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FTB - Making an offer?!
erique7
Posts: 58 Forumite
Hello,
My husband and I are looking to buy our first house, we looking at getting a vendor pays deposit mortgage (yes I know that saving up a deposit may have been a better option but currently its not an option and we are trying to get on the ladder sooner rather than later).
Anyway we've seen a property that we'd potentially like to put an offer on - its currently priced at £150k but needs quite alot of work (which we are more than happy to undertake) it needs a new bathroom, kitchen, central heating and general decoration etc.
My question is - is it more likely to be accepted if we offer full asking price but ask the vendor to pay the 3% deposit or due to the amount of additional work thats required should we offer less and ask for the 3% to be paid?
Thanks in advance
Emma
My husband and I are looking to buy our first house, we looking at getting a vendor pays deposit mortgage (yes I know that saving up a deposit may have been a better option but currently its not an option and we are trying to get on the ladder sooner rather than later).
Anyway we've seen a property that we'd potentially like to put an offer on - its currently priced at £150k but needs quite alot of work (which we are more than happy to undertake) it needs a new bathroom, kitchen, central heating and general decoration etc.
My question is - is it more likely to be accepted if we offer full asking price but ask the vendor to pay the 3% deposit or due to the amount of additional work thats required should we offer less and ask for the 3% to be paid?
Thanks in advance
Emma
0
Comments
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Don't worry about whether or not your offer will be accepted.
Put in a low offer and negotiate. Personally I would start at 130. Gives you plenty of room to manoeuvre.0 -
In the current market I'de start at £100k.
Actually TBH I'de sit and wait a few years then buy the house for £50k.
Also note that you are unlikely to get a vendor pays deposit mortgage anymore. All these funny mortgages are being scrapped. After the 15th it will be difficult to even get a standard 75% mortgage... you're after a 97% mortgage!Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
In the current market I'de start at £100k.
Actually TBH I'de sit and wait a few years then buy the house for £50k.
Hmmm interesting advice although to be honest I'd rather not risk my chances of the market continuing in its current trend and us being priced out all together! I'm guessing you're already on the ladder and have the luxury of being able to "sit and wait"
0 -
Hmmm interesting advice although to be honest I'd rather not risk my chances of the market continuing in its current trend and us being priced out all together! I'm guessing you're already on the ladder and have the luxury of being able to "sit and wait"
Thought that post was hiliarious considering our resident squatter.0 -
Why, what's happening on the 15th?0
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