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Original poster

Help with what to offer on a property that makes my heart go thump (but my head go GULP- HOW MUCH!?).....

40 replies

Thandeka · 11/11/2009 15:14

Stunning three bed has come on market. Will go asap as good things in this area tend too. Area is nice, quiet near tube and round corner from where we live already so have established networks.

Is on at £370k but owner brought it in April 2008 for 305k however he has done a shedload of work to it. Only 10 houses on street but next street 3 beds seem to go for about £300 (one sold in sept for that).

It is a LOVELY house and boy I WANT it. But it does seem about 70K over priced.

Estate agent says it has been on market 5 days and was sold at asking price within 2 days but buyers had to pull out as their chain was going to collapse unless they moved into rented. he also said he had another couple coming for a second viewing tommorrow. We are doing second viewing tonight. This of course may all be bull but in 3 years of keeping eye on market in this area have not seen a house like this not sell before you have chance to blink.

Anyhow what do we offer? We are in a bloody good position as we actually only need a 30% LTV mortage and getting a mortage agreement won't be a problem as they are willing to lend us a heck of a lot more than we actually need to borrow. We are also currently in rented so chain free and can move quickly. Technically we could afford the asking price but I think the price is overinflated since he brought at the peak of the market last year and has somehow added 65k to asking price (although to be fair probably a significant part of that is the work he has done- new kitchen, new bathroom, possibly new electrics, and new boiler (but old radiators).

I don't want to lose this house but I also don't want to pay over the odds. Doesn't help am pregnant and hormonal and getting desperate to buy somewhere as we can't stay where we are. Due Feb. (Vendor wants to move Jan so although later than planned could just about work out).

Someone make it all make sense.
Please. (Kirstie? Phill? )

Oh and asked to meet the vendor tonight too as figured if he met us and new our position without the blimming estate agent middle man then he may be more likely to accept a lower offer than asking price.

OP posts:
mazzystartled · 11/11/2009 15:19

well it sounds like he has bought it an done it up as an investment, so will probably want to make a profit.

I think you have to think to yourself - how muchis this house worth TO YOU. How much would you be happy to pay for the house itself regardless of market value. Then compare that with other house sales in the area - not jsut the street.

mumblechum · 11/11/2009 15:22

Exactly, Mazzy, it's what it's worth to you that matters, esp. if you'll be there for a good few years.

Original poster
Thandeka · 11/11/2009 15:31

Two great points. Really helps.
Just put in North London properties- 3 bed houses on at 375k only and of the three pages I got up I liked NONE of them. A house like this is rare.

I think it probably is worth the asking price to us as we could easily be there for 10+ years as is big enough to expand in. Whereas other houses we would probably have to move on after a bit for schools etc. (in fact off to check catchment areas now.....)

Hmmmmmm Gulp but its such a lot of money.....

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hf128219 · 11/11/2009 15:33

350K and take it from there.

CMOTdibbler · 11/11/2009 15:38

Don't think about the money. If you can afford it, you love it, and it is in great condition, then go for it. I'd offer him 350 tonight, explain that you are totally proceedable and on his timeline, but be prepared to go to asking.

MadameDuBain · 11/11/2009 15:43

We have just paid the asking price for a house we loved (moving soon!). Like the one you've seen, it's had a lot done to it and does seem expensive for its size, but we are paying for a fab location, lovely house and garden and the fact that we won't have to do lots to it (like you I'm expecting a baby and a doer-upper is NOT on my wish-list).

If you know it will get snapped up fast, and in fact almost already has been, then I'd say it is worth that price - that's its market value. If you can afford it and you want it, I'd offer the asking price, because it sounds as if someone else will soon IYSWIM.

MadameDuBain · 11/11/2009 15:46

I have also been told that if a house is in good repair and in a good location and has a garden, it should hold its value. And particularly so if you can extend.

We have been looking all year and it was very, very hard to find what we wanted ie a proper house with its own garden, in our price range, in the area we wanted - that's why we went for it.

GrendelsMum · 11/11/2009 18:39

My sister has just been in this position. (Maybe you are my sister having second thoughts?) Basically, she said that houses of that quality at the price were rare, and that if another similar house in the same came up, it would probably be more expensive. At which point I said, 'then why are you phoning me asking if it's overpriced?'.

She decided to offer slightly under the asking price, her first offer was rejected and her second accepted.

If you think someone else will buy the house at that price, because there aren't any other houses like it, then that's a decent price for it. Not everyone is overpricing their houses - some people are genuinely pricing them to sell straight away.

MortaIWombat · 12/11/2009 06:57

Can you find out if it's a big property investor, or a small outfit? In my not very wide experience, small-time investors will price very high, and push to get the really best price, 'cos they're so proud of the work they have achieved, while the big boys, who have several places being renovated at the same time, being unsentimental, are realistic, think cash is king as they want to get moving on the next property to do up, know the area inside out, and price to sell.

MillyMollyMoo · 12/11/2009 08:48

It's very easy to to spend £65k on a house without it looking anything amazing, we bought ours in 2007 as an absolute shell, everything from electrics, to plumbing, decorating needed doing, new kitchen, new bathroom.
And Zoopla etc are trying to tell me it's work £60k less than we paid for it, what rubbish.
A house is worth what somebody will pay for it or it's not for sale I guess.

Original poster
Thandeka · 12/11/2009 11:19

Not a property investor at all- just quite a cool guy (I say that because him and DH have same coat and scarf!) who wanted a project and wanted room for his boys (divorce?) but then his twin sons who are 21 decided they didn't want to live there and the place is too big for him.

We have offered the asking price as according to estate agent vendor was only accepting the asking price and there were another couple coming tonight for a second viewing who were planning to offer the asking price. This may be bullshit. However we decided it was worth the asking price to us but we are absolutely NOT getting into a bidding war over it and our offer is conditional on it being taken off the market today and the second viewing not happening.

Nargh this is nailbiting!

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Original poster
Thandeka · 12/11/2009 16:49

Update and this is hideous.
Agent rang back re. our offer (at asking price) apparently other couple offered asking price too so it is going to sealed bids tommorrow 5pm. I told agent firmly- our offer of asking price was our final offer and that we weren't interested in a bidding war. We just can't pay over the odds for this house especially as it just all seems a bit convienient and I suspect fegging agents may be playing a game. I figure we are still a bloody good bet. Large cash deposit, no issues getting mortage, first time buyers, no chain, in rented with a rolling contract so can be totally flexible. Hopefully either the other buyers don't exist or their situation is rubbish or they can't sort the finance. but if not and they get it then we HAVE to walk away. Yes we probably could afford to up our offer but we just can't justify it to ourselves.

Please can you help hand hold me through the next 24 hours?

OP posts:
doubleexpresso · 12/11/2009 21:16

Good luck. They'd be mad to reject your offer. I'd be astonished if the people making the other offer are in such a good position as you. Fingers crossed.

MaryBS · 12/11/2009 21:24

Like you say, you are a good bet. You've stated your position, now you have to sit tight. Not easy I know. Have a large G&T...

MadameDuBain · 12/11/2009 21:37

Good luck! Have you made sure they know all about what a good prospect you are? No chain is a huge bargaining chip. As long as you have made all that clear and the seller is aware of it, you're still in a strong position. Hope you get it.

Original poster
Thandeka · 13/11/2009 07:52

Thanks guys sadly at 6 months pregnant dh has banned me from alcohol so I had a large lilt instead! Am viewing another cheaper property this arvo same spec less great location to keep my mind busy! Keeping fingers crossed but telling self what will be will be and we have a great flat at mo and it's not the end of the world........

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fanjolina · 13/11/2009 09:12

Good luck thandeka. I know how nerve-wracking sealed bids are.

Oh, and do you have a link to the house so we can all swoon over it too?

Elibean · 13/11/2009 09:28

Sealed bids....sympathies: must have lost a kilo in nervous jitters!

We bid just slightly over asking price both times, didn't get it first time (lower offer than ours did get it, but they were chain free and in rented, we were still selling our house). Did get it the second time (eventually...long story) and given the area, the current market, the lack of supply I think its probably worth it. We also plan to stay put for a long time.

Its sooo stressful, isn't it? I really feel for you being pg as well - you sound impressively calm by my standards

Good luck, fingers crossed for you!

Original poster
Thandeka · 13/11/2009 11:22

Don't want to share link as am bit superstitious about other people coming in on the bid. But will once its all resolved one way or the other. Fingers crossed.

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fanjolina · 13/11/2009 11:28

that's understandable Thandeka. Hopefully you can reveal it to us as your new house

FabIsJustSoBusy · 13/11/2009 11:39

Any news?

I really hope you get it.

I am desperate to move but can't even really start looking yet.

Original poster
Thandeka · 13/11/2009 11:46

Oh god the agent just phoned- they are moving it forward so bids closing at 12. The other buyers are also chain free apparently. Crap looks like they will get it as we won't increase our offer. But buyer did say he really liked us and since the house is to our tastes we wouldn't change much if any of his hard work doing it up so maybe that would count for something- [clutching straws emoticon].

Will know by one-ish. I will let you all know.
GULP!

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FabIsJustSoBusy · 13/11/2009 11:51

good luck

LilRedWG · 13/11/2009 11:57

Good luck. I hate moving house for this very reason!

Original poster
Thandeka · 13/11/2009 13:24

OMIGOD! Other people offered 17K over the asking price!!!! WTF!

As DH says- at least we screwed them out of 17k.

Gutted.

The house was thisone

so can we all just say how much we hate it, how the roof isnt structurally sound and how there are dead bodies in the garden.

Thanks!

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