveyor's report will tell you if you're paying over the odds and it will also list things you may have overlooked when viewing. Your own survey ensures that you don't get any nasty surprises when you move in - or at least if you do, you can get them fixed at the surveyor's expense. I did that once when a surveyor failed to noticed damp in an old house. It cost a lot to fix but I didn't have to pay.

des_cartes

RichPyke wrote: »

Negative equity doesn't worry me. Whatever happens to the property market happens, and if the value of the house I buy drops so will the value of other houses in the same area... I can't see myself ever moving to a different county (and even if I did, it seems prices here are high compared to many other places).

But yes, re-read, the house has changed to a 2 bed semi. It's worth asking price easily, during the peek they went for £20-30k more than asking price now but have been steadily selling for around about asking price. I've no worries about that side of things.

I read on here when looking at something about repos and part exs that they continue to market them. It is part of my formal offer letter that it be taken off all websites etc. (standard part of my template letter "subject to contract, survey and the property being taken off the market and all websites").

I looked at a couple of repos last year. Both went for more than I was prepared to say (i suspect the estate agent had a finger in the pie in both cases). Anyway, I have seen both houses reappear on the market recently. Both have been done up and advertised at about 25k more than I offered. One didn't sell and is now up for rent and the other has had to reduce the price to what I would have paid for it last year in it's original state even though it has now been done up. I wouldn't buy it now though on principal especially as I suspect the estate agent is sitting on a loss and can't sell. I'm pretty glad I didn't go for a repo now as I can now get a normal house for the same money with no work to do and if I wait a bit longer I will save even more.

RichPyke

Nick_Stone wrote: »

Rich, I don't think anyone has mentioned this, but if so, forgive me. Get the property surveyed yourself. Don't rely on your mortgage lender's survey. The surveyor's report will tell you if you're paying over the odds and it will also list things you may have overlooked when viewing. Your own survey ensures that you don't get any nasty surprises when you move in - or at least if you do, you can get them fixed at the surveyor's expense. I did that once when a surveyor failed to noticed damp in an old house. It cost a lot to fix but I didn't have to pay.

I don't know if anyone here has said that to be honest, although I know it's the done thing.

However, I do have 12 years experience in the construction industry (which means checking out houses all of the time), and I didn't notice anything odd with the house at all. In fact, it's in excellent condition throughout with the exception of the marley garage which has moss growing on the roof (which isn't a problem, garage is a bonus which I doubt I'll even use lol). So I am really tempted to just get the valuation survey... I know the risks I take with not getting a home buyer survey but I also save money (which is a massive issue at the moment, obviously).

It's a risk, I know. However it is a risk I am willing to take. But then I have taken stupid risks so it's always nice to know what others think about it.


But back to the buying process... should hear today if my 2nd offer has been accepted. The EA was really confident yesterday that it would be, but we will see... Fingers crossed!

RichPyke

Still waiting for an answer on my offer! They are taking their time that's for sure...

But, it has to go to the board as it's been on since April and has dropped from just under £170,000 to £130,000 so need the board's decision (if anyone here is on the board say yes! lol)

EA claims we will know today. I told him to tell them to sort it because I will be looking elsewhere as the other house on my short list is dropping it's price soon so I will be putting in an offer before the drop.

EA is as impatient as I am though, which helps. I guess he wants his money. But being in contact with him daily puts me to the front of his list I guess. This really is like dating!! Damn it! I'm useless at dating...


More info for you...
Listing history:
Asking price Date
£169,950 18-04-2010
£159,950 14-05-2010
£149,950 13-06-2010
£144,950 08-08-2010
£139,950 29-08-2010

So that's how it's price has been and how long it's been on the market for. I've gone in at £130,000 (2nd offer, £125,000 was rejected). Hopefully will find out today. Told the EA I cannot go any higher, £130,000 is stretching me as it is, so hopefully with the above in mind, a quick sale and an EA who seems to be on the ball and fighting my corner (wow!) by the end of the day I should have the easy part of buying a house done!

RichPyke

And so the story ends... offer was eventually accepted yesterday lunch time. So got it for £130,000 in the end. Which isn't a bad price at all, considering it's condition and everything else.

So on to the next step now the easy part is out of the way...

I just hope nothing goes wrong with the mortgage... I say this because I suspect it may be a repo, however have not been told if it is or not (I haven't asked). If it is, I wont be given the mortgage and will have wasted money on the surveyor (which has been booked, all in hand, sounds sooo easy so far... I guess I have the obstacles to come).

Thanks to all who helped. And to all those looking at putting in a first offer looking here for advice, never be afraid to go in super low :-)