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scully74

25% Off Asking Price

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Hello

I'm a newbie but have been visiting this site for about 6 months.

We sold our house last year to relocate and are currently renting. Our lease is due to expire in Sept and we've seen a house we love but we can only afford max 80% of the asking price. We offered this on Sunday and were told a flat no. The vendors have had an offer accepted on a house they want for near to the asking price so they say they can't afford to budge. However, they're back on the market because their sale fell through just before exchange because their original purchaser lost his mortgage offer. (originally came on market in Feb)

I'd love thoughts on what to do, either sign up for rented house for a further 6 or 12 months or look for a house with an asking price nearer our budget.

Funny that the BBC guest said yesterday to offer 25% lower than the asking price - we were effectivly laughed out of the place!

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Hello

I'm a newbie but have been visiting this site for about 6 months.

We sold our house last year to relocate and are currently renting. Our lease is due to expire in Sept and we've seen a house we love but we can only afford max 80% of the asking price. We offered this on Sunday and were told a flat no. The vendors have had an offer accepted on a house they want for near to the asking price so they say they can't afford to budge. However, they're back on the market because their sale fell through just before exchange because their original purchaser lost his mortgage offer. (originally came on market in Feb)

I'd love thoughts on what to do, either sign up for rented house for a further 6 or 12 months or look for a house with an asking price nearer our budget.

Funny that the BBC guest said yesterday to offer 25% lower than the asking price - we were effectivly laughed out of the place!

Laugh back and say 'see you at the auctions'

:rolleyes:

Rent something.....you'll save a fortune if you wait to buy.......and you'll get more for your money...

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I'd love thoughts on what to do, either sign up for rented house for a further 6 or 12 months or look for a house with an asking price nearer our budget.

Rent for another 12 months. Keep an eye on the one that's gone back on the market. If the price gets within your range, go for it. If not, or it sells for more, so what - they'll be plenty more around. I've been renting for years, and I can't say it's ever bothered me. And in the current market - both housing and economic - I think renting is the best option. You never know, after another year of renting, you might begin to see the folly of purchase. :)

Nomadd

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Without a doubt rent for the next 6-12 months, you'd be mad to buy now. All the experts say prices will drop from anything from 25% to 40% withing the next two years.

With cash in the bank you will be in a very strong position.

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Hello

I'm a newbie but have been visiting this site for about 6 months.

We sold our house last year to relocate and are currently renting. Our lease is due to expire in Sept and we've seen a house we love but we can only afford max 80% of the asking price. We offered this on Sunday and were told a flat no. The vendors have had an offer accepted on a house they want for near to the asking price so they say they can't afford to budge. However, they're back on the market because their sale fell through just before exchange because their original purchaser lost his mortgage offer. (originally came on market in Feb)

I'd love thoughts on what to do, either sign up for rented house for a further 6 or 12 months or look for a house with an asking price nearer our budget.

Funny that the BBC guest said yesterday to offer 25% lower than the asking price - we were effectivly laughed out of the place!

scully can you provide more details - what is the rent you are paying (assuming the properties are similar

or approx rental costs for the new place) and how will it compare with interest only payments the mortgage you would have to take.

most people here would be dont even think of buying now. but even if u absolutely love the place, at this point i wouldnt pay more than 200 times monthly rent for an equivalent property. this translates to a rental yield of 6%.

Edited by WaitingToUpsize

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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