Debate House Prices
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3pm dead line, buying into a hs - good/bad idea?

podtav
Posts: 7 Forumite
I will try to give topline.
30 yr old sold hs in leeds to buy out potential father in law in South (owns half girlfreinds hs).
Leeds hs: Took offer for £113,000, fell through. Rock hit headlines eventually sold for £100,000. Made £30,000.
South hs: Valued at £210,000, 2 mths ago, shook hands at £208,000 nothing signed yet. Waiting for myself to get funds together - very tight £5000 short borrowed of relative. Repo hs on same rd just gone at £190,000 - 3 beds, mine 2 beds, sim condition. Estate agent now values girlfriends at £200,000.
Do I??
1) Still pay the £208,000 as a 'deal is a deal', and have to think of big picture moving forward as plan to stay with her. (she says her dad would not be happy if I ask for a reduction). Take the loss + probable further paper losses - but a hs is a home not just a 'perceived money bank!' Also paying capital off hs.
2) Pull out and just rent off her and keep money in bank? Safe at moment but not really moving our relationship on and it could be yrs till buy back in.
3) Ask her dad to reduce by £4000 therefore meet 1/2 way - but she says her dad will defo not go for (+ just asking would might effect the relationship). If did this his 2 yr investment would have grown by 5%.
Have till 3pm to decide as signing the morgage over.
A hs should be a home but am I been selfish and missing the point by possibly not paying the £208,000
Many Thanks! for any advice!
30 yr old sold hs in leeds to buy out potential father in law in South (owns half girlfreinds hs).
Leeds hs: Took offer for £113,000, fell through. Rock hit headlines eventually sold for £100,000. Made £30,000.
South hs: Valued at £210,000, 2 mths ago, shook hands at £208,000 nothing signed yet. Waiting for myself to get funds together - very tight £5000 short borrowed of relative. Repo hs on same rd just gone at £190,000 - 3 beds, mine 2 beds, sim condition. Estate agent now values girlfriends at £200,000.
Do I??
1) Still pay the £208,000 as a 'deal is a deal', and have to think of big picture moving forward as plan to stay with her. (she says her dad would not be happy if I ask for a reduction). Take the loss + probable further paper losses - but a hs is a home not just a 'perceived money bank!' Also paying capital off hs.
2) Pull out and just rent off her and keep money in bank? Safe at moment but not really moving our relationship on and it could be yrs till buy back in.
3) Ask her dad to reduce by £4000 therefore meet 1/2 way - but she says her dad will defo not go for (+ just asking would might effect the relationship). If did this his 2 yr investment would have grown by 5%.
Have till 3pm to decide as signing the morgage over.
A hs should be a home but am I been selfish and missing the point by possibly not paying the £208,000
Many Thanks! for any advice!
0
Comments
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Money and family do not make good bedfellows.
Unless she's very special I'd get the hell out.
You owe the father nothing btw, nothing at all and business is business.
It's worth 180 right now.0 -
Yep - not too sure how much of a 'deal' it will look when the price drops start and mixing large amounts of cash and family is never a good idea.
Buying a house is a business transaction, best to keep it that way. If he doesn't want to pay the asking price then offer a lower amount irrespective of family concerns.
But personally speaking I think the best idea is to stay out of it entirely. If he demands a lower price it'll annoy the potential FIL. If (when) prices fall there will be recriminations.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Agree with previous posters-seems even to be an element of bullying/blackmail here and this does not seem to bode well for any future-financial or emotional. I don't think they are being reasonable or fair. And what happens (God forbid) if the relationship goes awry-you've got financial as well as emotional pain-never happy partners.0
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wockawocka wrote: »Money and family do not make good bedfellows.
Unless she's very special I'd get the hell out.
You owe the father nothing btw, nothing at all and business is business.
It's worth 180 right now.[Problem is she is 'very special', been with 3yrs, so it makes it diff, prob going to bite the bullet, pay - its only money. Catch 22.]0 -
I wanted to stay quiet and am only posting to say that the others posted my views.
Her dad should respect you for your financial acumen. He wouldn't want his daughter to be hooked up with a numpty who doesn't know the value of things.
If she's "the one" she'll understand.
If EA values it £10k less, why should you pay the higher price really.
Money is business.
Whatever you do now, the relationship and family dynamics will change and have already changed because of the emotion involved in the deal to date.
So go with the deal that leaves the least bitter taste in your mouth.
Scenario 1: you go with the price, you will feel ripped off by the family forever and any future argument you'll be shouting "I never wanted to pay that high price for this house, but you made me"
Scenario 2: you reduce the price or pull out. At least in an argument you will be shouting "I made my decision, with hindsight I might have made a different one".
Reducing the price or pulling out means emotions aren't thrown into future fallings out.... forever.0 -
Or:
3. Talk to your girl and try to concoct some 'Unforseen problem' that stops you going ahead.
If your girl is dead against it then daddy is manipulating her.0
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