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    • dantheram1985
    • By dantheram1985 2nd May 18, 3:25 PM
    • 30Posts
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    dantheram1985
    Have i offered too much?
    • #1
    • 2nd May 18, 3:25 PM
    Have i offered too much? 2nd May 18 at 3:25 PM
    Hi all,

    i'm in the process of convincing myself i've offered too much for a prospective house purchase.

    I offered the the asking price of 325k in response to the uniqueness and location of the property. It's a 3 bed semi in a rural location that sold for 200k in 2006 with the house next door exchanging for 229k in 2014 (very similar property with larger garden).

    the price per sq metre is 3182 which seems high to me and i'm concerned that the mortgage valuation will come in under my offer price thus affecting the LVT.

    Should i arrange a survey, which includes a valuation, and use this renegotiate the price if necessary?
Page 3
    • dantheram1985
    • By dantheram1985 3rd May 18, 11:21 PM
    • 30 Posts
    • 8 Thanks
    dantheram1985
    [QUOTE=buggy_boy;74244630]

    Ignore this muppet, he sold years ago as he was sure prices was about to crash, and now he is on here in some vain attempt to get other people to get in the same position as him...

    Prices can go up and go down, but remember you only lose if you sell, you cannot predict what prices will do, if you wait prices could go up and you will pay more rent, or prices could go down....

    Remember if you have offered too much and the property is not worth that amount then the bank will flag this up as they will not want to lend on a property that is not worth what you are paying as it would increase their risk.
    Originally posted by Crashy Time
    have a surveyor going in soon so we'll see what his report states
    • Crashy Time
    • By Crashy Time 6th May 18, 4:10 PM
    • 6,074 Posts
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    Crashy Time
    [QUOTE=buggy_boy;74244630]

    Ignore this muppet, he sold years ago as he was sure prices was about to crash, and now he is on here in some vain attempt to get other people to get in the same position as him...

    Prices can go up and go down, but remember you only lose if you sell, you cannot predict what prices will do, if you wait prices could go up and you will pay more rent, or prices could go down....

    Remember if you have offered too much and the property is not worth that amount then the bank will flag this up as they will not want to lend on a property that is not worth what you are paying as it would increase their risk.
    Originally posted by Crashy Time

    So ignore my comment about banks willingness to lend...and then give the same advice?
    • buggy_boy
    • By buggy_boy 6th May 18, 4:23 PM
    • 415 Posts
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    buggy_boy
    [QUOTE=Crashy Time;74253685]


    So ignore my comment about banks willingness to lend...and then give the same advice?
    Originally posted by buggy_boy

    No yours was sentiment and banks willingness to lend, my point is banks tightened years ago, they are willing to lend... My point was that if the OP thinks they have offered too much then it will show up in the valuation.

    Obviously banks won't lend you 400k against a house only worth 200k but they are willing to lend, this is shown by the reduction in rates recently of a lot of banks even with an interest rate rise.
    • Crashy Time
    • By Crashy Time 6th May 18, 4:26 PM
    • 6,074 Posts
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    Crashy Time
    [QUOTE=buggy_boy;74253715]


    No yours was sentiment and banks willingness to lend, my point is banks tightened years ago, they are willing to lend... My point was that if the OP thinks they have offered too much then it will show up in the valuation.

    Obviously banks won't lend you 400k against a house only worth 200k but they are willing to lend, this is shown by the reduction in rates recently of a lot of banks even with an interest rate rise.
    Originally posted by Crashy Time

    That is "desperation" to lend, not "willingness", big difference.
    • buggy_boy
    • By buggy_boy 6th May 18, 4:37 PM
    • 415 Posts
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    buggy_boy
    [QUOTE=Crashy Time;74253719]


    That is "desperation" to lend, not "willingness", big difference.
    Originally posted by buggy_boy
    Banks are not willing to lend but they are desperate to lend... There is logic there somewhere.
    • Crashy Time
    • By Crashy Time 7th May 18, 10:34 AM
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    Crashy Time
    [QUOTE=buggy_boy;74253750]

    Banks are not willing to lend but they are desperate to lend... There is logic there somewhere.
    Originally posted by Crashy Time

    Willingness to lend is - We have a ton of money to lend, and plenty people who want it, you can have some, at a price, IF you pass some of our criteria.


    Desperate to lend is - We have a ton of money to lend, but less people seem to want it, so if you pass some checks of ours then we can do you a deal to get you in the door, we can`t control interest rates down the line, but that will be your problem, please just borrow something.
    • buggy_boy
    • By buggy_boy 7th May 18, 12:16 PM
    • 415 Posts
    • 288 Thanks
    buggy_boy
    [QUOTE=Crashy Time;74255658]


    Willingness to lend is - We have a ton of money to lend, and plenty people who want it, you can have some, at a price, IF you pass some of our criteria.


    Desperate to lend is - We have a ton of money to lend, but less people seem to want it, so if you pass some checks of ours then we can do you a deal to get you in the door, we can`t control interest rates down the line, but that will be your problem, please just borrow something.
    Originally posted by buggy_boy

    So what your saying is now is a great time to buy if you lock into a long term deal. Agh yes that mythical interest rate rises like the dead cert may interest rate rise, that you creamed your pants about which is now not looking likely.
    • Crashy Time
    • By Crashy Time 8th May 18, 2:15 PM
    • 6,074 Posts
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    Crashy Time
    [QUOTE=buggy_boy;74255996]


    So what your saying is now is a great time to buy if you lock into a long term deal. Agh yes that mythical interest rate rises like the dead cert may interest rate rise, that you creamed your pants about which is now not looking likely.
    Originally posted by Crashy Time

    No, because the deals are there to encourage people to keep buying over-priced houses, if sentiment keeps changing as it is against the idea of buying over-priced houses and/or interest rates rise, any future buyers are going to be very unwilling or unable to match the bubble price that you paid. This should be obvious from reading the increasing number of threads on here about houses priced at a mark up to a few years ago and getting no interest?....And that is even before rates rise!
    Last edited by Crashy Time; 08-05-2018 at 2:25 PM.
    • westernpromise
    • By westernpromise 8th May 18, 2:36 PM
    • 3,832 Posts
    • 4,975 Thanks
    westernpromise
    [QUOTE=Crashy Time;74255658]


    Willingness to lend is - We have a ton of money to lend, and plenty people who want it, you can have some, at a price, IF you pass some of our criteria.


    Desperate to lend is - We have a ton of money to lend, but less people seem to want it, so if you pass some checks of ours then we can do you a deal to get you in the door, we can`t control interest rates down the line, but that will be your problem, please just borrow something.
    Originally posted by buggy_boy
    To55er
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • buggy_boy
    • By buggy_boy 8th May 18, 3:39 PM
    • 415 Posts
    • 288 Thanks
    buggy_boy
    [QUOTE=Crashy Time;74259948]


    No, because the deals are there to encourage people to keep buying over-priced houses, if sentiment keeps changing as it is against the idea of buying over-priced houses and/or interest rates rise, any future buyers are going to be very unwilling or unable to match the bubble price that you paid. This should be obvious from reading the increasing number of threads on here about houses priced at a mark up to a few years ago and getting no interest?....And that is even before rates rise!
    Originally posted by buggy_boy
    Where are you getting this sentiment rubbish from? You have so little facts to back up your argument you rely on sentiment? The UK's fascination of home ownership is far from over even people that cannot buy are still obsessed about when and if they can buy, your living proof of that.

    You say I bought at bubble prices, the properties I bought have increased by 40% over the last 6-7years, you think there will be 40% crash in prices?

    I do believe estate agents are still trying to fight against each other to get the business trying to talk up a lot of markets then get people to reduce prices soon after. Prices are stagnant, we will likely see house prices fall in real terms over the next few years but unless we have some catastrophe leading to high unemployment and forced sellers I don't see a crash on the horizon.
    • Crashy Time
    • By Crashy Time 8th May 18, 4:41 PM
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    Crashy Time
    [QUOTE=buggy_boy;74260275]

    Where are you getting this sentiment rubbish from? You have so little facts to back up your argument you rely on sentiment? The UK's fascination of home ownership is far from over even people that cannot buy are still obsessed about when and if they can buy, your living proof of that.

    You say I bought at bubble prices, the properties I bought have increased by 40% over the last 6-7years, you think there will be 40% crash in prices?

    I do believe estate agents are still trying to fight against each other to get the business trying to talk up a lot of markets then get people to reduce prices soon after. Prices are stagnant, we will likely see house prices fall in real terms over the next few years but unless we have some catastrophe leading to high unemployment and forced sellers I don't see a crash on the horizon.
    Originally posted by Crashy Time

    A spike in rates changes the UK property game dramatically, for better or worse, depending on your point of view.


    https://www.bloomberg.com/news/articles/2018-05-08/hasenstab-joins-dimon-betting-treasury-yields-poised-to-hit-4
    • dunroving
    • By dunroving 8th May 18, 4:46 PM
    • 1,165 Posts
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    dunroving
    For crap's sake would someone take the time to fix the quotes? It's doing my nut in. How complicated can it be?
    (Nearly) dunroving
    • buggy_boy
    • By buggy_boy 8th May 18, 8:59 PM
    • 415 Posts
    • 288 Thanks
    buggy_boy


    A spike in rates changes the UK property game dramatically, for better or worse, depending on your point of view.


    https://www.bloomberg.com/news/articles/2018-05-08/hasenstab-joins-dimon-betting-treasury-yields-poised-to-hit-4
    Originally posted by Crashy Time

    Aww, back to that rate change again...

    https://www.ft.com/content/664d9d00-49f8-11e8-8ee8-cae73aab7ccb


    Sometime FT links dont work but basically headline is May Boe rate rise now 'close to zero'... The rate rise Crashy creamed his pants on and was deemed a dead cert... The exact rise I said we have seen it all before Carney will find an excuse not to raise rates..

    In 10yrs he has found excuses to keep rates at historic low and you now think there is going to be a sudden spike in rates... Sorry but just like your gamble years ago that house prices would crash its totally nuts and the logic only makes sense to you..
    • Crashy Time
    • By Crashy Time 9th May 18, 3:07 PM
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    Crashy Time
    Aww, back to that rate change again...

    https://www.ft.com/content/664d9d00-49f8-11e8-8ee8-cae73aab7ccb


    Sometime FT links dont work but basically headline is May Boe rate rise now 'close to zero'... The rate rise Crashy creamed his pants on and was deemed a dead cert... The exact rise I said we have seen it all before Carney will find an excuse not to raise rates..

    In 10yrs he has found excuses to keep rates at historic low and you now think there is going to be a sudden spike in rates... Sorry but just like your gamble years ago that house prices would crash its totally nuts and the logic only makes sense to you..
    Originally posted by buggy_boy

    http://www.cityam.com/285447/mortgage-dilemma-why-lenders-increasing-their-rates-before


    What Carney does or doesn`t do now has as much relevance as Duran Duran releasing a new album, it just isn`t that important any more.
    • batg
    • By batg 9th May 18, 5:50 PM
    • 126 Posts
    • 155 Thanks
    batg
    with regards to Carney and his rates, I tied myself into a five year fixed rate 4 years ago after listening to him saying interest rates would be going up and up. Wasn't it November last year they went up
    Jeeez, the poor wife!
    • hazyjo
    • By hazyjo 9th May 18, 5:56 PM
    • 10,529 Posts
    • 13,694 Thanks
    hazyjo
    with regards to Carney and his rates, I tied myself into a five year fixed rate 4 years ago after listening to him saying interest rates would be going up and up. Wasn't it November last year they went up
    Originally posted by batg
    I bet lots of others told you not to listen to him so maybe it was your own hesitancy and worry that made you fix for longer?




    ****Sorry read that as 'Crashy'. Should've gone to specsavers - although it prob still applies what I said****
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • dunroving
    • By dunroving 9th May 18, 6:07 PM
    • 1,165 Posts
    • 820 Thanks
    dunroving
    with regards to Carney and his rates, I tied myself into a five year fixed rate 4 years ago after listening to him saying interest rates would be going up and up. Wasn't it November last year they went up
    Originally posted by batg
    I've always looked at fixed rate products as a way to buy security for a fixed term, not to guarantee that you'll beat the prevailing rates.
    (Nearly) dunroving
    • Crashy Time
    • By Crashy Time 10th May 18, 11:11 PM
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    Crashy Time
    with regards to Carney and his rates, I tied myself into a five year fixed rate 4 years ago after listening to him saying interest rates would be going up and up. Wasn't it November last year they went up
    Originally posted by batg

    He hustles for the banking system, not you.
    • buggy_boy
    • By buggy_boy 11th May 18, 12:49 AM
    • 415 Posts
    • 288 Thanks
    buggy_boy
    He hustles for the banking system, not you.
    Originally posted by Crashy Time
    Its all a conspiracy don't you know, the whole world is against crashy time getting his house price crash....
    • westernpromise
    • By westernpromise 11th May 18, 9:46 AM
    • 3,832 Posts
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    westernpromise
    Its all a conspiracy don't you know, the whole world is against crashy time getting his house price crash....
    Originally posted by buggy_boy
    Yes, the bankers hate everyone and want to literally kill all renters while laughing. Crashy read it on HPC so it must be true.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
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