Love the house - stupid to offer full asking price?

WelshNic

I'll echo what devotee + missile posted - if you think it's worth the asking price and you've researched comparables in the area I'd go for it and get it off the market.

Best of luck :beer:

tyler80

How dependent are you on a mortgage valuation lining up with the offer price?

Kara_P

Hi, we were in the same position as you. Just wanted the house as it was perfect for us, didn't care about make money on it so we put in valuation subject to it being removed from the market that day. We are in Scotland and so the valulation was part of the home report. It had been on the market for only a couple of days and we knew there was other interest so didn't want to risk having to pay more.

Ten months on and we love our house! Good luck!

calliopeviolet

tyler80 wrote: »

How dependent are you on a mortgage valuation lining up with the offer price?

The amount I'd have to borrow is £23k less than the top amount given in my M-I-P. Does that make sense?

tyler80

The amount I'd have to borrow is £23k less than the top amount given in my M-I-P. Does that make sense?

Not really, no. A bank will happily lend 150k on a house that is worth 150k. Might not be so happy to lend 125k on a house that's worth 100k

The_Palmist

1. Ask the Vendor if there is any room for negotiation and get a feel if they will be willing to accept a lower price. You can guess a lot by body language.
2. Send in a mole. Get a mate to offer something low and see how vendors react. You will have your answer.
3. Offer the asking price and close the deal.

calliopeviolet

tyler80 wrote: »

Not really, no. A bank will happily lend 150k on a house that is worth 150k. Might not be so happy to lend 125k on a house that's worth 100k

Ah, so you're asking whether I could afford to plug any shortfall in what the bank is willing to lend once they've done their valuation? I suppose it all depends what the figures are - I would have a bit of wiggle room but not loads. (I want to keep a reasonable sum behind rather than putting ALL of my available funds into my deposit -just in case)

tyler80

I think if you're confident it's worth what you're offering and you could make up a small shortfall to keep a certain LTV ratio and you really really like the place then make an offer.

But you've got to be prepared for the fact that even if the banks valuation comes in lower, the vendor may not renegotiate on price (especially if they've got a full asking price offer so quickly) and you'd potentially be out of pocket on survey costs/mortgage fee etc.

Running_Horse

The thread title says house, but the post says flat.

I would never buy a flat, never mind pay full price, but I don't know your area or cirumstances.

Offering 10% below then negotiating sounds like good advice in this market.

The_Deep

If you offer 5% under and someone offers full asking price, and you are equally viable you may lose it. Offering low is always a gamble i.m.o.