Buying a home and don't know how anything works

[bimble]

I just want somewhere to live and I really like this place

I feel you, it is massively emotional, because its a home which is not like buying anything else.
If you can happily just not budge, knowing that there's a chance it won't work out I think that would be the best thing to do.
At the same time, once the survey's done, negotiations on the price do quite often continue.

 

[two sheds]

Exciting.
When i was selling I wanted info on the people making offers - eg were they first time buyers, investors etc. I'd really have been put off by an investor. Who knows who the other cash buyer is but perhaps you could stress the fact that not only can you move really fast, but you are looking for somewhere to make a home. It might not make a difference to all sellers but it would definitely make a difference to me.

Yes me too, particularly if it's a nice flat as you say and they've enjoyed living there.

 

[miss direct]

I mean to me, I was expecting to pay a lot more for somewhere. So a thousand or so more doesn't mean much to me (I realise that makes me sound privileged but this really is the bottom end of the market!)

 

[miss direct]

Yes me too, particularly if it's a nice flat as you say and they've enjoyed living there.

It's really a nice place and (apart from the carpet in the bathroom and midget bath) the couple living there have looked after it really well. Some lovely touches and interesting items of furniture and books. I feel like we'd be friends. Maybe I should drop round with some gin over the weekend

 

[Boudicca]

If you really want it, you could offer another £1000 provided that they take it off the market today and tell the other bidders it is sold.

 

[bimble]

It's really a nice place and (apart from the carpet in the bathroom and midget bath) the couple living there have looked after it really well. Some lovely touches and interesting items of furniture and books. I feel like we'd be friends. Maybe I should drop round with some gin over the weekend

i did do something like this, with my old flat in brixton, slipped a card in an envelope through the door, basically trying to charm the sellers saying how much i liked the place would enjoy living in it not flipping it for money etc. I don't know if thats advisable tbh but I did get a lovely old chest of drawers out of it

 

[two sheds]

or you could threaten them

 

[Cid]

If it’s below what you expected to pay, ask yourself why. Area for example is quite important somewhere like Sheffield... and break-ins are sadly pretty common.

For an older place I think I’d like to have at least £5k in the bank for contingencies, so factor that in. And maybe budget the same for improvements, like redoing the bathroom.

But yeah, rationally I would say stick. I think I offered slightly over asking price on mine in the end though. But with a lot of knowledge of what it would take to make to my specifications, and in a 11 year old block.

 

[miss direct]

If it’s below what you expected to pay, ask yourself why. Area for example is quite important somewhere like Sheffield... and break-ins are sadly pretty common.

For an older place I think I’d like to have at least £5k in the bank for contingencies, so factor that in. And maybe budget the same for improvements, like redoing the bathroom.

Its below what I expected to pay because originally I was looking at buying a house, but changed my mind.

 

[Cid]

Its below what I expected to pay because originally I was looking at buying a house, but changed my mind.

I'm gonna be an idiot and say if you've got a decent contingency, just take a punt, you clearly like it...

I find that's often what happens with these things <he says having bought a flat an entire one time>. Spend fucking ages looking at stuff, then everything happens in a week. And then you have to wait another 3 months because of some bollocks.

But really, really do think through the basics. Stuff people have mentioned on here like freehold, condition etc.

 

[miss direct]

Presumably if things come up on the survey I could negotiate down, or negotiate appliances/furniture at a later stage? I know the reason they're moving and it doesn't seem like they will want/need to take stuff with them.

 

[strung out]

I just want somewhere to live and I really like this place

Personally, if I liked the place and it was well within budget, I'd offer a little more to secure it.

Essentially it's the difference between paying a bit more but living somewhere you love, or being gutted you missed out on it for the sake of a couple of thousand pounds that you end up paying on additional rent costs anyway.

 

[colacubes]

Presumably if things come up on the survey I could negotiate down, or negotiate appliances/furniture at a later stage? I know the reason they're moving and it doesn't seem like they will want/need to take stuff with them.

Yep. That’s all stuff for a bit further down the line.

 

[clicker]

Presumably if things come up on the survey I could negotiate down, or negotiate appliances/furniture at a later stage? I know the reason they're moving and it doesn't seem like they will want/need to take stuff with them.

Yes, make it clear to estate agent that whatever offer you make now is subject to survey.

 

[komodo]

It sounds a desirable and far-priced place. Don’t mention stuff like the appliances now. IME, As a seller you just want the most straightforward buyer who’s not going to be over-fussy. Also plenty of people say they are cash buyers but really aren’t. So stress that you actually have the cash available noW. I wouldn’t say anything about ‘subject to survey’ either -because that’s pretty obvious and by saying it you sound a bit naive and likely to quibble.

 

[bimble]

What would your late Dad say, any idea what he'd advise miss direct ?

 

[miss direct]

It sounds a desirable and far-priced place. Don’t mention stuff like the appliances now. IME, As a seller you just want the most straightforward buyer who’s not going to be over-fussy. Also plenty of people say they are cash buyers but really aren’t. So stress that you actually have the cash available noW.

I kind of don't have it now but should have it very soon. Estate agent knows this.

bimble Not sure what my Dad would have said. But he would have liked the idea of me having two bedrooms so he could come and stay, and a bird feeding station. When clearing his house this week (this is how quickly everything has happened) I took the bird bath and bird feeders so one day I could have them in my own garden.

 

[two sheds]

You'll want squirrel proof feeders there if they're grey squirrels

 

[moonsi til]

I’m in the offer more to secure it my offer is 1k more.

I hear you when you says it’s cheaper than what you expected to pay but you might want to move & you don’t want to end up with less than you paid for it -so think about it in those terms too.

So for me 1k more , stress cash buyer & ready to move. You have the weekend to think about it.

Apologies if answered elsewhere but how much below the asking price have you gone percentage wise?

 

[moonsi til]

Also I’m really excited for you!

 

[miss direct]

two sheds I like squirrels!

The asking price was a guide price with a range of 10k. At viewing I was told they were looking for the middle price, so that's what I offered. I am now feeling inclined to offer more to ensure I get it. I suppose I would never know what anyone elses last offer was, so wouldn't be regretting it (?) I'm just not sure how much more to offer and how much the other potential buyers want it/have available.

 

[kebabking]

two sheds I like squirrels!

The asking price was a guide price with a range of 10k. At viewing I was told they were looking for the middle price, so that's what I offered. I am now feeling inclined to offer more to ensure I get it. I suppose I would never know what anyone elses last offer was, so wouldn't be regretting it (?) I'm just not sure how much more to offer and how much the other potential buyers want it/have available.

I think I'd be careful going down that road, you need to remember that the cash in your pocket is only 1/3rd of your offer, and once the buyer has got to 'we hope we get X much' it declines in importance: the big things you offer are firstly being a hassle-free buyer, you're not dependent on a lender, and you've no chain, and secondly that you really like the place - you're genuinely emotionally committed to it.

All this stuff tells the seller that you're not going to pull out with two weeks to go - that is a huge part of what the seller is looking for.

Once you start upping your offer you're pushing cash to the top of the pile again, and to be frank, it's quite likely that others have deeper pockets than you. You also need to remember that by increasing the bids you push the prices in that area up you are pricing yourself out of the market - and each house you like and make an offer on will cost you money in solicitors fees, and potentially survey reports, regardless of whether you end up buying or not.

 

[miss direct]

I know exactly what you're saying but as there's another cash buyer, surely they're in exactly the same position as I am re the advantage of being a cash buyer.

 

[kebabking]

I know exactly what you're saying but as there's another cash buyer, surely they're in exactly the same position as I am re the advantage of being a cash buyer.

Not if it's a student - by which I mean the parents of a student - they are looking for a 3/4 year purchase that is primarily cost and income driven. They will happily walk away if/when they see something that fits the model more perfectly, whereas you love the place, and want to live there.

 

[colacubes]

I know exactly what you're saying but as there's another cash buyer, surely they're in exactly the same position as I am re the advantage of being a cash buyer.

Not all cash buyers are equal. There’s cash buyers with money in their account ready to go and can complete ASAP, and there’s cash buyers who have the funds but they might be locked in investments or shares and it takes a bit of time to release them. Unfortunately, you have no way of knowing which they are.

 

[two sheds]

I like red squirrels I'm not so keen on grey squirrels

If they're grey squirrels though you'll need squirrel proof feeders otherwise you won't have feeders within the week. Or you will have feeders but they'll be unusable because they have dirty great holes in them. RSPB do them, they're not toooo expensive.

 

[miss direct]

Not if it's a student - by which I mean the parents of a student - they are looking for a 3/4 year purchase that is primarily cost and income driven. They will happily walk away if/when they see something that fits the model more perfectly, whereas you love the place, and want to live there.

True. Perhaps. Maybe it's not even the student (?) There are five offers in total...

 

[cybershot]

As others have said. At this stage you do nothing. The other person has to out bid you. Then you decide if you want to outbid them. But just do it gradually. Offer an extra £500 above what they offer (which probably means an extra £1k on your current offer) just to let them know you’re willing to play the game. Of course that is assuming you can afford it and are happy to pay more than asking price. But I would suggest over the weekend you decide of a maximum figure you’re not prepared to go over. At the end of day you’ll find something else eventually so don’t pay over the odds.

Once you’re the preferred bidder and offer accepted ensure the agent takes off the market. Instruct your solicitor and find someone to do the survey.

then it’s just sit wait and let things take their course. If the survey uncovers stuff then you can renegotiate on the price. The survey WILL have scary stuff on it. As a first time buyer it will scare the shit out of you, majority of it will not be worth losing sleep over. I’m sure between us we’ll be able to help you and put your mind at rest.

You’re not committed to purchase until contracts have exchanged and that won’t happen until your solicitor is happy with all the paperwork. Will probably take 3 months minimum assuming everyone is on the ball. Are they in a chain? Do they need your money to move onto their next property?

that will make the whole process take even longer as you’ll have to wait until the last person in the chain that is selling but isn’t also buying. If it’s a long chain it can take ages. You might want to put pressure on the seller to break the chain but I’d only do that as long as they have a contingency plan. I’m sure you dont want to make someone homeless just because you’re impatient (unless you’re going to end up homeless yourself of course)

good luck. Continue to use the thread for advice and guidance.

chill out, forget about it for now and enjoy your weekend.

 

[Epona]

If you really love it and can afford it, offer a bit more then, ask them to take it off the market if they accept.

I don't get all this offer really low and be prepared to lose it stuff if you can afford it and it's stressing you out. I'm not a noob at this and have never haggled over a place - always just offered asking price and bought the bloody place without fuss, an extra £1k on either of the places I've bought would have been neither here nor there.

 

[miss direct]

cybershot I'm confused now (as usual). Isn't "best and final offer" final?

There is no chain.