Moving House

bazzab

My partner and I have accepted an offer of £110,000 on our 2 bed semi (priced at £112,950 but was on for £117,950 a few months before), which was bought 3 and a half years ago for £50,500 (mortgage now owing under £45,000) making approx £65,000 profit.

We are planning on buying a 3 bed semi on the market at £155,000 and putting a £50,000 deposit on it (having approx £100,000 mortgage).

What would be a sensible price to start the bidding at (we are in the NE)?

Would our equity of £50,000 make us pretty safe against any future price falls?

Any other advice?

Cheers ppl

mandi

hi,
You say youve accepted an offer on your own property, but do your buyers have a property to sell?.. and if so how big is the chain and is it complete??.. reason I ask is that if the offers subject to them selling their property, then you cant really proceed to buy another yet.. If however it is.t. I think a reasonable offer for your new property would be £149K they probably want an increase but depends how long its been on the market really, and how quickly they want to sell, if they do want an increase , then just increase by £1k a time, decide what the property is worth to you.. and stick to that price... So often people get carried away with offers in order to secure a purchase, that they forget its real money they are spending..

If your offer is accepted, ask the seller to take it off the market.. giving you time to procced with the purchase, and stop other people veiwing and possibly gazumping you..


Good Luck

bazzab

Hi Mandy!

Thanks for the reply. Our buyers accepted an offer on their house from first time buyers one morning, then put in an offer on ours the same day so it's a short chain in that direction.

I was just wondering, because a lot of ppl on here are suggesting 8-10% less than the asking price, which would be between £139,455 + £142,554. Even 6% less than asking price is only £145,653. That i guess would make £149,000 about 4% less, which is probably the most we'd want to pay.

Ta,
Baz