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Original poster

Property experts - how up front should I be about our pricing expectations?

39 replies

fishnet · 29/09/2008 13:57

We sold our house last year and are in rented accomodation. We have a good deposit sitting waiting and a mortgage offer. My job is very secure and DH's should be too unless we faced complete economic meltdown.

A gorgeous property came on the market at the end of last week for 895. From the details it looks perfect. But we don't want to pay anywhere near that. My maximum for our dream property is 800. DH's maximum (he is far more cautious) is 700.

I want to go and view the house. DH says no unless we know they would take 700 (20 percent off asking price). If we bought for 700 this would mean 2.5 times salary on a mortgage (with the stamp duty etc included)

I don't think any agent is going to say up front that their client would take 20 per cent off. Do you think its worth asking them?

OP posts:
noddyholder · 29/09/2008 14:12

They probably won't tell you but as you are in a good position they may try to force the sellers hand a bit.That happened to us the agent told the seller to take our offer as we had cash We got 25% off

WideWebWitch · 29/09/2008 14:15

Yes, I think go and see it, offer 30% less and be prepared to go up to 700 if it's the house of your dreams.

WideWebWitch · 29/09/2008 14:15

You can't KNOW what they'll take but the market is dropping and if you're proceedable they may well accept.

check what they paid for it too, on nethouseprices.com

Jampot · 29/09/2008 14:18

yes

TillyScoutsmum · 29/09/2008 14:20

I wouldn't ask them in advance - go and see it and if its the one - then put a lower offer in. Everyone's circumstances are different but I can't imagine many people who are selling atm are expecting anywhere near the asking price.

Check on nethouseprices as well

Original poster
fishnet · 29/09/2008 14:54

DH is being grumpy and is refusing to go and see it unless they confirm that 20 per cent off would be considered.

Men! Its a gorgeous property in a country park with stunning views. I'm pretty sure from the details that its the house we've been waiting for but he is rather liking the easy life that renting brings at the moment!

Will check out nethouseprices.

OP posts:
bossykate · 29/09/2008 15:00

how long has it been on the market? if it has recently come to the market i imagine they have already priced in the downturn and if so will be less ready to consider a low-ball offer. however, anything's worth a try in this market i suppose.

Original poster
fishnet · 29/09/2008 15:05

Its literally just come on so yes they might have factored in the falling market.

It looks like quite a lot of property for the money but it is attached to another property which you don't really expect for nearly 900k in Derbyshire.

OP posts:
fanjolina · 29/09/2008 15:15

Can you give us a link to it?

Original poster
fishnet · 29/09/2008 15:29

Last time I did that on MN I got a load of grief from someone saying I was a money grabbing airhead trying to backrupt my family by buying an expensive house and then "bragging" about it.

But here you go anyway

www.rightmove.co.uk/viewdetails-23308949.rsp?pa_n=1&tr_t=buy&mam_disp=true

OP posts:
noddyholder · 29/09/2008 15:32

wow that is fab good luck with it.

WideWebWitch · 29/09/2008 15:34

Only 4 beds though
it's v nice but I'd want more bedrooms for my money

lalalonglegs · 29/09/2008 16:28

God, don't you just hate it when these money-grabbing airheads post details of houses that will obviously bankrupt them just so they can brag about it to other MNers.

It does look lovely but it seems very expensive for the area and as WWW says, only four bedrooms. I like "the buildings form a picturesque group with ideas taken from Venetian architecture" - you're paying an extra £100k for that alone . Incidentally, the most expensive house to have sold in that part was the Gamekeepers Cottage for £195,000 and that was detached (although it was six years ago but still unlikely to have risen in value 4.5 times).

zippitippitoes · 29/09/2008 16:36

i dont like the brick in the courtyard its not veyr pretty

from one angle the house is quite pretty tho

the swimming pool looks like it would take a lot of money to keep up

how useful would you find the layout of the ancilliaries?

and how much land do you get

i tseems quite expensive for what you get to me

always harfd to value unique properties

zippitippitoes · 29/09/2008 16:37

if you have the money and are a serious purchaser you might as well look at it you might hate it

i dont like the dining room with the seats round the edge

lalalonglegs · 29/09/2008 16:48

Yes, look at it because, if the price does dive, you want to be able to move quickly. As it hasn't been sold in the past 10 years (or however long the LR records go back for prices), it might be home to people who really love it and are only prepared to move if they get the right offer (eg, parents are empty nesters and would like to downsize but not desperate to move) so could just end up on the market at £895 for ever. Either way, looking doesn't do any harm and, if you murmur "we like it but we think it's a bit overpriced on the way out" at least the agent will know to give you a call if the price does come down. Your husband is being a bit odd imo. Just off to look at the layout of the ancillaries now...

ivykaty44 · 29/09/2008 16:56

I would say go and have a look, you don't have to put an offer in (tell your dh it is not standard to always make an offer) if the agent is worth their wieght they would get back to you anyhow and you can explain it is really rather nice but now you have seen it realise it is overpriced

Then let the agent do his/her work, rather than at the off state is has to come down 20%

lalalonglegs · 29/09/2008 16:57

Walk away: Jesus, have you looked at the floorplan, it's a fecking nightmare. The "playroom" seems to be about half a mile from the main house - hmm, that's useful with young children - the guest bedroom is only accessible from the tack room and only seems to have a loo and basin (bathroom schlepp through courtyard to reach). Bedroom 2 is tiny and seems to contain a staircase. Bedrooms three and four don't have a bathroom on the same floor. It is quite the strangest place I have ever seen. I wouldn't buy it if it were £7, never mind £700k, much less £895k. It's bonkers. Honestly, look at the floorplan, it's been designed by a loony.

Original poster
fishnet · 29/09/2008 16:58

I agree the brick in the courtyard is a bit much but it could be softened.

It has nine stables which we could rent out for DIY livery for about £35 a week each so that would help the mortgage payments.

Have been sent more details by the agents and it actually has five beds since there is a guest annex above the tack room. There is also a gym and an office and the big barn that can be seen from the aerial shot is garaging and storage. The pool puts me off firstly from a safety point of view with little ones and also from a cost and maintenace poit of view. Guess we'd save on gym membership.

Not sure what we'd do with four pigpens though!

The reality is that the location is what sells it. I'm not even horsey. The outbuildings will put DH off since he will see them as a maintenance issue.

lala DH is odd re property at the moment. He fluctuates between wanting to move one day and wanting to stay put in rented and spend all our equity on luxury holidays the next!

I don't feel settled in rented and want to buy if we can do so at the right price. Still not sure whether to be up front with the agents. No point in wasting their time and spending hours daydreaming if they won't drop more than £50k

OP posts:
zippitippitoes · 29/09/2008 16:59

lol

thats what i thought

but i was being diplomatic

zippitippitoes · 29/09/2008 17:00

im sure you cpould find something fucking gorgeous with grate views and and a brilliant layout for that price

noddyholder · 29/09/2008 17:02

Would you have to rent the out buildings to pay the mortgage?if so its a bad time to take on a big mortgage

LovelyDear · 29/09/2008 17:02

this strategy might work - it was the truth in our case, but it could work as a plan to: in jan we knew a house was on the market that we wanted but asking price was 120k over what we wanted to pay. i spoke to the agent about what properties he had in general and when he mentioned The One i said - no thanks i don't want to look as we can't pay that much. he then said - what can you spend and i told him (risky, i knocked 20k off) and he said - come and look. i said, i don't want to look if there's no chance they'll accept it, and he assured me it was worth a look. indeed it was and now we have it. it lets the agent guide you without knowing you are interested.

Original poster
fishnet · 29/09/2008 17:02

I agree it is a little odd and "bedroom" 2 is probably a breach of the property misdiscriptions act.

plus the bit to the right of the property belongs to someone else. And its listed whihc is a big disadvantage.

I thought I'd turn the dining room into a playroom but yes the existing playroom is miles away.

ok I will calm down and not get too excited. I sooo need to find a house though - its driving me mad!

OP posts:
zippitippitoes · 29/09/2008 17:04

property with odd layouts dont shift easily