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What would you offer on this house now - and do you think the price will go down next spring?

9 replies

saramoon · 13/11/2008 20:27

Have posted on here before about houses and stuff. We have never bought as we have never been able to. Have now the opportunity with a key worker scheme (know other teachers who have done it and it seems a good one). We had seen a house here in the area we live. It is a v. desirable area - good schools, and we want to stay here. The house is in a crescent of council houses and is on the market for £165,000. We are only able to spend £155,000 and don't want to spend that much at all. It is a lovely house, 3 bedrooms and more importantly has double glazing and central heating! Things that we probably wouldn't be able to afford to install ourselves in the future. There is planning permission to extend into the loft, there is a fab garden and space for 2 cars at the front of the house. It has a nice feel about it. We had decided to wait til next year - hopefully prices will keep dropping - but the estate agent rang us today and basically said that the owner would take a substantially lower price than it is on the market for. She is going to rent it out i think for 6 months if she doesn't sell very soon. She has had to move away for her job. If you were going to make an offer now, what would it be? Or should we just wait, wait, wait?
Hubby is going to be earning a bit less next year - works for a car company who have already given their staff a 4 day week for a few months so maybe we should just wait. Sorry this is so long, i just have never bought a house before and really have no idea of what to do.

OP posts:
dinny · 13/11/2008 20:29

offer what you can afford, if you absolutely love it

prices are set to really drop next year

thisisyesterday · 13/11/2008 20:32

agree. why not offer £135k and see what they say?
go low to start with, you can always increase it.

sadbarratthomeowner · 13/11/2008 20:36

If you make an offer, make it at least 20% off imo. The housing market is forecast to fall another 15% odd over the next year and could possibly go even lower! Do you have a mortgage offer, could you afford this on dh's reduced wage? Your dh is in a risky industry atm - have you priced in mortgage protection insurance cover? If it is your dream home and you want to be there for years, then maybe go for it - but I would be concerned given the dodgy nature of the market in the car industry. I would avoid overstretching yourselves at all costs. Sorry to be gloomy

saramoon · 13/11/2008 20:59

Yes, the last thing we want to do is stretch ourselves. We do want to be in a house pretty much forever. we are not interested in buying and selling. We just want a house for our DDs to grow up in and be a home for us all. I know, i think, deep down that we should wait. Just not much opportunity to buy in our price range around here. But if prices do drop further.......

OP posts:
Jampot · 13/11/2008 21:27

saramoon - where are you from?

I would offer about 125 and go up from there.

bythepowerofgreyskull · 13/11/2008 21:33

I would call the estate agent and say that you want to make an offer, that you have limited funds.. I would have gone for no lower than £135,000 £30,000 under asking price on a house of that value is a big drop and if you really like the house it would be ashame to loose it.

saramoon · 14/11/2008 07:55

From Cheltenham. Yes, £135,000 would be ok. £125,000? Would be great but sounds very low. I think sadbarretthomeowner may be right, my DH's job is not 100% safe at the moment. We do like the house alot though.

OP posts:
LazyLinePainterJane · 14/11/2008 08:37

It might be low at £125, but you want to get it for the lowest you can so you don't start at what you expect to pay. If you think you can get it for £135, you want to start lower as she might take £132 or £133 and at this point, every thousand counts!

lalalonglegs · 14/11/2008 12:18

saramoon - one of the ways to encourage a seller to take a lowish offer is to have all your finance in place. So, speak to a mortgage broker/whoever is responsible for your keyworker loan and make sure that it all still applies. Get documentary evidence of the finance offer and show that to a solicitor who will then be able to verify to an estate agent that you can proceed with that property (do not show it to the estate agent yourself as s/he will then know what your upper limit is and push you that far).

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