My sister the inexperienced FTB

papermoney

My sister is a FTB, she may be 23years old but she really has no idea.
She has seen a house she wants to buy (only house she has viewed).
She wants to offer full asking price because...
a) the EA has told her the property has had lots of viewings and is popular
b) the vendors are wanting to rent and need as much money as they can get
c) the vendors said they have spent at least 10k on the property in the last year

I have tried telling her that she isn't responsible for the vendors financial situation and that the EA are not going to tell her that there haven't been any viewings.

I know a house is worth what someone is willing to pay for it but ...

Gwhiz

One born every minute!

BitterAndTwisted

Encourage your sister to check recently-sold prices of equivalent properties in that neighbourhood on the net. She needs to view more than a single property to get a decent idea of what that one might be worth to a buyer in the current economic climate.

You can lead a horse to water etcetera

halflost

papermoney wrote: »

My sister is a FTB, she may be 23years old but she really has no idea.
She has seen a house she wants to buy (only house she has viewed).
She wants to offer full asking price because...
a) the EA has told her the property has had lots of viewings and is popular
b) the vendors are wanting to rent and need as much money as they can get
c) the vendors said they have spent at least 10k on the property in the last year

I have tried telling her that she isn't responsible for the vendors financial situation and that the EA are not going to tell her that there haven't been any viewings.

I know a house is worth what someone is willing to pay for it but ...

Ouch - you need to convince her to look at some other homes and look at what it really is worth. With only one home viewed, how on earth can you possibly determine its the right house? and whats its worth.

Tell her to view some others - or schedule some for her. Make sure she has property bee (it will show her the price drops, and the EA will be shown to not be in the right with some homes).

Good luck!

She needs to understand value of money and checking these.

G_M

papermoney wrote: »

My sister is a FTB, she may be 23years old but she really has no idea.
She has seen a house she wants to buy (only house she has viewed).
She wants to offer full asking price because...
a) the EA has told her the property has had lots of viewings and is popular
b) the vendors are wanting to rent and need as much money as they can get
c) the vendors said they have spent at least 10k on the property in the last year

Given the above she'd be wise to offer well above the asking price to make sure she gets this fantastic property.

Sorry - but I'm not sure what you expect people to say. You know the answer really!

Old_Git

you should buy the house and sell it to your sister for £10,000 more .

poppysarah

Hard work.

Get her to look at other properties "just to make sure" and then point out the EA works for the seller not the buyer...

Can she get a mortgage? (Maybe the banks can save her from herself?)
Has she got a deposit?

papermoney

G_M wrote: »

Given the above she'd be wise to offer well above the asking price to make sure she gets this fantastic property.

Sorry - but I'm not sure what you expect people to say. You know the answer really!

I'm not expecting anyone to say anything - I was just :shocked: at her today that's all.

papermoney

poppysarah wrote: »

Hard work.

Get her to look at other properties "just to make sure" and then point out the EA works for the seller not the buyer...

Can she get a mortgage? (Maybe the banks can save her from herself?)
Has she got a deposit?

She has an AIP but not been through the actual application process.
She will have a 20% deposit (from my parents).

bristol_pilot

She is 23 so will do as she pleases. No fool like a young fool.
Only way to stop her is if the parents withold the deposit.

Running_Horse

Does your sister know you are insulting her online?