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Hi all,

Just discovered this website today, very interesting stuff...

I was hoping someone could offer me advice. We are first time buyers with quite a decent deposit, so will be looking for around 50% mortgage. We are currently renting a flat in Brighton for £850 a month but have decided to move to Worthing where our money (max £210-215k) will get us a house with a garden.

The mortgage repayments are going to work out somewhere in the region of £500 a month depending on how long we want it fixed for.. We are currently on one income (we have a baby) so reducing our monthly outgoings will make a difference - after our fixed term ends (probably going to opt for 3 years fixed, but am open to recommendations!!) we are likely to be in a different situation financially (2 incomes, we hope!)

We are looking to stay somewhere for, I guess, the next 5 years. But will be staying in the UK property market, so..

We have found a property we like very much:


And have had our first 2 offers rejected (£200/£205k). The sellers paid 111k for it in 2001 and the most recent sales on the road I can find online are both 2007 - £233k and £239k.

The EA sent me away to think about things and talk to my partner and our parents about what the maximum we can afford is and I am just wondering what to do now?! We are viewing the property again tomorrow and I said I'd talk to the EA again on Monday. I am not sure whether tactically we should make our final offer on Monday or leave it a few more days. The house only came on the market 10 days ago.

Assuming we still want the property - should we offer 210k, 211k (giving them a clear 100k more than they paid for it) or more? If we make an offer of 211k say, and they WOULD accept if it was 215 - is it likely that they would reply with a counter offer? Or just accept that 211k is actually our maximum. We would be disappointed to lose the property if they turned down our 211k offer (for example) and then accepted 215k from someone else........ But we *are* ftb with nothing to sell and I like to think that is worth something!

I appreciate the fact that the market is up in the air and nobody can really predict what will happen so we do want to get it for the least possible amount. Like I said, it's a big deposit and we don't want to leave the market altogether so we are hoping that it's not all doom and gloom and that there are worse times to have bought somewhere than now. Can anyone advise on what our next move should be?

Edited by brightonfi

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The most important factor will be the reason for the sale. If they are just "trying the market" and in no particular hurry to sell then they will just "wait it out" for the amount they expect. If that doesn't happen they may decide to rent it out.

It's all a game of bluff. Some people offer the full asking price and then use the survey to try and renegotiate the price down.

Sometimes it can pay to shop around and find 3 or 4 houses that you like, then start putting in offers, rather than deciding on one house. Obviously, that isn't always possible even the lack of stock on the market. We have not bought as yet because the right place, at the right price hasn't come up.

Have you tried the Brighton thread to see if others have an idea of the Worthing market?

Good luck.

Edited by Flopsy

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Would you be totally gutted if you lost the house? Would you be in a sticky situation if you couldn't move into a place of your own in 3 months time? If the answer to either of these is yes, then you will probably feel the need to offer higher amounts. If the answer is no to both, you can play hard ball and keep you offers low.

I see in your post you say you would be "disappointed" - now is the crunch time though, you will either get this property or not, so decide what each outcome means to you and negotiate accordingly.

I would make my next offer have some odd digits in it. So instead of 211k, offer 211,450. Just makes it look more like you're doing everything imaginable to get the money together.

In terms of "hoping that it's not all doom and gloom" have a read of this post:- Buying Time? Dead Cat Bounce? Or Cycle Low? ... but just buckle your seatbelt first and get ready for a whole load of figures and graphs (utterly fascinating though).

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Looks like a decent house - interested to hear you can get it at that kind of price anywhere in the southeast! But Victorian terrace isn't exactly rare: there are sure to be plenty of similar houses. Does this one stand out from them as much better than anything else at the price (or cheaper than anything as good)? If not, you should definitely play hard.

They'll try to haggle you up for as long as you seem interested, so the best thing to do is to be firm about walking away from it if your offer's not accepted. Any hesitation will have them expecting, and therefore holding out for, a higher offer (you may already have given them that expectation).

Of course if either side is desperate, that changes the balance of power, and if the house is outstanding then maybe you're tending that way. But it's still going to be a haggling game: the agent is probably trying to push the vendor down at the same time as push you up, as their goal is to get a sale to happen.

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I think your offer is reasonable, but in a stable market, this would go to sealed bids and you would be competing with about 10 other young families.

I suspect you have exposed the fact that you do not want to lose the property and the Agent has detected this. If so, then you are no longer a buyer with leverage.

If you want the property as a home, paying an additional 15k is worth it. What’s the point of saving that when your family’s future and stability is on the cards?

Hoe it goes well.

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I appreciate the fact that the market is up in the air and nobody can really predict what will happen so we do want to get it for the least possible amount. ....

Most people on here would advise you to wait a year.

I have been looking at Worthing as the missus had a recent job possibility in Shoreham and I would say that the property you are looking at is priced at 30% more than it's worth - at least.

Edited by non frog

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Hi all,

Just thought I'd update - I often see posts like mine and then wonder what happened in the end!

We decided to offer 212,850.. It was rejected :angry: and we were told that the sellers are looking for 220/221k really. They have apparently had 3 different EAs value the property at 230k so are not shifting. It has only been on the market for a week...

(I guess they hadn't checked the Zoopla valuation which is £190k! (The highest Zoopla for the road is about £206k!!)

Oh well, onwards and upwards. I have now installed Property Bee and am keeping a close eye on anything that happens in the area we like. It is nice to know that 215k wouldn't have been acceptable either -- I'd be rather irritated to have JUST missed out. 220k is out of our budget, no question of stretching anymore than we would have been to get to 215k.

Ho hum!

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wait until next years as i think prices have a long way to fall yet..the goverment money is propping up the market when this stops all hell will let loose..

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