Terry12
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Registered: 24th Sep 07
Location: Manchester
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My Wife and I are looking to buy our first home.
We've got a mortgage in principle depending on credit checks, We've seen a house we like and looking to view it this afternoon (Along with another couple:mad .
What exactly do I need to look out for and if we like it and wish to make an offer who do we make the offer to, The guy showing us the house or his office?
[Edited on 11-10-2010 by Terry12]
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stubs
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Registered: 30th Jun 02
Location: Bolton
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Personally I'd keep stum whilst there if there's another couple viewing at the same time. Don't make a rush decision.. go home with your wife and discuss, maybe return for a 2nd viewing if you're still interested and speak to the estate agent at the office if you'd like to make an offer.
Play it cool, don't look desperate and remember if you don't get it for the price you want, or someone else starts to put in offers.. walk away.. it wasn't meant to be and you'll find YOUR house
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stubs
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Registered: 30th Jun 02
Location: Bolton
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Out of interest, what area are you looking to buy in, and how much are you looking to spend?
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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North Manchester area upto about £110k ideally. looking at 3 bed semis.
I'll play it cool as that's just me anyway, Rarely get excited about stuff.
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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Once you've put an offer in how soon do they get back with an answer?
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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quote:
Originally posted by Terry12
Once you've put an offer in how soon do they get back with an answer?
Depends on the vendor picking up the phone. See what else is available close by for comparables and see what's sold recently. Look for obvious movement in the brickwork and roof - cracks, dips etc but don't worry too much as you'll have a structural survey done anyway as part of the mortgage.
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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If you think your in a good position you can say the offer is conditional to them taking it off the market etc. This reduces the changes of getting screwed later down the line and them selling to someone else after you have forked out for searches etc.
Good luck it can be a very challenging experience
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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Just come back from viewing, Pretty nice house which needs very little work.
It's got to stay on the market until completion as it's a repossession. There's already a sale going through on it and another offer.
I managed to wangle out the sale is going through at the asking price of £96,950 and if I offer more they'll go with me, Obviously if somebody bids higher then I can lose out to.
I'm going to have a look at a few other houses and maybe make an offer early next week.
I know the guy they repossessed it off is serving 9 years for supplying class A.
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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quote:
Originally posted by Terry12
Just come back from viewing, Pretty nice house which needs very little work.
It's got to stay on the market until completion as it's a repossession. There's already a sale going through on it and another offer.
I managed to wangle out the sale is going through at the asking price of £96,950 and if I offer more they'll go with me, Obviously if somebody bids higher then I can lose out to.
I'm going to have a look at a few other houses and maybe make an offer early next week.
I know the guy they repossessed it off is serving 9 years for supplying class A.
Erm i'd be careful with that as you'll just be gazumped constantly. Why are they doing viewings on it, is the buyer messing around? Normally repossessions are kept marketed but viewings are held off once the survey's been booked. The fee to the agent is low on them so they aren't bothered about another grand or so.
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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You seem to know a fair bit about this, Not in the game are you bud?
The guy told me the bank don't want it coming off the market until contracts are signed. I appreciate I could be constantly gazumped but I would make an offer and stick to it, I somebody beats me to it then so be it.
It's at £97,000 like I say with a sale going through at that now, Another offer on the table which I assume must be below asking and me and another person showing interest.
He said the bank will obviously take the highest offer so leave it on the market until the last minute.
This house sold for £114,000 4 years ago and similar houses in the area are running at over £100k.
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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Yep, I run my own estate/letting agent in town. It's unusual for them to keep booking viewings on the property so i'd be careful, or just leave it. The banks force the agent to keep it marketed but they'd normally just tell anyone interested that it's sold once an offer's been accepted.
Problem you have is that if your offer is accepted you'll be instructing solicitors and your mortgage company to value the house = costly if you're going to be gazumped. Realistically you're looking at £300-£400 or so in solicitor fees in the early stages + anything from £250-£800 for the survey by the bank. Not worth taking the risk if it's not that much cheaper than normal, non-repossessed stock in the area.
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Limecat
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Terry, if it's a repo they have to advertise the first offer in the paper, thereafter they don't. It's not always the case they will go with any higher offer that comes in, they also want it off their hands quickly so can favour cash buyers and normally want completion within 28 days.
If going down that route get your solicitor on a 'no sale, no fee', it saves being out of pocket and losing the house if worst comes to the worst! 
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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quote:
Originally posted by LETGSI16V
Terry, if it's a repo they have to advertise the first offer in the paper, thereafter they don't. It's not always the case they will go with any higher offer that comes in, they also want it off their hands quickly so can favour cash buyers and normally want completion within 28 days.
If going down that route get your solicitor on a 'no sale, no fee', it saves being out of pocket and losing the house if worst comes to the worst!
They won't do no sale no fee on conveyancing due to dispersments involved so you'll pay something regardless.
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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Cheers chaps.
Think I may leave it then, Seen another house for £90k plus the sellers will pay 10% deposit for us.
Obviously they can't get shut of it so i'll have a drive around the street this evening to see if what the area is like.
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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If you definetely know he has gone down for 9 years for class A, I wouldnt feel very safe in the place. You would probably have druggies coming to your door night and day and causing all sorts of trouble...
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VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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Yeah find something different. Repos are always shitters and everyone keeps bidding like crazy on them round here. To the extent where they aren't a good buy!
We have to keep on doing viewings now. Cats out the bag on repos and buyers know if they demand to view then they can. I hate the things. Total waste of time and petrol.
Corsa 2.0 16v Vegas - Sold
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stubs
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Registered: 30th Jun 02
Location: Bolton
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quote:
Originally posted by dannymccann
If you definetely know he has gone down for 9 years for class A, I wouldnt feel very safe in the place. You would probably have druggies coming to your door night and day and causing all sorts of trouble...
I'm pretty sure even "druggies" have mobiles nowadays.. word will have circulated enough for them to know their supplier is behind bars.
We have a notorious dealer living on our street, and to be honest I'm quite happy as he seems to keep the area v.quiet. He doesn't bring any business to his door... is in most of the time, and his cameras cover most of the street... certainly my house. The guy next to me had something taken out of his garage (dick left it open mind..) and within a day he'd found out through "various chanels" who had it, and with a few "quiet words", it was returned and the scrote was told to "conduct his business" elsewhere  It's like living in a mobster's neighbourhood watch 
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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quote:
Originally posted by Terry12
The guy told me the bank don't want it coming off the market until contracts are signed. I appreciate I could be constantly gazumped but I would make an offer and stick to it, I somebody beats me to it then so be it.
.
OK So you make the offer. Get it what then? You then have to instruct your soliciter, get searches done......and then someone else comes and does what you are looking to do. You will then be hundreds of pounds out of pocket, sometimes thousands depending how far down the line.
IMO if the agendy is encouraging gazumpings to occur I would avoid them like the plauge. I appreciate they are out to make the most commision but there are still ways to go about it.
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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After getting advice on here we've decided not to bid. We've seen a nice house for £111,000 with a nice big garage which we're going to view on Tuesday. If it's what we want then we'll make an offer.
The risk of getting gazumped has put us off and the house isn't worth over £100,000 to us.
Thanks for the advice guys, keep it coming.
[Edited on 16-07-2010 by Terry12]
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stubs
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Registered: 30th Jun 02
Location: Bolton
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Stretch to £130k and buy mine! 
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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If it's on at £111k i'm guessing they're after a price not far off that at all so don't be surprised if a low offer is rejected. Make your opening offer around £100k and make sure the agent expresses that you're not in a chain and can move quickly. They'll probably come back with a counter offer, or just say no if they won't budge off the asking price.
Be good to start pricing up solicitors too, they're all fairly similar but try to do a bit of research and look for reviews (that don't look too obviously self written).
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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quote:
Originally posted by stubs
Stretch to £130k and buy mine!
I've not got 6 fingers so can't live in Bolton
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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quote:
Originally posted by jrsteeve
If it's on at £111k i'm guessing they're after a price not far off that at all so don't be surprised if a low offer is rejected. Make your opening offer around £100k and make sure the agent expresses that you're not in a chain and can move quickly. They'll probably come back with a counter offer, or just say no if they won't budge off the asking price.
Be good to start pricing up solicitors too, they're all fairly similar but try to do a bit of research and look for reviews (that don't look too obviously self written).
The house has been on the market for 3 months, Originally priced at £114,950 which had initial interest but a price couldn't be agreed.
They've dropped it down to £110,950, I was personally thinking of offering £108,000 and stipulate were not in a chain and ready to go now.
Cheers for the tips jr Anything else spring to mind?
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VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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quote:
Originally posted by Terry12
quote:
Originally posted by jrsteeve
If it's on at £111k i'm guessing they're after a price not far off that at all so don't be surprised if a low offer is rejected. Make your opening offer around £100k and make sure the agent expresses that you're not in a chain and can move quickly. They'll probably come back with a counter offer, or just say no if they won't budge off the asking price.
Be good to start pricing up solicitors too, they're all fairly similar but try to do a bit of research and look for reviews (that don't look too obviously self written).
The house has been on the market for 3 months, Originally priced at £114,950 which had initial interest but a price couldn't be agreed.
They've dropped it down to £110,950, I was personally thinking of offering £108,000 and stipulate were not in a chain and ready to go now.
Cheers for the tips jr Anything else spring to mind?
It's a buyers Market at the moment. If the agent can't neg you a real then get viewing others!
Corsa 2.0 16v Vegas - Sold
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Terry12
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Registered: 24th Sep 07
Location: Manchester
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Is there anywhere online I can see reviews of solicitors?
What's a rough cost of what the solicitors do?
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