Is this a 'silly' offer?

drummer_666

playaz wrote: »

@drummer_666

Check out Quinton in Bham - close to Birmingham City Centre but good prices too I am thinking of buying a house in that area also - especially as you're pretty close to the Hagley Road so easy access to the city centre.

hey, Quinton's a bit far out for me! and the wrong side of town for work (work near Tamworth).

I'm buying Stockland Green/Erdington. 10 min drive into town, 15 mins on bus. OK area and it's the right side of town for work

And rentals are really highly in demand here, which will help if I relocate for work and to family in a couple of years, which is a big possibility

dimbo61

Before you make any offer have you got the mortgage offer in place?
Can you afford £110-125K and do you plan on staying long term?
Deposit saved or equity from sale of existing property ?
Look long term and consider a 5 year fix with an offset mortgage my opinion that way your LTV will drop into a lower bracket when you come to remortgage IE 90%-75% or even 75%-60%

c_denise

according to the land registry , the house was sold for £115k in 2004 and the house next to it was sold for £127k in 2005

Btw you can search for sold prices of the area in rightmove under house prices tab.. good luck

Bossworld

Not everyone's first offer is refused, the one we've just exchanged on was listed at 133,950, it was originally sold for 130,000 in 2009, we went in at 125,000 and accepted.

I suppose being on the border of the stamp duty threshold helped, but it had been on the market for 6 months, and they'd only had two offers (115,000 and 125,000 which had both previously been refused - the last of which came 3 months before our offer).

I'm sure we probably could have pushed for more off but we were able to exchange within 2 months of making the offer so it's been plain sailing. I'm looking at it as 9k saved :T

Good luck anyway

playaz

dimbo61 wrote: »

Before you make any offer have you got the mortgage offer in place?
Can you afford £110-125K and do you plan on staying long term?
Deposit saved or equity from sale of existing property ?
Look long term and consider a 5 year fix with an offset mortgage my opinion that way your LTV will drop into a lower bracket when you come to remortgage IE 90%-75% or even 75%-60%

I plan to stay long term - I want to try a get a fixed rate as the base rate is low. I'm going to go the bank this weekend to sort out the mortgage offer in place.. I just wished I worked near a bank cos i'd do it in the week (I work in the sticks!)