Help me - no idea what I'm doing!!

daisy23169

I'm off to view a house today that I'm already in love with and need some help getting my head in control over my heart!! The house is exactly what and where I want, and it's on for £140k OIEO which is within my budget and on par with similar houses in the area which have been on the market recently.

If I like it when I see it (which I expect to), I would be fully prepared to offer the £140k for it today with a view to going higher if needed (my max is realistically £150k) so I feel like I need to rein myself in and regain some perspective.

As it's on for offers in excess of £140k, what is the vendor likely to be looking for? Should I ask the estate agent when they show me around or will they just lie to me to inflate the offer?

Also, I have a DIP letter from London & Country but as I'm looking to go with Halifax due to their lovely stamp duty offer, would it be worth getting a Halifax mortgage promise lined up to make myself look like a more serious contender?

I don't feel grown up enough to be doing this so if anyone can offer any advice I would be super grateful for your assistance!!

da_rule

The estate agent has to act in the best interests of the seller (their client) and as such will probably try to inflate the price (which will also happily inflate their commission). Make the offer, but don't tell the estate agent how much you can stretch to.

The fact that you have a DIP letter already makes you seem serious. The fact that you end up going with another lender is neither here nor there.

In terms of stamp duty, have you checked whether the property is in a disadvantaged area? This provides stamp duty relief in that the nil rate band is increased to houses with a value of £150,000. You can check it here: http://www.hmrc.gov.uk/so/dar/dar-search.htm

Jenniefour

daisy23169 wrote: »

As it's on for offers in excess of £140k, what is the vendor likely to be looking for? Should I ask the estate agent when they show me around or will they just lie to me to inflate the offer?

Offers in excess means the vendor is looking for at least the price indicated. Exactly what vendor will be prepared to accept is anyone's guess - but start with a low offer, not what your maximum is- unless the area you're looking in is very hot. Agents act for the buyers and will want to get the best price possible. Useful not to approach this as though agents are lying! The reality is that a difference in a few grand makes very little difference to commission for agent, it's selling the property that gets them their money.