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Original poster

Oh bugger! :(

24 replies

Becaroooo · 16/08/2011 12:22

We have just sold our house and moved into rented accomodation as 2 house purchases fell through. As the norm we have signed a 6 month lease.

We viewed a house a couple of weeks ago (prior to moving) and really liked it but what with a family bereavement and moving house we have only just got round to making an appt for a 2nd viewing this evening.

They have dropped the price from £145k to £140k (which is good??) but apparently there is lots of interest and lots of viewings later in the week (some 2nd viewings)

So. If we want it what do we offer?

Bearing in mind we dont want to move til at least xmas (although there will be a chain as the house they want need to find a house and they are moving away from the area etc etc) but that we are no chain and have a deposit and agreement in principle???

Want to offer £130k

Am getting concerened as want to sort a FR mortgage out before the rates go loopy !!!

Thoughts?

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Gonzo33 · 16/08/2011 13:49

Becaroo,

This house selling/buying business for you has been a nightmare hasn't it. Go for the 130k, they can only say no can't they.

Good luck Grin

PlumSykes · 16/08/2011 13:55

I would offer 130, but be prepared for them to want to sit on it until the other people have had viewings later in week.

Original poster
Becaroooo · 16/08/2011 15:06

gonzo Its been....interesting!! Grin

In some ways its perfect - house wise - but has not got a massive garden (which doesnt bother me at all)

Dh wants a hobby room/workshop but we could sort something out I'm sure.

Its slightly more difficult as I know the vendors!!!! (small village, everyone knows everyone!)

Should we just go in with an offer of £135k first and final offer (would not offer any more than that anyway tbh)

aarrghh.............

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SparklePrincess · 16/08/2011 15:31

You have 2 options here, try your luck for a bargain, or if you think the asking price is fair as it is then go in at 135k, but state that its your best & final offer & you simply cannot afford to improve on it. :) Keep us posted. :)

Original poster
Becaroooo · 16/08/2011 19:16

Been back to view.

House is great (wouldnt need to do anything) but smallish garden and - something we didnt realise before! - there is a drain cover on the side patio where dh would want to construct his hobby room/glorified shed.

Does anyone know what the rules are re: drain covers? Can they be built over as long as they can still be accessed??

aarrggh..........

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SparklePrincess · 16/08/2011 22:18

I think they can, as long as they can still be accessed.

ChippingIn · 16/08/2011 22:21

I don't know - but can't see why not if it can still be easily accessed.

Very exciting isn't it.

I think I would go in at £130 and see what they say - if they come back with a 'no' then go back with a full and final at £135 - make it clear you can't/wont go any higher. It's a buyers market out there and you are chain free.

DaisySteiner · 16/08/2011 22:24

What makes you think rates are going to go loopy? My understanding is that interest rates are likely to remain low for some time to come, and fixed rates may come down further in the near future on this basis.

ChippingIn · 16/08/2011 22:25

Daisy - that was my understanding too - but I wasn't 100% so didn't say anything (also I'm due to remortgage so there's also an element of wishful thinking going on!!).

Original poster
Becaroooo · 17/08/2011 06:19

The BBC are saying that the application fees for mortgages are all going to go up (something to do with the RPI figures out yesterday).

Dont want to end up having to pay £1,000's for a mortgage product that is only £99 atm.

Also, my IFA has recommended we go for fixed rate as the market is so very uncertain and not sure IR can be kept so artifically low for much longer (i.e into next year)

Will have a word with the EA today re: drain access - they may know the answer!

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gettingeasier · 17/08/2011 11:18

I have these "doors" inset in the floor of my utility and sitting room which go down into the drains as that part of the house is an extension

I like to tell people they lead to my wine cellar Grin

It shouldnt be a problem Becarooo

My area is demand far outstripping supply so in your shoes I would offer £135 to secure the house

Good Luck

Gonzo33 · 17/08/2011 13:34

Bec,

Are you referring to the fee for booking the fixed rate as opposed to the rate of interest for the mortgage itself?

Personally I think that rates will stick for a while but that banks will be charging a higher fee to fix the rate of interest on the mortgage. This will be due to the fact they will want to make some money out of the lend, and this is one way of doing it!

Original poster
Becaroooo · 17/08/2011 16:01

Yes, I mean the fee gonzo Some of the FR fees have gone up considerably already Sad

Wrt FR interest rates, it will be similar to what we were on before I think, maybe slightly less.

The other option is a tracker with no tie in so we could switch to a FR but then, you would have the fees to contend with again. sigh.

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Original poster
Becaroooo · 18/08/2011 15:06

sigh.

Offered £135k.

They rejected it.

Jesus.

What do I have to do??????

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SparklePrincess · 18/08/2011 15:35

Can you afford more? How realistic are they about what is selling for what in the area? If you can afford to id be inclined to go slightly higher at a random figure, say its all you have, best & final offer. Something like 136,200. Good luck. :)

Original poster
Becaroooo · 18/08/2011 15:54

SP They have lost out on the house they wanted and tbh not sure they are serious about selling now....dont want to make a higher offer as we would need to replace the boiler and put a radiator in the conservatory next year and that would be approx £5k....hence our offer of £5k under asking.

This is the 2nd time we have offered only £5k under asking and been rejected!

People do want offers from no chain buyers dont they???

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SybilBeddows · 18/08/2011 15:55

you said there were other viewings later in the week, so they are holding on to see if anyone offers asking price or (ideally, from their POV) two people do so they can try and get them higher.
Although in this market £135k sounds like a pretty good offer to me, if they really do have other viewings lined up including second viewings then it's not surprising they are choosing to twist rather than stick.
I wouldn't try and go higher yet, just hang on for a few days because three things can happen: either they don't get any more offers (or only lower ones than you), in which case they may be willing to reconsider your 135, or someone else offers more than you can afford, in which case there's nothing you can do, or someone offers around the same as you, in which case the agent is likely to come back to you to see if you'll be willing to increase, to try and play you off against the other buyer.

Original poster
Becaroooo · 18/08/2011 16:09

EA said they are holding out for asking price

We are no chain, have a deposit, mortgage agreed, and are happy to give vendors time to find a property.

I really thought it would be easy

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Gonzo33 · 18/08/2011 16:21

Becaroooo I wish I could sell my house to you Grin Totally different area I think though, plus tenants in it at the moment.

Gonzo33 · 18/08/2011 16:21

Pressed post message before I added that I am keeping my fingers crossed that makes them accept your offer.

SparklePrincess · 18/08/2011 16:30

Those vendors sound like huge time wasters who don't know what they want im afraid. :(

SybilBeddows · 18/08/2011 16:41

this is the problem, isn't it?
It's all very well for Rightmove and the more bearish of the agents to say 'All you need to do to get the market moving again is to accept lower offers on your house because then you'll get a discount too when you buy one!' but if the majority of the vendors out there won't take any less than their already highish prices it doesn't work.
I know people are saying it's a buyer's market and it is definitely a falling market but it seems to me that's not quite the same as a buyer's market if most people who are selling don't think it's one. Does that make any sense?

Original poster
Becaroooo · 18/08/2011 16:45

I think so sybil yes. We accepted £10k less than asking because we wanted to sell (we desperate to, actually) but we cant seem to find vendors like we were, sadly.

Dont get me wrong, I dont expect vendors to give me their house Grin but they need to be a bit more realistic IMO.

SP Yes, I agree with you. This is 2nd time we have offered on a house where the vendors werent really serious and we just "testing the market".

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Original poster
Becaroooo · 18/08/2011 16:46

Whereabout is it gonzo ???

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