House Buying / Selling Thread

[jacko74]

I just find it bizarre that people buying into the current policy driven market bubble desperately try to convince themselves and anyone else what a great position they're in and how deliriously happy they are, it's almost like some form of Stockholm Syndrome.

Not at all jealous and not really got a master financial strategy... all I will say is I bought in 2001, had a 25% deposit (£15k) paid my mortgage off in 8 years working part time and now my house is worth over 3x what I paid for it, not that I'm bragging and not that I think that such rampant house price inflation or the commoditization of property is a good thing, I actually think it's been disastrous for society and the wider economy.

Anybody buying now is, by comparison, in a dreadful position financially and yet they won't admit they're little more than mortgage slaves.

 

[Gareth Barry Conlon]

Our house goes on the market today. Using Purple Bricks which seems to be a good compromise between a traditional agency and a pure internet offer. I will post up how it goes.

PS house prices were over the top when we bought it 10 years ago. If we hadn't bought and had rented we would be significantly worse off now. Buying a house to live in, and within your means, is almost always a good investment.

 

[cibaman]

Do you have a master financial strategy you'd like to share with us?

Live with your mum?

 

[sir baconface]

Live with your mum?

Yeah. Got fed up with yours.

Who rattled your cage?

 

[sir baconface]

I just find it bizarre that people buying into the current policy driven market bubble desperately try to convince themselves and anyone else what a great position they're in and how deliriously happy they are, it's almost like some form of Stockholm Syndrome.

Not at all jealous and not really got a master financial strategy... all I will say is I bought in 2001, had a 25% deposit (£15k) paid my mortgage off in 8 years working part time and now my house is worth over 3x what I paid for it, not that I'm bragging and not that I think that such rampant house price inflation or the commoditization of property is a good thing, I actually think it's been disastrous for society and the wider economy.

Anybody buying now is, by comparison, in a dreadful position financially and yet they won't admit they're little more than mortgage slaves.

But when the choice is between mortgage slave, rent slave or living with parents through adulthood, buying still makes the most sense for many.

 

[Otamendi's Beard]

In the process of selling our first home and moving onto our second home.

Got 100% of what we wanted on ours the same day it went up, only for the time wasting fuckers to pull out 5 days later. Fortunately we got another buyer within a week at 99%.

We've also been really lucky to pick up a bargain on a residential estate that we were looking at. Original price was £210,000, but thanks to a valuation and survey we managed to bring it down to £170,000 - which left the estate agent was 'absolutely astounded'.

Most properties around there go for at least £190k so we're happy. Survey hasn't even come up with any major jobs for us, just needs some modernisation and minor maintenance.

So I'd recommend everyone to get a survey done when buying as it gives you a great bargaining position. It was also handy that it was an old couple selling and they were desperate to go.

Finally, it's meant that after porting our mortgage we've only got to take £16k more as a loan, so monthly payments over 24 years are v cheap in comparison to rent costs etc.

 

[117 M34]

In the process of selling our first home and moving onto our second home.

Got 100% of what we wanted on ours the same day it went up, only for the time wasting fuckers to pull out 5 days later. Fortunately we got another buyer within a week at 99%.

We've also been really lucky to pick up a bargain on a residential estate that we were looking at. Original price was £210,000, but thanks to a valuation and survey we managed to bring it down to £170,000 - which left the estate agent was 'absolutely astounded'.

Most properties around there go for at least £190k so we're happy. Survey hasn't even come up with any major jobs for us, just needs some modernisation and minor maintenance.

So I'd recommend everyone to get a survey done when buying as it gives you a great bargaining position. It was also handy that it was an old couple selling and they were desperate to go.

Finally, it's meant that after porting our mortgage we've only got to take £16k more as a loan, so monthly payments over 24 years are v cheap in comparison to rent costs etc.

When did you do the survey in relation to your offer?
Did you do the survey before the offer then offer based on it or did you offer then lower it based on the survey?

 

[cyberblue]

You sound remarkably chipper for someone who will be paying an unprecedentedly high proportion of their income for an unprecedentedly long period of time servicing a mortgage... you're virtually just renting off the bank for the rest of your working life.


On the bright side at least you'll have a nice fat juicy asset for the state to take off you and use to pay your care home fees, when (if) you ever get to actually retire.

Ha Ha putting it like that l might as well join the dossers in the city center

 

[cyberblue]

When did you do the survey in relation to your offer?
Did you do the survey before the offer then offer based on it or did you offer then lower it based on the survey?

What normaly happens you agree to buy the house at such and such a price subject to survey.then do the survey and go back to the sellers asking them to put right what needs doing or knock it of the house price

 

[Otamendi's Beard]

When did you do the survey in relation to your offer?
Did you do the survey before the offer then offer based on it or did you offer then lower it based on the survey?

We got the survey done as an addition to the mortgage valuation, so we'd already made an initial offer that was accepted.

We used the survey to re-evaluate our offer and submit a lower one. Could be seen as harsh but I think it's pretty common.

The sellers didn't even try and negotiate either, they just accepted the value that the surveyors put on it. From a selling POV, this value doesn't actually take into account the current market values or of properties in the area. Therefore I'd still counter offer the buyers but they chose not to.