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Original poster

Help! I want to offer but how much?

53 replies

cheesypleasy · 31/03/2023 17:11

This house I just visited is my ideal kind. The tenants are still there, but they served notice apparently.

I was going to buy a house in cash, but I will need a mortgage to buy this one.

How much is a 50,000 or 70,000 mortgage at the moment? I have most of the money but need about this much.

Should I offer because they have already put it down by £25,000 and I would like to offer 25,000 less than that.

Only fools rush in they say, so I need a good talking to! Advice welcome.

OP posts:
Mercurial123 · 01/04/2023 09:03

cheesypleasy · 01/04/2023 08:54

@DrySherry Interesting, thank you for that advice. If I want a second viewing they are only allowed on Friday evening as per the tenant's request. I will have to wait a week to go back. It may have an offer by then but I am determined to remain unattached in this market. The bigger dream is retiring somewhere hot!

Interestingly it was apparently the tenants (who have children) who served notice on the landlord according to the EA.

It happens all the time. There's nothing unusual about tenants serving notice. Mine left last year as they bought a house after saving years for the deposit.

CellophaneFlower · 01/04/2023 09:13

The landlord may have also made noises that they were looking to sell, hence the tenants moving on.

CantFindTheBeat · 01/04/2023 09:14

As others have said, tenants do leave properties all the time. It's not uncommon.

What's the purpose of buying the house, OP? Is it for you to live in? Does it tick your boxes?

Backing on to a motorway doesn't sound appealing if you have other choices.

Original poster
cheesypleasy · 01/04/2023 09:19

Yes I suppose they do leave all the time. It just made me think there might be a reason why they don't like living there. They aren't at the viewings, do I can't ask!

The reason is to live in it. I was hoping the motorway would be a bad point for others - me I don't care!

OP posts:
Original poster
cheesypleasy · 01/04/2023 09:20

But I should consider the motorway, as one day I may want to sell!

OP posts:
ilovewispas · 01/04/2023 10:18

What is the asking price and how long has it been on the market

RollerCoaster2020 · 01/04/2023 10:56

I would probably look at sold properties prices late 2019 and early 2020 and add five to eight percent on top to account for the covid bubble. It's worth listening to "moving home with Charlie" on Twitter or YouTube to understand how the market is moving. He generally presents facts rather than opinion or forecast.

Sprig1 · 01/04/2023 10:59

Don't offer anything. If the tenants don't want to leave it could be a nightmare.

Original poster
cheesypleasy · 01/04/2023 13:04

What are the percentage and mortgage rates at the moment. I haven't seen a broker yet.

OP posts:
Original poster
cheesypleasy · 01/04/2023 13:05

?

The tenants were the ones that served notice

OP posts:
Original poster
cheesypleasy · 01/04/2023 13:06

I will look at the 2020 prices and add a bit then!

If they accept, can I tell them to take it off the market?

OP posts:
Spokentruth · 02/04/2023 04:20

RollerCoaster2020 · 01/04/2023 10:56

I would probably look at sold properties prices late 2019 and early 2020 and add five to eight percent on top to account for the covid bubble. It's worth listening to "moving home with Charlie" on Twitter or YouTube to understand how the market is moving. He generally presents facts rather than opinion or forecast.

You do realise that sellers have to move too?
I bought in 2019 and am now selling a large 3 bed semi.
I wouldn't get a 2 bed small terrace for that now and that wouldn't work with 3 kids and a mortgage.
Or do you think we've just got all that Covid money stashed away somewhere?

Spokentruth · 02/04/2023 04:25

Not to mention the 30K spent on improvements that I'm still paying off.

Spokentruth · 02/04/2023 04:27

cheesypleasy · 01/04/2023 13:06

I will look at the 2020 prices and add a bit then!

If they accept, can I tell them to take it off the market?

They won't accept unless they are absolutely desperate.

Seaitoverthere · 02/04/2023 05:46

I wouldn’t buy it due to the motorway and flats without parking situation given you want to move in a few years. I would offer on something and have a purchase hopefully going through but now is the time to be fussy about location, plot etc. Keep looking.

Happydays321 · 02/04/2023 09:11

I wouldn't touch it, the motorway and flats will massively impact the price when you sell it.

cheasypleasy · 02/04/2023 09:16

RollerCoaster2020 · 01/04/2023 10:56

I would probably look at sold properties prices late 2019 and early 2020 and add five to eight percent on top to account for the covid bubble. It's worth listening to "moving home with Charlie" on Twitter or YouTube to understand how the market is moving. He generally presents facts rather than opinion or forecast.

Yes, I watch him too!

user1471538283 · 02/04/2023 09:18

You offer what you think it is worth. If your offer is refused so be it.

If you need a mortgage you get to get locked in quite soon as they are going up daily. On £50k in my mortgage you would be looking at about £300 a month.

cheasypleasy · 02/04/2023 09:22

@Seaitoverthere Yes, I have to remember that people are put off by more things than I am. It is just that I love the area and it is very expensive. People here still seem to buy very expensive houses right by the main roads and motorways.
I don't necessarily want to move. It would suit us forever.

With regards to the flat and parking. The house comes with a garage and there is plenty of on street parking, so driveways and allocated parking is not too much of a problem IYSWIM.

I have to admit the flats put me off, but if I got it for a good price that would mitigate that pet peeve.

cheasypleasy · 02/04/2023 09:27

@user1471538283 I offered yesterday. The estate agent is talking to the owner on Monday.
If they don't accept my offer, I will walk away.

DrySherry · 02/04/2023 12:15

cheasypleasy · 02/04/2023 09:27

@user1471538283 I offered yesterday. The estate agent is talking to the owner on Monday.
If they don't accept my offer, I will walk away.

Good luck, how brave were you with the offer ?

cheasypleasy · 02/04/2023 12:44

Not very brave lol! £8,000 less as it hasn't been on long. From what the EA said it has already been reduced by £25,000.

The Estate Agency did that trick where they take it off and put it on at a lower price, so that it looks like a new listing. Puts me off that agency tbh, but we are at their mercy somewhat if they have a house we want in their books.

MrsSkylerWhite · 02/04/2023 12:46

Depends how much you want it. We’ve found our ideal final home and immediately offered asking price because it was too good to miss.

cheasypleasy · 02/04/2023 12:50

@MrsSkylerWhite I know what you mean, but I like to remain business like because there's always another house that comes along ime. I think overpaying in a falling married with these high interest rates just won't serve my bigger picture.

I don't like to get attached, as that is why some people are shitting themselves now because they got whipped up into a frenzy and made poor choices.

cheasypleasy · 02/04/2023 12:51

*market