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I'm Buying A House


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#1 winkie

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Posted 27 March 2012 - 11:36 AM

Not saying this is good advise or not, but what have you got to lose?.....drive around the area looking for property you like the look of with a 'for sale board' attached to it, knock on the door or ask your wife to knock on the door, say you know the area well and leave your telephone number, do this a few times, you never know, one may bite and think of the agent fees they could save once the contract runs out and still not sold. ;)



Edit:...there is a thing called a delayed contract where completion dates are different, maybe worth a look into that.

Edited by winkie, 27 March 2012 - 11:41 AM.

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#2 Bruce Banner

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Posted 27 March 2012 - 11:45 AM

Also, as a renter, I am not in a chain. This, I believe is a plus for me. However, the EA says that if I want to buy a house from a vendor who is in a chain, I can only buy their house when they themselves have completed. I suggested that that wasn;t my problem and they can ****** off into rented for all I care - either they want to sell or they don't. I'm told no. This means that when the inevitable chain breaks, I lose legal and survey fees each time. Does this mean that I should only really be looking to buy a property with no upward chain. Does anyone have any experience of standing their ground with a vendor, in terms of not giving a shit where they go as long as they are out of the house.


EAs make their money out of chains so you may need to deal directly with the vendor and exchange contracts behind the EAs back, thus breaking the chain. The EA would hate you for it, but so what, and would probably claim the commission on the sale from the vendor, but that would be due anyway.
.



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Lest there be any doubt.

No I believe prices will fall and am astounded that a so called Conservative led government could act in such a stupid way. As you can see from today, there are 2,000 HtB applicants and it has been on MSM none stop all day and they make up about 3.5% of a typical months mortgages.

BTL is a good potential way to bankruptcy and yes sometimes I make points to hopefully make people think.


#3 Mr. Miyagi

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Posted 27 March 2012 - 11:47 AM

Good luck TBF. I'm pretty much in the same situation as you. I will probably be buying this year at around 3 x my salary with the mortgage being the same as my current rent.

As for EA's it's a tough one, ignore the shit they spout about boyent market etc just offer what you believe the house is worth to you, if the offer is rejected then so be it, don't get too emotional over a specific house.

A tip I've learned with EA's to avoid the shit that generally spouts from their mouths is to keep asking pertinent questions regarding the house on viewings. This has two consensuses, firstly it shows you are serious and not a tyre kicker, secondly they are generally unable to answer your questions so tend to babble then shut up.

It does help that you are in rented as it puts you in a good position to move quickly, it can't hurt to tell the EA this and explain that you would be looking for a quick move and a motivated seller. As volumes are so low at present I would avoid lengthy chains, if the house your interested in is in one there will be others that are not.

Good luck

#4 Ascii

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Posted 27 March 2012 - 11:53 AM

<SNIP>

However, I need advice on how to deal with the verminous EAs. I am only too aware that the market is still not buoyant, but when you call, they, before you even start speaking, start telling you the market is flying, they are inundated, you'll need to offer a minimum of asking price. Is this just guff? I know that unfortunately, I can't just get shirty with them, as I do need to keep them on side a bit as I want to buy a house. It's like their on autopilot, and I need a few tips on how to get them to shut up and just find me a house that's reasonably priced with a reasonable seller.


Yeah it's ******. I put an offer in on one for my SIL yesterday and she will put an offer in too, but a few days later for a few grand more (play them at their own game if you can).

However the point was that I offered 25% below asking and they didn't laugh; they just tried to extract another 5 grand to which I said no. The penny is I think dropping with some.


Also, as a renter, I am not in a chain. This, I believe is a plus for me. However, the EA says that if I want to buy a house from a vendor who is in a chain, I can only buy their house when they themselves have completed. I suggested that that wasn;t my problem and they can ****** off into rented for all I care - either they want to sell or they don't. I'm told no. This means that when the inevitable chain breaks, I lose legal and survey fees each time. Does this mean that I should only really be looking to buy a property with no upward chain. Does anyone have any experience of standing their ground with a vendor, in terms of not giving a shit where they go as long as they are out of the house.

I'm in no rush and am not going to go rushing into anything. I've been here 5 years and have picked up a good few tips.


You may be better off looking at probate or even an auction property in your circumstances. It is possible to buy at auction using a mortgage. I did and had a sizeable deposit too (a little less than half of the purchase price). Chains are a royal pain in the ass to the extent that I may well take on a rental contract for a year in order to be able to move quickly when I need to - whether that be probate by private treaty or through an auction. I am very wary of the tactics of estate agents and buying at auction whilst not for the feint of heart is a viable option where you own the property done and dusted in 28 days. It helps of course if you have the cash to buy outright but it's not an absolute requirement.

For the same reason and even more so I would be wary of buying a repossession through an estate agent my view being that if they are obliged to get the best price in such cases (and they are) then sell the bloody thing at auction and be fair to every one.

#5 7 Year Itch

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Posted 27 March 2012 - 12:05 PM

You must be looking elsewhere now but I've found our local EAs to be particularly odious.

One time, the particularly odious, let's call him, Nigel (drives an X6), chucked us out of a rental, said he understood how hard it was for us but if it helped he might have another coming on the market nearby for an extra £200 a month. Clearly an offer we could refuse. Later we actually get to know the people who moved into house 2 and found they were paying less than we were paying in house 1! There's a word for him but it won't get past the swear filter.

Each time I have dealt with a local letting or sales agent, they have either been ignorant and annoying or useless and annoying.

Just do your best to keep calm, treat everything they say as an outright lie and base your decisions on what you know rather than what you think. They will do jedi mind tricks and mess with your mind so keep out of their way as much as possible.

There is no ladder.

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No need to sell up, the next phase of the economics cycle is going to be very positive for anyone that owns property.

All I'm sayings is, don't listen to the property bears people, they are wrong.


#6 aSecureTenant

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Posted 27 March 2012 - 12:14 PM

No advise, but nothing but good luck and well done from me. If you can easily afford it and allows you lay down roots, then its the "right thing to do IMO." :rolleyes:

Edited by "Steed", 27 March 2012 - 12:14 PM.

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#7 SHERWICK

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Posted 27 March 2012 - 12:28 PM

its the "right thing to do IMO."


sounds familiar... :unsure:


My advice is to be cold, clinical and business like. List the must haves and the nice to haves (off street parking, south west facing garden etc.) then go for it.

Do not compromise on what you want ut be prepared to lose it and try again.
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#8 Bruce Banner

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Posted 27 March 2012 - 12:28 PM

No advise, but nothing but good luck and well done from me. If you can easily afford it and allows you lay down roots, then its the "right thing to do IMO." :rolleyes:


I don't have an issue with your sentiment, but I can easily afford to pay £50 for a bag of crisps.
.



----------------------------------------------------------------------------------------------------------
Lest there be any doubt.

No I believe prices will fall and am astounded that a so called Conservative led government could act in such a stupid way. As you can see from today, there are 2,000 HtB applicants and it has been on MSM none stop all day and they make up about 3.5% of a typical months mortgages.

BTL is a good potential way to bankruptcy and yes sometimes I make points to hopefully make people think.


#9 SarahBell

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Posted 27 March 2012 - 12:37 PM

When you put an offer in say you want to complete by X date and if they are unwilling to agree to this then don't proceed.

Speak to a solicitor and discuss things with them - they might suggest something to go in the contract to assist.
Whoever you are, I have always depended on the kindness of strangers.

#10 feed

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Posted 27 March 2012 - 02:02 PM

I bought 6 months ago and it isn’t that bad.

EA’s aren’t really a problem. Rightmove search and only contact them when you know you want to view. I only ever viewed places with the owners or tenants. I was never even given an option to view with an EA.

Being very specific in telling them I was a FTB with a large deposit looking that a very specific location and house type, pretty much kept all of the carp away.

I bought into a chain and it went okay. Elderly couple downsizing, they had found somewhere they liked before they put their place on, so they were keen to sell and not just kite flying.. It took some time juggling, not terrible, just a bit of hassle.

Finance/Nationwide etc… all went fine. Solicitors where hopeless though, lost all the docs, so they had to be resigned. And it took an age to find a surveyor that was available to do the buildings survey.

House buying Doom is what you’d expect from this place, but it wasn’t anyway near as bad as the horror stories you hear.

It did however take me year to find the place and I did lose one place to a couple who decided they liked it so much they’d throw 10k over asking at it. It was nice, but not that nice.

Overall I’d say it isn’t really that bad, but do take your time, and don’t marry the first one that hops into bed with you..

Good luck.

#11 libspero

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Posted 27 March 2012 - 04:09 PM

In my limited experience it is the vendors that are the PITA, not the EAs.

EAs will usually drop the crap once they realise you're not a complete moron. At best I found them helpful, at worst just a waste of space. What you have to remember is that the way an EA makes a sale is by trying to align the expectations of the vendor and the buyer.. you want it at 50%.. the vendor is convinced it is worth asking price and not a penny less (usually because the EA told them it was worth Zoopla +15% in the first place to lock them into the contract.. but I digress). The EA only makes a sale if you both come to an agreement in the middle.

So, for my two cents, don't focus on the EA, focus on the vendor and actually finding some houses you want to buy.

The way I would do it if I started looking again would be to find 3 or 5 houses on right move that tick all the boxes for you.

Arrange a viewing of the ones you like and see how you find them (try your best not to let yourself (or your wife) get emotionally attached to any of them too soon on. try to be objective.

speak to the agents and tell them the sort of offer you'd be prepared to make and ask them what the vendors expectations are. At this stage some EAs will be surprisingly honest. Just remember to drop into the conversation at the beginning that you are looking at several properties.

If nothing is right don't be afraid to walk away.. there are new properties on the market everyday, no reason to rush if you aren't happy with your choice. I don't regret not buying any of the houses I looked at :)

Good luck.. let us know how you get on :)

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#12 Pent Up

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Posted 27 March 2012 - 05:38 PM

Decide what you want to pay and don't budge from it. They will lie and lie until you give in or give up. The amount of times I've heard friends or read on MSE say that a house that had no interest for months suddenly had another off on the day they offered. And I can confirm this from personal experience. I made two low offers earlier this year on house that had been on 6 months plus. I wasn't even shocked when both times I was told the same old story of another offer has just been received. Or another couple are offering today. I just say im not interested in other offers my offer will be either accepted or declined and another bidder won't affect what I'm willing to pay. They both soon stop mentioning other offers. Anyway both were rejected, both still on the market unsold. This also happened to me 2 years.

Further to this. Friends of the mrs viewed a skanky overpriced flat in Brentwood. Had been on the market 2 years, they were told by the vendor at the viewing they had ha no interest in several months yet surprise surprise upon phoning up to offer there is another offer. So after this "bidding war" they ended up paying the asking price. Being young and naive you can't expect them to see tricks like this. They almost saw the agents as people who were helping them rather conning them. It made me very very angry as they are a nice couple.

Edit: iPhone word twist madness

Edited by Pent Up, 27 March 2012 - 05:40 PM.

Remember that buying a house is a highly leveraged investment and can result in losses that exceed your initial deposit. Buying a house may not be suitable for everyone, so please ensure that you fully understand the risks involved.


"The time to buy is when blood is running in the streets" Baron Nathan Rothschild

#13 winkie

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Posted 27 March 2012 - 06:04 PM

In my limited experience it is the vendors that are the PITA, not the EAs.

EAs will usually drop the crap once they realise you're not a complete moron. At best I found them helpful, at worst just a waste of space. What you have to remember is that the way an EA makes a sale is by trying to align the expectations of the vendor and the buyer.. you want it at 50%.. the vendor is convinced it is worth asking price and not a penny less (usually because the EA told them it was worth Zoopla +15% in the first place to lock them into the contract.. but I digress). The EA only makes a sale if you both come to an agreement in the middle.

So, for my two cents, don't focus on the EA, focus on the vendor and actually finding some houses you want to buy.

The way I would do it if I started looking again would be to find 3 or 5 houses on right move that tick all the boxes for you.

Arrange a viewing of the ones you like and see how you find them (try your best not to let yourself (or your wife) get emotionally attached to any of them too soon on. try to be objective.

speak to the agents and tell them the sort of offer you'd be prepared to make and ask them what the vendors expectations are. At this stage some EAs will be surprisingly honest. Just remember to drop into the conversation at the beginning that you are looking at several properties.

If nothing is right don't be afraid to walk away.. there are new properties on the market everyday, no reason to rush if you aren't happy with your choice. I don't regret not buying any of the houses I looked at :)

Good luck.. let us know how you get on :)




Why would you regret buying something that has lost value, when now is the time when there will always be something better that comes along. ;)
What you don't owe won't worry you.

Less can be more.

#14 MrPin

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Posted 27 March 2012 - 06:46 PM

You are in a good position if you are not in a chain! I kept stressing that to the EAs! But you have to keep saying it!
And you need to find a committed seller, not a kite-flyer! Good Luck! :)
Ignorance can be cured! Stupidity cannot!

#15 athe

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Posted 27 March 2012 - 09:34 PM

Lots of good advice, and to add my tuppence worth, when we were looking we set up a disposable email address and used it to sign up to every EA notification email going. We trawled rightmove for months. We looked at 50 to 70 places in person, and whittled that down to three or four we liked. Decided what we would offer and then stuck to our guns. One accepted but then upped the price after survey - very irritating. One rejected outright, and the other negotiated themselves down to our price in the end. Our success was with downsizers. It seemed to take forever (actively looking for well over a year I seem to remember), and then all of a sudden, in a huge rush we were in our new place (a week to agree the price, a month for the formalities).
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