Please Help !!!

bidi123

Hi everyone really need some urgent advice, I have put in an offer for this property:

http://www.your-move.co.uk/cgi-bin/test.sh/redirect.htm?action=wbp_email&propnum=527223396

and being a foolish and naive FTB I have agreed to pay the full asking price, now whats really worrying me is that maybe this property isn't worth that much now with the credit crunch

Can you wise people tell me how much you think this is worth and what will be the best way to re-negotiate a price if possible

I can't rely on the survey either as Abbey are giving me one for free and apparently their surveyor will only check if the house is worth £61000 (amount bank will give me)

As you can imagine this is very distressing so any advice would be appreciated

takoo

Hi Bidi123

If you have not yet entered into contract , I suggest that you get a professional valuer to value the house for you.

He or she should be able to say whether you are paying a realistic price - asking prices tend to be a "hope" for figure in both a rising market and a falling market. In steady market conditions an open market valuation assumes completion within about two months.

If conditions are not steady in a local market gazumping or reverse-gazumping occurs more frequently. In a falling market withdrawals are likely to become more frequent. In a rising market sellers may accept new higher offers.

All the news points to changing conditions - seemingly down. Sellers tend to withdraw and buyers tend to withdraw. The market cools and we await the start of the next boom! Council tax keeps going up no matter.

Good luck

Takoo

takoo

Hi Bidi123

If you have not yet entered into contract , I suggest that you get a professional valuer to value the house for you.

He or she should be able to say whether you are paying a realistic price - asking prices tend to be a "hope" for figure in both a rising market and a falling market. In steady market conditions an open market valuation assumes completion within about two months.

If conditions are not steady in a local market gazumping or reverse-gazumping occurs more frequently. In a falling market withdrawals are likely to become more frequent. In a rising market sellers may accept new higher offers.

All the news points to changing conditions - seemingly down. Sellers tend to withdraw and buyers tend to withdraw. The market cools and we await the start of the next boom! Council tax keeps going up no matter.

Good luck

Takoo

wwp8

the way i would do it is
tell the agents, that the lender would only lend a maximum of x amount, and your deposit is low you might not be able to afford it,
ask the agents if they would ask on your behalf to the sellers if they would lower the amount by x

SuzySu

It is worth what YOU think it is worth - regardless of other people's opinion. They will not know your personal circumstances. Why didn't you offer a lower amount, even if you knew you could meet the full asking price? It's always worth a punt, especially in this market. Has your offer been accepted by the vendors? If so, I don't know where you stand but I'm sure someone will be able to advise you further.

BTW the house looks lovely.

Spamreported

still for sale on the website. i would go back and say you have done your figures again and you will not be able to pay the full asking price, knock 6% off and see what they say, go up to 4% off and then if you really want it then leave it a day and go the whole hog.

cant understand why it isnt sold on the website though

Spamreported

bidi123 wrote: »

Hi everyone really need some urgent advice, I have put in an offer for this property:

http://www.your-move.co.uk/cgi-bin/test.sh/redirect.htm?action=wbp_email&propnum=527223396

and being a foolish and naive FTB I have agreed to pay the full asking price, now whats really worrying me is that maybe this property isn't worth that much now with the credit crunch

Can you wise people tell me how much you think this is worth and what will be the best way to re-negotiate a price if possible

I can't rely on the survey either as Abbey are giving me one for free and apparently their surveyor will only check if the house is worth £61000 (amount bank will give me)

As you can imagine this is very distressing so any advice would be appreciated

the surveyor will check it is worth the asking price not your mortgage amt. i have had 2 abbey surveys and both say the same.

macaque_2

bidi123 wrote: »

Hi everyone really need some urgent advice, I have put in an offer for this property:

http://www.your-move.co.uk/cgi-bin/test.sh/redirect.htm?action=wbp_email&propnum=527223396

and being a foolish and naive FTB I have agreed to pay the full asking price, now whats really worrying me is that maybe this property isn't worth that much now with the credit crunch

Can you wise people tell me how much you think this is worth and what will be the best way to re-negotiate a price if possible

I can't rely on the survey either as Abbey are giving me one for free and apparently their surveyor will only check if the house is worth £61000 (amount bank will give me)

As you can imagine this is very distressing so any advice would be appreciated

You wanted a place to live and you found one. Why are you so distressed?

If you don't want it, don't buy it. But don't whinge.

slipp_digby

bidi123 wrote: »

now whats really worrying me is that maybe this property isn't worth that much now with the credit crunch

Ultimately, credit crunch or not you need to be sure that you want to buy a house as a home, and that over the life of the mortage it is affordable to you.

Everyone gets the jitters over buying a house cos its a huge commitment, and when the market isnt good you best option may be to wait for the fall in price, or negotiate very hard to insulate you from any early losses.

These boards are full of people who expect vendors to sell at below current market value just because 'prices must fall' in the future.

If your not 100% committed to buying at currenet market value, or think you are paying above market value (assuming you haven't signed your contract yet) pull out and you will lose any fees you have already paid out, or try re-negotiating. No-one is forcing you to buy!

jobbingmusician

If you are a FTB, you may not realise how common it is for people to put in an offer, and then reduce that offer. Don't get stressed about it - it's part of the house buying process!

bidi123

Hi everyone, i think i'm just getting the jitters because its my 1st home, but I really do like it, everything is really good about where the house is, its got good schools nearby and good local amenities

I think i'm not gonna whine anymore to be honest i think it is ideal for me, but i do appreciate everyone's help

Thanks eeryone