russbost
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| posted on 7/8/14 at 07:24 AM |
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Keeping to the OP's point rather than dissing Estate agents in general - it is currently a rising market, I would strongly suggest that for it
only to have been on the market 3 days & to get offers up to or above the asking price it was almost certainly undervalued by the agent in the
first place, if the property is unusual rather than just being a modern box on an estate that is much more likely as they haven't go one 3 doors
down that sold for £X a month ago.
Take a really close look at what else is available & at what price. Can you buy something else with a workshop? If not is there space for one,
what would it cost to erect (to say nothing of the work/hassle), how good is the kitchen? How good is the bathroom? In both cases if they've not
been replaced fairly recently (& to your taste) then you'll be renewing within 5 years if you stay there
Does it have other advantages/disadvantages that won't be there with another property?
Going back to the first paragraph, it is a rising market &, broadly spaeking likely to continue slowly rising for at least the next year or two,
hence buying now even at a slight premium might be better than waiting for another property to come along only to find that the asking price is £5k
higher to start with.
Finally, vote with your head not your heart, just because you or the missus have fallen in love with a place won't make it worth more when you
come to sell.
Good luck, hope all goes well!
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NOTE:This user is registered as a LocostBuilders trader and may offer commercial services to other users
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mcerd1
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| posted on 7/8/14 at 11:10 AM |
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as above all you can do is walk away if the price goes over what 'you' think its worth
quote:
Originally posted by sdh2903
quote:
Originally posted by britishtrident
One advantage north of the border is the system is slightly better.
Sadly not true. its near as damn it just the same now having experienced it both sides of the wall, gazumping is happening all the time. I even know
for a fact that the sealed bid system is corrupt as I have been victim of it, if I could have been bothered with the hassle I would have had the
solicitor in court.
sounds like you had more than your fair share of problems 
the difference up here is that you can take the solicitor to court (well if you've got proof at least) - down south there is nothing
you can do as no rules are being broken...
but I think the best bit of our system is how difficult it is to back out of the deal - none of this 'the buyer pulled out 1 hour before the
keys were due to be exchanged' carry-on
personally I've only bought 1 house and I made the first offer (a bit of a cheeky one)
but it didn't go to a closing date (so no sealed bids) as the seller was desperate, so we did a little back and forward and agreed a decent
price with no real fuss and had it all signed and dates set by the end of the same week 
But the solicitors on both sides were good reputable ones that are well known around here....
[Edited on 7/8/2014 by mcerd1]
[Edited on 7/8/2014 by mcerd1]
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mark chandler
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| posted on 7/8/14 at 11:41 AM |
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I have never had a problem with estate agents myself, apart from the large chunk of money they want for a sale!
Solicitors, that's a different matter so pay the extra for a decent one and hope the other party do likewise, last house we sold the buyers used
the cheapest solicitor they could find, we were ready to go end November, ended up moving mid January as the buyers solicitors could not sort
themselves out
As above, fix a price in your head, as a first time buyer you have advantage over chains which can be a nightmare so a lower offer can still be
preferable.
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Mr Whippy
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| posted on 7/8/14 at 11:51 AM |
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As with cars don't just jump in and buy the first thing you see
Personally I wouldn't touch an old cottage again as their nothing but endless problems, look at it less with a romantic eye and more like house
equivalent of an old banger bodged up with body filler that’s dodged the scrapyard...
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ravingfool
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| posted on 7/8/14 at 01:11 PM |
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Haha, interesting thread and some pretty helpful guidance for the most part.
Unfortunately there is no perfect way of dealing with these things because a property is only worth what a willing buyer is prepared to pay for it but
the willing seller doesn't have to offer the property for the lowest amount they could afford to sell it for and they employ an estate agent to
manage and assist with negotiations on their behalf.
At the end of the day you do need to treat house purchases a little like commercial negotiations but obviously there are non-financial aspects which
you can consider as they directly impact upon the value of the property to YOU.
If you're buying for yourself to live there for the foreseeable though I don't think it needs to be too difficult; educated guess at
realist value of the property plus or minus specific values of the property which would be a bonus or otherwise to you living there. Try and get
points of view from a few other people that are more experienced in buying houses if you can - parents etc have their uses - and don't get
carried away with the first place that ticks your boxes and try not to be scared to let one go because there will always be another house on the
market eventually.
Estate agents - there are good and bad. Be sceptical and take their comments with a pinch of salt. I expect to offer below asking price and work up
a little through negotiation; it's a complete nonsense that people are going in offering the asking price at the moment and then being bullied
up by agents! Things seem to be cooling a little in the market although in some places you have first time buyers jumping through hoops because of
the shortage of property on the market.
Solicitors - not all the same; and watch out for the really low headline prices because sadly they're almost entirely a con. On top of
providing generally limited service, many add additional fees for things which any solicitor worth their salt will tell you are simply part of the
conveyancing process and should be included in the quoted rate. Stamp duty return sir? Legal requirement you say? Well certainly, that will only be
an additional £150 + VAT for us to submit on your behalf...
(Aside - the above fee structures have come in for a lot of criticism in the legal profession and rightly so but many firms continue to charge like
this so be careful who you appoint and do read the quote carefully before appointing a solicitor. Use personal recommendations.)
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beaver34
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| posted on 7/8/14 at 01:28 PM |
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thanks for all the input guys it has helped
took it onboard and we offered £122,250 which has been declined and the other offer accepted of which they wont say if it was higher or lower
anyway atleast we know now and can get on with life and looking forward to our 3,500 mile euro road trip next week
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James
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| posted on 7/8/14 at 03:17 PM |
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Great news!!!
Why? Because you'll find somewhere better! 
When I think back to all the places I looked around and put offers on... I'm soooo pleased we ended up where we did!
There's always somewhere else to buy!
Good luck with the house hunting!
James
P.S. Ravingfool, I have PM'd you.
[Edited on 7/8/14 by James]
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"The fight is won or lost far away from witnesses, behind the lines, in the gym and out there on the road, long before I dance under those lights."
- Muhammad Ali
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sdh2903
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| posted on 7/8/14 at 04:59 PM |
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My dad's always saying "what's for you, won't go by you". And it's true. After missing out on 3 houses we have
ended up with the best of all for a better price.
Enjoy the road trip and happy house hunting.
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