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 House buying advice? Simpleton question
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3-style

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House buying advice? Simpleton question - 24 June 2008 21:03
Hi Gents,

Im looking at a property that is listed for a fair £114'950.. The seller has split with her partner and is looking for a quick sale which i can provide. She told me that she is open for negotiation. What would your initial offer be considering the housing markets current condition?

Im not a seasoned property buyer and I dont want to put in an offer which my be taking the mick.

thanks,

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johnnybike

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RE: House buying advice? Simpleton question - 24 June 2008 21:15
No offer is taking the Mick but if you are likely to be in competition with anybody else you probably don't want to go to low.

I would guess £105-£106K and maybe settle at £110K

What area is that in? I didn't think there were many houses around at that low a price
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3-style

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RE: House buying advice? Simpleton question - 24 June 2008 21:37
Thanks Johnny,

The area in North East next to middlesborough, as such house prices are not as bad as elsewhere.
johnnybike

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RE: House buying advice? Simpleton question - 24 June 2008 21:39
When I used to drive through Middlesborough when picking my daughters up from Newcastle Uni I used to see a carpet place call Walter Wall carpets.

Took me about 6 trips before it clicked with me.
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3-style

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RE: House buying advice? Simpleton question - 24 June 2008 22:01


ORIGINAL: johnnybike

When I used to drive through Middlesborough when picking my daughters up from Newcastle Uni I used to see a carpet place call Walter Wall carpets.

Took me about 6 trips before it clicked with me.


lol
defected

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RE: House buying advice? Simpleton question - 24 June 2008 22:03
If no one else, has put in a bid. I'd go for 100k. Stating to the estate agent that you can get this deal done as quick as they like. I would not see this offer as taking the mick, in todays climate. After all its what the halifax are saying it will be worth by next year so dont go to high.
Stone

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RE: House buying advice? Simpleton question - 24 June 2008 22:04
depends what your situation is.

there is a dirty tactic which can be used as an example, offer her money off plan and get her to reduce her vendors price to 'x'. happens a lot lol.

whats your current situation, mortgage on min deposit or......?
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elbowsandknees

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RE: House buying advice? Simpleton question - 24 June 2008 22:17
Offer her £100,000, tbh it's not that insulting at all, I would offer her that in a good market considering her situation.
<message edited by elbowsandknees on 24 June 2008 22:26>
tubbyman

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RE: House buying advice? Simpleton question - 24 June 2008 22:36
you can afford to be cheeky right now - 95k offer I reckon
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RE: House buying advice? Simpleton question - 24 June 2008 22:58
offer her 70k because thats all it will be worth in 2 years

rent until the market bottoms out
Furious D

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RE: House buying advice? Simpleton question - 25 June 2008 00:23
unless it is your dream home, I would offer 90-100,000. Unless you are bidding against someone else the worst that can happen is that they ask you to raise your offer.
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loz_86

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RE: House buying advice? Simpleton question - 25 June 2008 01:13
i would go in at £107,500
FrankenJim

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RE: House buying advice? Simpleton question - 25 June 2008 05:29
As said above if your the only bidding just be checky thats the whole point. 95k

Also make sure u can get a mortgage!
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Yohimbe

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RE: House buying advice? Simpleton question - 25 June 2008 06:52


ORIGINAL: 3-style

Hi Gents,

Im looking at a property that is listed for a fair £114'950.. The seller has split with her partner and is looking for a quick sale which i can provide. She told me that she is open for negotiation. What would your initial offer be considering the housing markets current condition?

Im not a seasoned property buyer and I dont want to put in an offer which my be taking the mick.

thanks,




House might be worth 80k this time next year according to some.

Remember, banks lend money they do not have, and we pay back that money (they never had) plus interest.

If you're earning about 20k a year, you'll likely never own that 115k home anyway. You'll be stuck paying £500-600 per month interest on it for 40 years and it will never be yours!

OOOooo we have never had it so good.
rockstar6181

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RE: House buying advice? Simpleton question - 25 June 2008 08:01


ORIGINAL: doc

offer her 70k because thats all it will be worth in 2 years

rent until the market bottoms out



I agree, only problem is the seller prob wont admit it and if they bought in the last few years they will end up in negertive eq. I would have a chat with her and ask her when she bought etc also make her aware that there is a market correction/crash happening (just in case she has been brain washed by the easte agent) and go in nice and low
bigbigchris

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RE: House buying advice? Simpleton question - 25 June 2008 08:06


ORIGINAL: Stone

depends what your situation is.

there is a dirty tactic which can be used as an example, offer her money off plan and get her to reduce her vendors price to 'x'. happens a lot lol.

whats your current situation, mortgage on min deposit or......?


How can he offer her money off plan when its already been built?
elbowsandknees

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RE: House buying advice? Simpleton question - 25 June 2008 08:20
I would be amazed if house prices dropped 40%, 10% at most. The market will bottom out at the end of this year and pick up by mid next year. Lenders are already selling on books of loans which is the first sign that liquidity is returning to the market (albeit very very slowly).
<message edited by elbowsandknees on 25 June 2008 08:23>
Bucky O Hare

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RE: House buying advice? Simpleton question - 25 June 2008 08:26
I would offer £100,000 exactly as my starting offer. Then at least she's seeing 6 digits. Anything less and you're triggering a negative mental image. Work out what you would be prepared to go up to. She'll probably hold out for more but don't go up too easily - a couple of K at a time works well.
tuc biscuit

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RE: House buying advice? Simpleton question - 25 June 2008 08:34
agree with the £100,000 inital offer


hold tight and don't jump up to £107,500 straight away



do you know what previous houses have sold for on that street and surrounding streets? you can find out on the net
anz3001

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RE: House buying advice? Simpleton question - 25 June 2008 08:47
makes me laugh, everybody seems to know whats going to happen next.

fact of the matter is non of us have a frucking clue, .

only thing we know for sure is its a buyers market right now so id agree with the £100k offer
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