FTB offer help!

jatt

Hi,

I am very worried about the following situation

We r FTB so had minimum experience in house buying. The detached house we r talking about has asking price of £219950. The EA says that it has been reduced from £240k 2-3 months ago. We r negotiating around £210k but found out that last year a semi-detached house was sold for £124950. When looking at near by area all houses are sold in last year for no more than £190k

But, the asking price for all the detached houses in near by area are around £240k

This house has been on market since aug 2007 but has recieved no offers as yet even after reducing price 2 months ago. This is a popular area with good schools and neighbourhood profile.

The post code is Sk8 6dq so that you can have a look at

I am scared whether I should buy this house or not

Please somebody advice

Thanks

poppy10_2

jatt wrote: »

We r FTB so had minimum experience in house buying. The detached house we r talking about has asking price of £219950. The EA says that it has been reduced from £240k 2-3 months ago

This house has been on market since aug 2007 but has recieved no offers as yet even after reducing price

Looks like houses on that street don't come on the market very often, but here's the market history

You're right that a house sold there for only £125k last spring. That was a semi-detached rather than the detached you are looking at, but it's still a huge jump.

I'd reduce your offer to £190k and let them bargain you up to £205k max.

Remember to let the estate agent/vendor do all the chasing, don't be too proactive or seem too keen. You are in the stronger position.

Even the Rightmove link states "Asking Price Negotiable" which suggests they are willing to bend a bit further. TBH the house looks a bit dated to me.

If you do really want to buy in Cheadle Hume, why not buy this property and help a fellow MSEer out?:rotfl:
http://forums.moneysavingexpert.com/showthread.html?t=732335

jatt

hi poppy,

Thanks for ur help.

We started negotiation at £190 a month ago and slowly upped to £205 which were all refused straight away. They said its already reduced from £240k n they r lookin nearer to asking price.

I waited for 2 weeks n then went up to £210 which looks negotiable to them but when I saw the recent sales and houseprices website, I was kind of shocked and decided to post here.

I am planning to stop any negotiation now n will point them this problem

Regarding the bungalow you pointed out, its a very nice one but we r only looking for detached houses.

Cheers

martinbuckley

tony_baduk wrote: »

We have decided to walk away from that property. She has put us off that's for sure. I really hope it is still on the market in a few weeks just to rub it in then.

slipp_digby - yes she did pass the offer to the vendor (so she says) and the vendor said to sod off basically!

Thanks so much for all your useful inputs to this. I'll update you if there's any further updates. What a fantastic set of members on this board.

A rightmove link would be good Tony so we can all see this ventor fall flat on his face!

Some of us who live nearby may even put in £130-135K offers to make yours look better!

gordonstights

I think you've been treated really badly by the EA. Your first offer wasn't ridiculously low. It's irrelevant that the vendor had already dropped their price, was it that it was well overpriced in the first place?!

I went in at 15K lower than the asking price not long ago and then steadily up to the accepted offer of 6K below. This went on for a few weeks where the EA was ringing me and asking me to go higher. In the end the vendor had a higher offer a week after accepting mine and took that, so I was gazumped. I think that the vendor didn't care about letting me down as he was annoyed that he 'gave in' to my persistent offers, which is a problem if a) they are accepting below what 'they' consider to be a reasonable price and b) they have decided that they don't like you because you appear to not agree that the house is worth as much as they think!

Anyway unfortunately there doesn't seem to be anymore you can do since you have sent the letter directly to the vendor, just wait and see now. If you really can't afford to go up to the price that the EA has suggested is reasonable then leave it; good luck in finding your perfect house!

tony_baduk

martinbuckley wrote: »

A rightmove link would be good Tony so we can all see this ventor fall flat on his face!

Some of us who live nearby may even put in £130-135K offers to make yours look better!

Still no call from the vendor since posting my letter. It seems he's not interested.

Here's a Rightmove link to the property that's been much talked about in this thread.

http://www.rightmove.co.uk/viewdetails-16712813.rsp?pa_n=5&tr_t=buy

gordonstights

tony_baduk wrote: »

Still no call from the vendor since posting my letter. It seems he's not interested.

Here's a Rightmove link to the property that's been much talked about in this thread.

http://www.rightmove.co.uk/viewdetails-16712813.rsp?pa_n=5&tr_t=buy

You were told it was on the market from November I read earlier in this thread? This link shows it came on the market in August http://www.propertysnake.co.uk/site/detail/5096443

tony_baduk

Gordontights - ummmmm.... very interesting.

We've just viewed another property and it's even better than that. It's a three-bed with conservatory, a convered loft and has a shower room built in one of the bedrooms.

Oh and the EA for this property are alot well known and friendly. Things could be looking up. Will keep you posted.

And still no call from the vendor of the previous property. He can sod off now

timtaylor

Advice for first time buyers

gordonstights

Yeah that propertysnake site is quite good, I only discovered it yesterday and have been looking at the length of time properties I'm interested in have been on the market for. Don't think it shows up everything though.

Good luck! I've seen tons of better properties since I was gazumped and so I'm glad I didn't go any higher. My advice is to go and view as many properties as you can fit in a short space of time. You get so much better at spotting the problems that may work in your favour when you negotiate.