quick question about buying a house

Philz0r · 14 Apr 2011 at 13:02

Montala said:
For some reason the external brickwork looks a bit 'patchy'... is there any reason for this, or is it just a bad photograph?

it was raining that day and i think it was just coz of that.

it is a house we really like and really do wana live in after house hunting for the last few months.

when she rang back she said "he felt abit insulted at the low offer"

theres a house around the corner from it same design for 75k (abit rough inside) and a house about 1 street up for 79k so i think they have to realise theres comption

Jez · 14 Apr 2011 at 13:04

Buy one of the other ones then? :confused:

The fact the other one is a bit rough is ideal for you as a FTB to have some value-add.

Philz0r · 14 Apr 2011 at 13:07

nah, im really not a DIY type of guy and this one is in the best location of the 3. everything is done in the house, nothing needs plasta'd or painted its just ready to move in. my ideal place.

Narj · 14 Apr 2011 at 13:07

Philz0r said:
theres a house around the corner from it same design for 75k (abit rough inside) and a house about 1 street up for 79k so i think they have to realise theres comption

Don't let them guilt trip you. If the first offer you make doesn't make you feel embarrased, it's not low enough.

If you have examples of comparable houses in comparable areas going for less, you can cite that in negotiations. When you say "a bit rough inside", remember that you can get the whole place replastered if necessary for not a lot of money. Don't spend money unnecessarily just for the sake of convenience.

Never judge the inside of a house by the current occupants' decoration and furniture - it'll be an empty shell when you acquire it!

Jez · 14 Apr 2011 at 13:09

Philz0r said:
nah, im really not a DIY type of guy and this one is in the best location of the 3. everything is done in the house, nothing needs plasta'd or painted its just ready to move in. my ideal place.

Unless you plan to earn a serious salary as you progress in your career you will be stuck in tiny low values houses for life unless you change the way you view property.

Also see the post above, with the difference you can afford a lot of tradesmen.

Philz0r · 14 Apr 2011 at 13:10

the 75k and this one are both empty. one bonus to this house is, all the kitchen stuff she said we could have, so theres a built in fridge, cooker and washer there. so that helps me with being a ftb

Narj · 14 Apr 2011 at 13:11

Philz0r said:
the 75k and this one are both empty. one bonus to this house is, all the kitchen stuff she said we could have, so theres a built in fridge, cooker and washer there. so that helps me with being a ftb

...that could be old and about to stop working. Fridge, cooker and washer don't really add up to much (avg £1500 or so?) so it's not a massive bonus!

I made exactly the same sort of mistakes when first house hunting; valuing convenience above common sense. Fortunately the sale fell through and I learned a lot!

Philz0r · 14 Apr 2011 at 13:13

the owner was a woman about 60ish, she was really nice and didnt seem like a gob s**te. she said they did the full kitchen last year including the units. only reason shes selling as her husband has taken ill and they needed a small bungalo

Narj · 14 Apr 2011 at 13:14

Philz0r said:
the owner was a woman about 60ish, she was really nice and didnt seem like a gob s**te. she said they did the full kitchen last year including the units. only reason shes selling as her husband has taken ill and they needed a small bungalo

Doesn't matter how nice they are, you don't owe them anything. Ignore sob stories - get the best price you can. Be cordial, but as cold and impersonal about it all as possible in your own head!

BennyC · 14 Apr 2011 at 13:17

Philz0r said:
they knocked it back, apparently they've had an offer "quite close to asking price"

Of course they haven't.

Philz0r said:
should i leave it a few days/ a week or just ring up today? to increase that is.

ps, just as she rang me back about the offer she was trying to sell me a different house -.-

How desperate are you for it? You have seen the property? (skimmed the OP)

Leave it till tomorrow afternoon. Phone back and ask if they have considered your initial offer. The following day increase it slightly.

How long has it been on the market?

neil3k · 14 Apr 2011 at 13:33

Jarrow

Narj · 14 Apr 2011 at 13:39

Also, wanted to add that you are a FTB, so you are the ideal buyer to anyone that's getting into a chain - you have no set in stone timescales, are flexible, and let's face it, have plenty of options elsewhere. That alone should be worth a good few grand and it helps to reinforce this with the estate agent if they try and fob you off.

If you're not particularly bothered about the place, don't be afraid to just "walk away" - I've done this before and a few days (or maybe a week or more) later the agent was ringing me up asking me if I was still interested, usually because "unfortunately the highest bidder has had to withdraw their offer"... :rolleyes:

Philz0r · 18 Apr 2011 at 11:46

just an update. just upped my offer to £84500. shes still playing the "they really want asking price" card.

i replied "well im looking at other things so im prepared to let it go"

Montala · 18 Apr 2011 at 12:00

As I think has been mentioned before, agents are obliged to submit all offers to the vendor anyway, so you could still be lucky.

House buying is a bit of a PITA at the best of times!

Showboat · 18 Apr 2011 at 12:14

If you are a first time buyer / not in a chain, you are in a really strong position. Make sure you highlight that if you are.

Most estate agents are lying scum. Believe nothing they say.

div0 · 18 Apr 2011 at 12:19

Philz0r said:
just an update. just upped my offer to £84500. shes still playing the "they really want asking price" card.

i replied "well im looking at other things so im prepared to let it go"

Whoa, that's a big jump.

I'd have let them sweat on the first offer a bit longer.

It's really up to you what you do - but I think you're letting the estate agents pressure you into paying more than you might have to.

You're a first time buyer, so you don't have to wait to sell your own place and can be flexible on moving dates etc, which is a big plus for the people who are trying to sell.

You really need to think about what your absolute top price is. Write it down and paper and don't change your mind. If the agents keep pressuring for more, which they WILL do, then just be strong enough to walk away.

Personally if I were to have changed from £81k to £84500, I'd have said that it was the absolute highest I'd go and that I needed an answer and the house off the market within x days/hours. Then they would almost certainly get back to you saying that they'd either accept, or that they want £x,xxx more. If what they ask for is less that your true highest level that you set yourself, then you can make a deal. If not, walk away.

Narj · 18 Apr 2011 at 12:48

Of course they "really want asking price", but they are unlikely to get it in the current market unless it's a type of property that's in high demand (close to good schools etc). I found the hardest thing with house hunting was trying to emotionally detach myself. Always best to take a level headed mate around with you as well, who will spot snagging points or things that may be worth a chunk of money off the asking price.

Good luck whatever you do - you may find they call you back after a few days.

Philz0r · 18 Apr 2011 at 12:58

ahh really good advice, my absoulte top price is £88k but personally i wouldnt pay that for this property. i might go to 86 87 but thats it. next time i ring im gonna take div0's advice and say "i need an answer asap as an offer on another property has been accepted" or something along those lines.

while i was on the phone to her i said "yea im not going for asking price sorry, theres too much compotition in that area which i dont think he realises". and she agree'd with me lol and said something like "who knows he might go for it if the other offer falls through". i dont know how to take that comment. (aparently they have another offer close to asking price)

so if i dont hear anything back ill ring them in 2 weeks and up to 85.5 maybe?

Narj · 18 Apr 2011 at 13:10

Philz0r said:
ahh really good advice, my absoulte top price is £88k but personally i wouldnt pay that for this property. i might go to 86 87 but thats it.
<snip>
so if i dont hear anything back ill ring them in 2 weeks and up to 85.5 maybe?

You don't sound *that* bothered about it so I'd keep your eyes open for anything else coming on to the market that's suitable. Get into the habit of going for viewings for similar properties. Even if they don't interest you or above budget - you might find other features that you'd like, and get more ideas about what you're really looking for.

As for that original house, you need to get a good idea of how much work you'd have to do to the house to get it how you want it, then add a couple of grand on top! The EA giving you that spiel suggests that they are probably lying IMO.

VoG · 18 Apr 2011 at 13:37

Philz0r said:
just an update. just upped my offer to £84500. shes still playing the "they really want asking price" card.

i'm not surprised there playing the asking price card, you've given them a massive £3500 increase on your first offer :eek:

there's a 75K fixer upper round the corner, ide be beating them over the head with that & making them sweat for every damn ££££, not folding under the first sign of pressure.