Cheeky offer

lookstraightahead

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

RelievedSheff

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Does that not rather depend how much they want that particular property?

Noneforit999

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

Don't underestimate the stress of getting this work done, especially if you have full time jobs and kids.

Obviously everyone is different but having had every wall plastered, it was a drama. Its a wet trade so there was mess, then the quality of the work. We had to change plasterers half way through as the first one broke his hand and the second ones standard was not as good. Fortunately we did the bedrooms before we moved in as there is no way we could have lived there whilst having the bedrooms done with a toddler running around. 

We are about to have the kitchen replaced which means we have to be without it for a couple of weeks. Its not the end of the world but its going to be difficult trying to make meals for a young child without a kitchen.

Personally I wouldn't buy a house again which needed anything other than decorating and flooring but each to their own

mi-key

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Or they realise lenders are notoriously conservative in their valuations and they want the house anyway so don't let it bother them. Chances are also the lenders valuation wouldn't agree with either the estate agents or the buyers own surveyor, so who do you believe? Also 5 different lenders may give 5 different valuations. 

If I am buying a house for £400K and putting down a £300K deposit, I don't really care if the lender thinks it is worth £375K or £400K as it would make no difference. I would decide myself if it was worth buying

lookstraightahead

mi-key said:

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Or they realise lenders are notoriously conservative in their valuations and they want the house anyway so don't let it bother them. Chances are also the lenders valuation wouldn't agree with either the estate agents or the buyers own surveyor, so who do you believe? Also 5 different lenders may give 5 different valuations. 

If I am buying a house for £400K and putting down a £300K deposit, I don't really care if the lender thinks it is worth £375K or £400K as it would make no difference. I would decide myself if it was worth buying

How many people take out a 19% mortgage? Not 'most' that's for sure.

I agree that lenders won't agree with estate agent valuations. 

Most people need a mortgage and whether lenders are conservative or not, they rely on them to fund a purchase. 

I've got this image in my head of burning money for the sake of it.

lookstraightahead

RelievedSheff said:

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Does that not rather depend how much they want that particular property?

Not really no. Most people will stop and be sensible. 

tooldle

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

Doesn't sound bad and is certainly liveable from your description. Asbestos is reasonably common in older properties (and garages), and is not usually an issue unless you plan to disturb it, or it has already been disturbed. 
Enjoy the viewing

RelievedSheff

lookstraightahead said:

RelievedSheff said:

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Does that not rather depend how much they want that particular property?

Not really no. Most people will stop and be sensible. 

I'm not so sure about that.

RelievedSheff

lookstraightahead said:

mi-key said:

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Or they realise lenders are notoriously conservative in their valuations and they want the house anyway so don't let it bother them. Chances are also the lenders valuation wouldn't agree with either the estate agents or the buyers own surveyor, so who do you believe? Also 5 different lenders may give 5 different valuations. 

If I am buying a house for £400K and putting down a £300K deposit, I don't really care if the lender thinks it is worth £375K or £400K as it would make no difference. I would decide myself if it was worth buying

How many people take out a 19% mortgage? Not 'most' that's for sure.

I agree that lenders won't agree with estate agent valuations. 

Most people need a mortgage and whether lenders are conservative or not, they rely on them to fund a purchase. 

I've got this image in my head of burning money for the sake of it.

I should imagine the majority of people who have paid their mortgages for a long time will need a low LTV when they come to remortgage.

lookstraightahead

RelievedSheff said:

lookstraightahead said:

mi-key said:

lookstraightahead said:

mi-key said:

caprikid1 said:

At the end of the day house prices overall are 100% linked to what banks will lend against them, there is not enough property bought for cash to distort the market to a great extent, somewhere in the chain there are always a high percentage of buyers borrowing money. It is therefore the banks and valuers who in reality set house prices. Estate agents merely suggest what they think is achievable. 

The challenge with a cheeky offer is can you be taken seriously, probate properties are notoriously the worst along with separating couples to buy, you will always get one party focused on maximising their personal return or maximising the inconvenience to the other person. Many fixer uppers are more suited to auction but sellers know the price achieved is likely to be less so they try the high street first.

If you want a fixer upper at a bargain price do your research and go to auction.

Lender valuations are meaningless unless you are stretching yourself to the limit to buy somewhere. For most people who have a decent deposit to put down from their own sale, they don't make any difference 

Most people aren't daft enough to sink a large deposit into something that's been valued at much less.

Or they realise lenders are notoriously conservative in their valuations and they want the house anyway so don't let it bother them. Chances are also the lenders valuation wouldn't agree with either the estate agents or the buyers own surveyor, so who do you believe? Also 5 different lenders may give 5 different valuations. 

If I am buying a house for £400K and putting down a £300K deposit, I don't really care if the lender thinks it is worth £375K or £400K as it would make no difference. I would decide myself if it was worth buying

How many people take out a 19% mortgage? Not 'most' that's for sure.

I agree that lenders won't agree with estate agent valuations. 

Most people need a mortgage and whether lenders are conservative or not, they rely on them to fund a purchase. 

I've got this image in my head of burning money for the sake of it.

I should imagine the majority of people who have paid their mortgages for a long time will need a low LTV when they come to remortgage.

? We were talking about not taking any notice of a valuation by a lender when you purchase and buying it anyway, weren't we?