How is best for us to proceed to get this property?

[hugsandpugs]

We currently rent but DH will be getting some inheritance soon so is looking to use it towards buying a house for us. We would be looking to just get a small mortgage.

We have seen a house online on an estate agents social media which says it’s coming soon. It’s absolutely everything we are looking for. 4 bedroom, big kitchen, decent sized garden etc and it’s an absolute steal at £119,995.

I know there’s going to be a lot of interest in it so is there any way to make our chances of getting it higher? We are first time buyers so are not in a chain. Should be getting a mortgage in principle from our financial advisor at some point today.

thanks in advance for any advice

How far along is the inheritance process?

because in my experience it takes time and you need the money before you start looking

It won’t be a steal op
guaranteed

Should be getting money by end of next month all being well

You think perhaps it’ll need a lot of work? Just looks like it needs a bit of modernisation from the photos. Looks like an older person lived there and no furniture etc in there now

I have no idea why it won’t be “a steal”

but I can guarantee it won’t be

Probably priced low to encourage a bidding war. What sort of prices do comparable properties go for?

A 4 bed house for £119k? Is it shared ownership. Otherwise avoid like the plague!

There is going to be something very wrong with that house. If you do buy it make sure you have a detailed survey.

It will be a steal because it will need a fortune spending on it

I live in a cheap area but a 4 bedroom house with garden even here would go for more than that. At that price you would be talking about new central heating, rewire, probably damp plus new kitchen and bathroom. Would you be able to afford all that work?

It could well need rewiring and a new boiler - this wouldn’t be visible from pics
You’re going to need to view and ask some questions
if uou do proceed you’ll need a big survey

Sounds like it might be a sale after someone has passed away. Obviously get a good survey done.

Where are you?

We are getting a decent sized 4 bed terrace but no garden (but a nicely done small private patio) in the north east for £100k, it has took 2 years looking though but I do believe its doable. We got out bid on a great one that went for £130k but ended up back on market because the developer couldn't get the planning they wanted (that one had a garden).

Like if its in London or somewhere I would be weary but there are places where £120k for a dated 4 bed is normal.

At that price it's either in the most horrible area, needs loads and loads of work, has sitting tenants or is being sold by auction and therefore will actually sell for much more.
Or a combination of the above.
There are no real extreme bargains in property @hugsandpugs .

Where is it? You must compare prices with similar condition, size, area etc otherwise the comparisons are meaningless. You sound a bit new to this and starry eyed. Nothing wrong with that but you need to learn fast and think carefully and buy with head and facts not just heart.
I say this as someone who 'falls in love' with houses easily. Me and DH are on the verge of completing finally, after 2 years of looking, selling and buying. This is the fourth house we had an offer accepted on, first three fell through. This can be a brutal experience.

Dont be ridiculous, theres plenty of areas in the UK where you can get properties near this price. Its likely priced low to get interest but that doesnt mean you cant get reasonable priced properties in the UK.

You wouldnt know it if you live in a bubble.

Tell me you've never renovated without telling me you've never renovated.

How much DIY do you think Doris and Frank have done on that place is the last 2 decades to maintain the place?

Expect blown plaster, electrics, possibly damp.....probably boiler and new rads

kitchen and bathrooms cost about 2.5 x what you think they do

I would be guided by the EA if you really want it.
explain you are a cash buyer and keen to secure it. (He'll get his commission and be happy)

If you do nothing else take a good builder with you to view and let him cost it for you.

Why would there be damp?

Plenty of people live in dated properties, the wiring and boiler is perfectly doable and adequate but old, its not about to fall down around someones ears.

Blown plaster? Why?

No not shared ownership. We live in South Wales so the properties are generally cheaper here but £120-150 k is usually what a 3 bed would go for.

No one prices a house low for no reason. Why would they? Except maybe the bank of it’s a foreclosure I suppose.

If you think it’s a “steal” and therefore a low price for that size house in the area, chances are it needs significant money spending on it to bring it up to standards.

Not saying that’s a bad thing. Just something to be aware of. You’ll probably need a budget for rewiring, plastering, plumbing, boiler etc before you’ve even started on the cosmetic work.

I agree as well it’s also an estates agent trick to price a house low and start a bidding war. So be aware of that too.

Hope it works out for you!

Also this isn't true.

The house we are buying is heavily dated decor wise to the 60s/70s (when it was last gutted and fully renovated) but has been fully maintained. Full of artex, woodchip walls, well worn and stained patterned carpets, faux stone fireplace that runs the full wall, 60s plank banisters, ceiling tiles etc...

Electrics last updated (new CPU and full tested to pass standards as the previous owners did every 10 years as per recommendations, things rarely actually need full rewires) 8 years ago when they also updated the heating and did the damp proofing. All the certificates to prove it, records going back decades being heavily dated doesn't automatically mean an unloved hovel.

Don't under-estimate the cost of getting somewhere that needs modernising up to scratch. possibly needs...

New Heating
Electrical Work
New Bathroom (s)
New kitchen
Plastering / Decoration
Carpets / Flooring

Even if you do that with bargain basement products it's going to run you £30K +. I've done a few, last place cost £50K to bring up to a good standard and nothing was broken / didn't work, just old 1980s

Get a mortgage in principal, see how much you can get. If you think the house will need work, then you will want to save your cash for that. It's possible that only developers might look at it as 'ordinary' mortgage buyers might not have the extra cash needed to renovate.
Contact the EA and let them know of your interest. And ask the EA why it seems so 'attractively priced' for the size and area (shows you know what the property market is to the EA so they know you're not a total newbie), they might give you the answer or a clue. maybe it's gone to probate.

Absolutely, I'm an electrician by trade, full re-wires are vanishingly rare nowadays - they were required where properties were wired in VIR or Lead sheath cable that was popular before WW2, I haven't seen any of that for 10 years or more.
Most wiring done from the 50's onwards was in PVC cable, which is still normally as good as the day it went in and the switch boxes became standardised so modern switches & sockets fit. Prior to 1965 there didn't have to be an earth on the lighting, which can present problems, but there are work rounds.
Mostly it's just replacing the consumer unit, testing and adding a few extra sockets.
However, some bigger firms will tell you it needs a re-wire to A/. make more on the job and B/. because they tend to use young, newly qualified sparks who have been trained in installation, but not inspection/testing/repair.

But likely local to the OP.

Your ‘horrible area’ might be their home town that they love!

Also OP should NOT lie about being a cash buyer, once it comes out shes not she could get blacklisted by EA or the seller could pull out.