FTB - What To Do!?

littlesaint

My flatmate owns a Edwardian flat in south London (zone 3) in an area described as up and coming, but adjoining a very desirable area. He's trying to sell his place but the EA are dithering - apparently valuations are fluctuating (mostly downwards) in that area with the current rise in interest rates and they are waiting for things to stabilise a little...

Alias_Omega

Stay firm, even better...ring up the estate agent asking them for similar property in the area.

a) this will tell them that you are not set on this one
b) the message will get back to the couple ( or ex couple ) now as she wont be able to afford payments on her own at a guess.
c) plenty more houses out there..

Id give it a week or two and im sure they will be back in touch. How about retracting the offer now, then if they want to sell it again, go in lower as you know they will want to shift it.

OWT4NOWT_2

Yeah I think theres something fishy going on... got us hooked and now deciding to try and squeeze some extra cash out of us! Not gonna happen! Our offer price is good and the market is quite stagnent around here at the moment so I think she'll struggle to get another sale for quite a while...

Alias_Omega

Like i said, get more information for the estate agent, arrange a viewing on something (ideal if its empty), then say its not what you want etc..

That way this will get back to couple and the role are switched.

dolce_vita

The vendor is obviously a chancer and is hoping that HPI will finance her separation.

Do not increase your final offer.

telfordwhite

agreed, you are a first time buyer and she can get rid of mortgage payments in less than 2 months if she sells to you.

I would guess she will be losing upwards of 500pm by not selling now, it'll soon start to bite.

Stick to your guns, there are plenty of properties out their for someone in your position.

Alias_Omega

must view other properties in the mean time though.

it will show the estate agent that you are willing to look elsewhere though you are interested still in the house, the message may get back to her, and then she will sell.

think of it as buying a car, the dealer wants the best deal, he wont sell at the price you want to pay, you walk away and he calls you back for a sale..

this is the same.

phlash

I live in Nottingham, and my area is down.

Do you have to buy now, or do you have some time to see what the market is doing? There's a whole load of mortgage resets coming in the next few months which will see more desperate sellers on the Nottingham market therefore pushing asking prices further south.

A little delay may be a good thing, and your savings will gain interest.

Check this out: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/fy.stm

Where abouts are you looking for property?

OWT4NOWT_2

Well we've got 6 months left on our current rental agreement so not a mad rush although we'd like something sorted for the new year (so we dont have to find another place to rent).... We've been looking in Carlton, Bakersfield, Arnold mostly (they seem the best for nicest area vs. decent price) any other place suggestions?

izzybusy23

OWT4NOWT wrote: »

Thanks for all your opinions guys... we'll defo not go higher than 120k so we'll just wait and see what happens. I can't see them taking less than what they paid for it a year ago (with them adding decking/carpets/decoration etc.)

I'll keep you posted!

They will wish they had accepted your offer of £120k when in six months time its still sitting unsold and rapidly dropping in price.

Don't panic and offer more than you can afford. Its no longer a sellers market. These sellers are trying to sell at the peak and you certainly don't want to pay a premium price and buy at the peak.. Sit and wait it out and see what happens. If they don't get back to you its not meant to be, you would probably be glad of the escape in six months time.

Chill!