To buy or not to buy...

househuntingmad

I'm a FTB. Seen a property I like a few months ago. It's been on the market since last September and according to the EA, no offers have been made. The asking price is rather ambitious, but I know that doesn't always stop people making offers, but I wouldn't want to pay the asking price I must admit. And the market isn't particularly slow either. I did say I was considering an offer as liked the property but had some other personal stuff to deal with so decided against moving forward with that (or looking at properties in general).

Had the EA ring today asking if I was interested to make an offer as the seller wants to move before September when her grandchildren start school ( I think she is moving elsewhere in the country to be near family) so I think there is room for a fair bit of negotiation. Unless the seller is totally unrealistic!


But the problem is I'm now having major fear about buying.. I really liked the house, a lot more than others I saw. But I keep having the dread of what if x or what if y. My company has recently announced a mass of redundancies, so I worry about how safe my job is. My mum is quite ill so not sure I still want to be buying with that to worry about. I'm generally a worrier anyway!

But equally I don't want an opportunity like this to disappear...

Any advice or rational thoughts?! Everything goes round my head. Normally I would talk to my mum about things like this but she's got enough to deal with at the moment.

Lord_Baltimore

Hmm, its been hanging around for a bit. There again, if you can get it at the right price, you may be onto something. Hope that helps with the confusion and worry

I hope mum feels better soon.

jacko74

To be honest it doesn't sound like much of an opportunity anyway?... an overpriced house that has been sat around for a long time in a fast moving area.

If it was such a good opportunity then surely some other FTBer, BTLer or developer would have already snapped it up.

I'm assuming you're still living with your mum and it sounds like you're under no real pressure to move out, so I'd figure out what it's true value is and then offer at least 10% below that, if they refuse the offer then walk away.

King_Slayer

The question is how much do you like the house?

PixelPound

If you are saying the asking price is ambitious then I guess you have looked at what similar houses are selling for. So how does this house (condition wise) compare to those, and how much lower did they go for. If its got more than those (like extension or driveway or better condition internally) then maybe a higher price is understandable, though maybe not as high as they are asking. Would you be willing to pay a similar amount to what other houses have gone for? If so offer that, even if it's 20% under. The question is how much do you want it and willing to pay, though if you are getting a mortgage a valuer will look at what other houses have recently gone for and use that as a basis.