Advice for First Time Buyer - Please!(3 Posts)
We have been renting our house for almost a year. Soon after we moved in the estate agent asked if we were interested in buying. At the time it was beyond our budget, happily our circumstances have improved and we are now in a position to offer the asking price. The owner is still asking the same price, considering the market has declined we want to place a lower (but realistic) offer.
The house is not being advertised and we have been offered first refusal. There are 3 months left on our tenancy agreement so it is not possible for anyone else to view the house until we move out. We do love the house, could happily rasise our family here and the repayments are affordable. The house is in excellent condition and only requires some cosmetic updating.
According to the Estate Agent, the owner is looking for a quick sale and as we are chain free things could move along quickly. We have looked at a number of other properties but are very keen to stay here. Has anyone got advice on how best to negotiate on the asking price. What are the biggest potential pitfalls for a house buying virgin. Our Estate Agency seems to be a little 'slippery' and obviously it is in his best interests to get the highest possible price for house. Do we pretend to the EA that we are also looking at other properties?
I guess you have nothing to loose by placing a cheeky offer. The owner is not obligated to accept it. The agents must advise the owner of any offers received on the property. You have lived in the house for some time so make a list of things which need doing and knock that off the asking price.
Do you not have an address or contact number for the landlord? The estate agent will probably be much more interested in getting an easy sale than the top price but, if you do not trust him, then it might be worth trying to speak to the landlord direct. Obviously it would be crazy to pay last year's price so what you would be prepared to pay would have to be carefully worked out and justified.
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