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Property/DIY

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Original poster

Anyone an Estate Agent?

16 replies

titchy · 31/10/2007 12:54

Or can offer advice...

We are in a great position at the mo' - renting with only 1 month's notice to give to leave. we have seen a house, which while not being anywhere near the hosue of our dreams, has the potential to be with about £50k spending on it. Vendors keen to sell, have reduced asking price from £850k to £800k.
Maxing ourselves up to the hilt with a 5 times mortgage multiplier (by the way anyone know where we can get 5 times?) We offered £700k, but according to estate agent vendor wants £750k for a quick completion which we can do, BUT it leaves us with no cash to do any work. The house is not one thatwould sell easily as it is, and with all the talk of a house price crash I want to get it for as close to £700 as poss. Is estate agent vendor trying it on? Do we offer £720 and say that's our absooute max, but risk not getting it - is this offer realistic (vendor bought for £570 two years ago so he'd still make a good profit)? Or offer £750, or wait till after Christmas for something else?

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LittleMissNorty · 31/10/2007 12:58

I'm not an estate agent but I'd offer 710-720 in your position and say that's it.

When I sold my house a couple of years ago, it was very sellable and sold within 3 weeks. The estate agent rung me and put in their first offer and said to me (and I quote)....Don't accept this, I'm sure I can squeeze more out of them...leave it to me and I'll get back to you.....

Depends how much you want it and how sellable the house is (ie will it go under offer again quickly)....

Good luck

Bundle · 31/10/2007 13:00

also look at how much your repayments will be affected if mortgage rates go up

bodycolder · 31/10/2007 13:21

offer 720 and then hold your nerve.If you don't get it you will get another after xmas and if its anything like here prices are slowing so 2008 looks a good bet.We are in the same position as you but haven't found anything yet.Good luck

Original poster

titchy · 31/10/2007 13:21

It is definatley not very sellable! The vendoe seems desperate - reduced price and put it on with 2 agents, but it's the only once in our price range that has the potential to give us what we want. Bundle - I know, doesn't bear thinking about. We're not including dh's bonus in our salary calculations though, and will get a fixed interest for two years which will only be £100 more than our rent at the moment so affordable. Just.

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Original poster

titchy · 31/10/2007 13:22

Thanks bodycodler! where are you looking? We're in prime stockbroker belt (hence the price tags..) also fingers crossed for a serious house price crash!

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LittleMissNorty · 31/10/2007 13:25

Sounds like they will be more desperate than you are then....you could offer 720 and just hold firm.....when (if) they decline that, say oh well - not to be and see what happens. Make sure the estate agent knows you are in a great position to complete quickly. Gt a survey done and you may be able to knock them down a bit more if anything comes up on it as urgent.

Let us know how you get on

Good luck

Bundle · 31/10/2007 13:27

also, I think there's something more "believable" about an odd, rather than an even number

bodycolder · 31/10/2007 13:27

we are in Brighton.Have just seen prices stagnate atm and a few drop.We have been away for half term and came back to messages galore on the answerphone from agents with 'new prices'.I know a few local agents and the only one who will admit the truth says we were lucky to sell when we did as our house would probably not reach its value now.I think your seller should bite your hand off for that offer as it will probably be worth less next year.Hundreds of houses for sale here so the shortgae of houses doesn't seem to have reached us.

laundrylover · 31/10/2007 13:32

If you want someone to accept a low offer you need to have a mortgage offer in place IME. You're right taht you are in a good position re having no sale on your side but to be a 'cash buyer' you need a firm mortgage offer in place.

Good luck.

Original poster

titchy · 31/10/2007 13:45

laundrylover (really?!!!) - you're probably right. Which leads to my other questions - whcih lenders these days still do 5 x multipliers? Alliance and Leicester seem to (we have over 50% deposit) but are there any others?

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laundrylover · 31/10/2007 14:09

With a 50% deposit you'll get better offers but not sure who does 5 times income. It might be worth asking a broker to see what they can come up with - for a couple of hundred quid you may save quite a bit.

LittleMissNorty · 31/10/2007 14:13

IFA's are worth their weight in gold as far as I'm concerned. I've always used one. Have a look here and here

barking · 31/10/2007 14:32

abbey do 5 x

LilyLoo · 02/11/2007 13:54

titchy my dp could help here

biryani · 05/11/2007 17:15

Just hold firm on your offer. Many homes in this price bracket are overpriced for the market anyway and a house which isn't readily sellable is likely to be vulnerable to a fall in the market.

Original poster

titchy · 15/11/2007 14:23

Got it for £725k I know it's £5k over what we said we'd offer but still leaves us about £40k to do it up with. And we've got a 5 times salary mortgage sorted (Alliance and Leicester if anyone's interested). Now just have to afford it - it'll be about 60% of our take home - - but dh is looking for a better paid job so hopefully will have one before we move . If not beans on toast all round...

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