Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

1 2 3

Original poster

Advice/opinions please - what would be a reasonable offer on this house?

53 replies

turquoise · 27/11/2007 10:32

It's on the market at 275,000. One double bedroom two reasonable singles, one tiny single/study. In good nick, semidetached, on quite a main road about four doors down from a fairly ropey looking pub. Seems like a pretty good price for the area.

The owner bought it as an investment for his daughter and fellow students to live in while at University, it's now been empty since the summer - so he's losing on it every month.

I really like it, it's just right for us and where we are renting is damp as hell - but it's way over my budget. Also given the current financial gloom, I'm terrified of losing all my savings etc.

What would you do?

OP posts:

Original poster

turquoise · 28/12/2007 21:27

OMFG I've bought a house!

OP posts:

lalalonglegs · 29/12/2007 10:07

What? The house? Go on, how much?

bran · 30/12/2007 12:41

Bumping because I'm nosy. Is it the same house, or have you bought a different one?

WideWebWitch · 30/12/2007 12:46

I hope you made a LOW offer. I am property doom sayer, I believe the Fionnnuallla woman or whatever she's called, anyway, the economist at Nationwide I think, who says there's about 30-40% of house prices that can't be accounted for.

WideWebWitch · 30/12/2007 12:53

I'm not the only one

Original poster

turquoise · 30/12/2007 16:53

Actually I'm not entirely sure now

I thought they'd accepted my offer, as they told me they'd let me know by the day after boxing day, and the day after that received a letter confirming my offer - which in my excitement and cluelessness I thought meant they'd accepted Now I realise it means just that - confirming my offer, though I didn't realise they'd send me a letter saying that!

Anyway, yes it was a low(ish) offer - they rejected 245 and said that there were tenants lined up, as he would not consider offers so far below the asking price. I said in that case there's no point in upping the offer is there - the estate agent said try anyway and it is 255 that they are deliberating over. I'm hoping if they accept to pay just over 5k in cash for fittings etc to avoid the stamp duty.

So I'm a bit mystified as to why they haven't got back to me if they're rejecting the offer - and if they do take it I think it's a good price in spite of the doom and gloom, as it was originally on at 285 in July! And I need a house, and the interest only payments would be equivalent to the rent I'm paying, since I have the equity from my ex-marital home for the deposit. So I am nervous as hell about buying now, but if they accept that offer I think it's reasonable.

Can't believe I was so dim as to misread the letter though - am a bit gutted

OP posts:

bran · 30/12/2007 19:54

Watch out for the fixtures and fittings thing - the tax man keeps a careful eye on that sort of thing so make sure you can justify the £5k.

I think it's neither good nor bad that they haven't come back to you yet. The vendor could just be busy (partying/with family) or taking time to do some calculations. I doubt he has tenants lined up though, I would have expected him to take the house off the market if that were the case.

I hope you get the answer you want.

WideWebWitch · 30/12/2007 21:39

I think don't blink. I think even consider withdrawing it and offering less. Unless it's absolute house of your dreams. I also think consider:

a) can you afford it?
b) can you afford it if int rates rise 2%? 5%?
c) do you care if it goes into negative equity? Does it matter?

noddyholder · 30/12/2007 21:49

I wouldn't pay over 250 as this will cost you a further 5k in sd.Is it your dream house and do you plan to stay in it?

lalalonglegs · 31/12/2007 09:48

Don't pay over £250k. Don't believe for a minute he has got tenants lined up - why is house still on market?

Original poster

turquoise · 31/12/2007 10:15

It's not entirely my dream house, being semi detached and on a busy road, but it's really good, well finished and in good nick, and it's amazing to get 4 bedrooms under 300k in the area. I like it a lot, and we really need to get out of the damp hovel we're renting - and the mortgage I've arranged is 5.73 fixed for 2 years, interest only - so as I am putting over a third down as deposit - works out barely more than my rent.

What might happen to interest rates in 2 years does worry me dreadfully though - or if I lose my job, or any other hideous scenario! I do plan to be there about 4 years though, at least - and being in the South East, demand isn't going to go away.

I can't see how I can drop the offer once made, thought it was binding? I'm on a fairly steep learning curve doing this on my own, xp did all the finances & legal stuff when we bought our last house. I thought the seller would be amenable to the 5k fiddle though, as there is a very nice range cooker etc which we could add in as 'f&f', and it being a buy to let property, would save him a few thousand in capital gains.

OP posts:

LIZS · 31/12/2007 10:19

You might be able to drop based on a survey or legalities anyway , the offer is not legally binding unless in Scotland or until contracts exchanged. Do the particulars stipulate that the asking price includes the fixtures , otherwise they may want more on top for those. We lost one house because the summer house wasn't listed and they wanted extra even when we offered asking price .

Original poster

turquoise · 31/12/2007 11:16

The range is supposed to be included.

BUT - I have just looked on the lettings part of their website, and the house is on there as up for rent still!! Presumably if it had been let out, supposedly for the end of this week , it would say under offer or let or something?

I can't believe the agent bare-faced lied! Obviously I am phenomenally naive - but on the day they turned down the first offer she said it was let, she wasn't sure when but within a few days - then when she came back to say they were considering the second offer she said it was let from the 4th of Jan. I said, then there's no point in offering more, what about the tenants (thinking he's pretty dishonourable if he's prepared to shunt them with a week to go) and she just said - not a problem.

I am if it's a lie - how can they get away with that? I would have made a second offer below 250 if I hadn't thought there was such urgency.

I think I need an idiot's guide to housebuying

OP posts:

hanaflower · 31/12/2007 11:24

This reply has been deleted

Message withdrawn at poster's request.

chocolateteapot · 31/12/2007 11:27

You need to take things that agents take with a very large pinch of salt. I fell in love with a house when we were trying to move down here that had a guide price. The agent said there was a lot of interest and the seller was thinking about going to sealed bids. Put in a good offer over the guide price and said it was on the condition that it was accepted and that I would not participate in sealed bids.

Was told that offer was turned down and the vendor insisted on going to sealed bids. I said fair enough, that's the end of my interest and walked away, found something else which was much better for us as a family and I was able to get at a good price as we had no chain.

The original agent then sent the form for sealed bids that I binned. I then got 4 phone calls about it including one an hour after the supposed closing time of the bids. I had told them time and time again that I wasn't going to buy it and has something else, but they just couldn't believe I meant what I said. I'm not sure there were any other bids at all and suspect he made the whole thing up.

I would go back to the agent now and say that you've had time to think about it over Christmas and put in a lower offer, definitely under 250k.

LIZS · 31/12/2007 11:32

Agree with ct, go back with a full and final offer to include range and other specified fixtures and fittings or ring them say you need an answer today or you'll walk away. Don't enter into details of how you think they have lied etc, they either want the sale or not and you have the upper hand.

noddyholder · 31/12/2007 14:47

Rent It!!!!!!And buy it at a later date

WideWebWitch · 31/12/2007 16:15

that's a FAB idea, rent it. Def think they lied, withdraw the offer.

lalalonglegs · 31/12/2007 18:27

ROFL at "I can't believe the agent bare-faced lied!" - sorry, Turquoise but that's all estate agents do (although, of course, there are extremely decent ones out there who are honourable, scrupulous and absolutely fair in their dealings... ). They don't even think of it as lying, they seem to believe it's some completely fair form of negotiation.

Chocolateteapot speaks complete sense - you are under no obligation to stick to your offer until contracts have been exchanged - your offer hasn't even been officially accepted. Just say you've had second thoughts/didn't understand the stamp duty implications of going over £250k and there's no way you would offer more than £247,500 now. Also, didn't you say that the house was pretty ropy according to your builder friend and needed various work carried out? Mention all the stuff that needs doing.

Get a friend to ring up and see if it is still on the market in a week's time or whether tenants have moved in...

Original poster

turquoise · 01/01/2008 10:06

I think she's worried I'm going to do just that - she completely avoided me all yesterday, I called 3 times, left messages, and the one time I got through to her, she said "I'm sorry I'm with someone, I'll call back" and never did!

Well, I'm off to Prague tomorrow for the rest of the week (unless ds is still vomiting but that's another story!) so she can just stew, the bitch.

OP posts:

WideWebWitch · 01/01/2008 11:04

email them withdrawing your offer in writing. That should get a reaction.

Have a lovely time. Really, you're in a VERY strong position. And sod it, if it's not the house of your dreams then never mind, let it go. They shouldn't have lied.

lalalonglegs · 01/01/2008 11:13

Hear, hear to WWW. You're holding all the cards - don't feel pressured. Have a great time in Prague and let us know what happens.

Original poster

turquoise · 01/01/2008 13:48

Thank you.

At the moment am freaking out about very sicky boy and probable loss of Prague so putting all other worries Out Of My Head.

OP posts:

Original poster

turquoise · 05/01/2008 12:00

Hi, back from Prague (which was wonderful) to a letter rejecting my offer and he has taken it off the market. (Still no sign of the fabled tenants though!)

Tbh I think I'm relieved, as I presume he'll probably put it back on later in the year when CGT has been rejigged, so I am looking for somewhere better to rent for a while and we'll see what happens to prices.

Fingers crossed for WWW's massive drop!.

OP posts:

FlorenceFarkingNightingale · 05/01/2008 12:02

Have you asked if you can rent it yourself?

Flip

1 2 3

Swipe left for the next trending thread