Quick offer advice needed!

[Becaroooo]

OMG!

Think we have found the perfect house!

Trouble is, think its a bit overpriced - as they all are atm

Its on for £185k

I would pay £170k (which is 3 x dh's salary)

Too much of a price drop for the vendors?

Its no chain.

We are no chain.

Arrrrgghhhh

That's a shame, but you do need to back off a bit now. Let them stew on it. It's early days.

Our ifa still hasnt got back to me

Am getting dh to ring and get an AIP tonight over the phone (did that last time!) Have been checking out the 90% deals online and we have 2 or 3 options.

Will wait til we have an AIP and then ring back and make our best and final offer.

That's a really good plan. It'll happen. Remember, they want to sell and you want to buy so there is a deal to be done.

can you get your mortgage advisor/ifa to speak to the builders once he's looked over the finances? Ours did and they were suddennly much more interested I think once he told them we were good for it. He had done a feasability investigation or something with a lender but I don't think we had a full AIP.

OK.

So.

Have got a "decision in principle" from L&C mortgages (they dont do an AIP til you have an offer acceptance - I guess they dont want to waste their time going through the application unless we have had an offer accepted?)

That means we have an e mail confirming we can get the mortgage we need, a deposit and no chain.

Have upped the offer to £170k. We cant go any higher than that, so will let you know x

alabamawurley

Tis fine :)

Coincidentally my sister and BIL have bought the same house 5 doors down and paid £230. Theirs IS immaculate though and helped us make the descision to buy this one as I was able to see past the decor and see it's potential. They have let it go for a song (disclaimer- not had the survey back yet..) but all being well with that, we do have a good idea of the future value once done up. Fortunately it's our "forever" house until we retire and bugger off to Greece so we're not relying on price rises for any reason. But confident that when the markets do decide to rise again, be it 5, 7, 10,15 years, it will have been a good investment.

Update: After much hmming and hawing the EA just rang back and they have accepted our offer as long as we complete at end of Nov

Blimey.

shakey Hopefully this is our forever house too - we only have a 10% deposit so the repayments are a third of our income and we have borrowed 3 x dh's salary but we have been so risk averse in the past and it hasnt been the best idea....

Thanks for all the advice x

The banks are tending to substantially undervalue asking prices/offers at the moment so you might get a welcome surprise that the bank surveyor comes back and says that the property is worth less than your offer - which will be a sobering moment for the seller.

168 of 190 is just under 91% of the asking price - if the seller had any sense they would have bitten your hand off. According to the land registry on average most houses in the UK get 90% at best so the seller should have got down on their knees and kissed your feet for offering 168K.

Slacking9to5 is right - play it cool now. If you appear desperate they know you are hooked. If they think you might walk away the ball is in your court. Shame you did not offer 160K and say the offer was on the table till 31st Oct whilst, in the meantime, you look at other houses.

Woohoo! I hope it all goes well through the solicitors ect.
Our offer was accepted last week so just feels like we are just waiting now.

Great news!! Keep us updated!!