Would you view a house that is out of budget?

[Instagrrr]

There’s a house not far from us which has been up for sale for 6 months now with no budge in price, it’s remained on the market for all of that time. I don’t know what interest it has but I know it’s hugely overpriced.

A house 30 seconds from it which has exactly the same floor plan, but with a long thin garden rather than a short, wide corner plot has very recently sold for £100k less. They are Victorian semis, but these particular ones are the old factory worker ones rather than the nice villa ones up the road. Last time it was on the market was in 2012 and that was for £100k less. It needs a new bathroom so that’s not been changed in that time, it looks like it’s had a new kitchen in that time. No extensions or outbuildings have been put up as I walk past it daily, nor has the old double glazing been changed since then. It looks to be in a reasonable state of decor, it’s all magnolia.

House itself looks ok from pictures, if a bit cluttered.

By our mortgage forecast from MA, it’s about £50k out of budget... would you go and view?

Sorry for typos 🙄

If it’s overpriced by 100k, don’t buy it!

They'll probably make your life a misery, even if they do accept a low offer, particularly if one of them doesn't really want to sell.

And there is a danger that the mortgage company would say no to lending the full amount you'd need, if it's so overpriced and in need of updating .

Not even with a very cheeky offer

We’ve always looked over budget and always been able to negotiate into budget. Don’t reveal absolute maximum but say about 25k under.

I wouldn't bother with the house at all tbh, but if it ticks a lot of boxes for you, I would knock 75=85K off the asking price and have the highest level survey done, if you think damp may be an issue.

Get on to the estate agents with your details-
Tell them you are first time buyers have a decent deposit and mortgage in principal.

basically you are ready to move.

Then tell them you’d like to see all new properties on the market.

Then ring weekly.

You need to be proactive.

Ignore this one, sounds like a nightmare

I would walk away. Based on what you have said, even if they accept a reduced offer it doesn't make financial sense.