January 15th, 2010
i got accepted for mortgage, and i asked seller can i have house for 220 k instead of 225k?
she said no too me, it was meant to be a private sale and she is my mothers next door neighbour. My point is house value is 225k and shes asking for 225k surely 220k isnt a bad offer.. i thought that was quite reasonable actually
Than i said 222k and she hasnt texted me back. She keeps saying that if i dont buy it she`ll sell it to developers as it is a terraced house. The mortgage thing was stressful enough to make matters worse this has become stressful aswell.
advice me please, i can`t call her now as shes driving, the house we are meant to be buying her mother lived in it and she died so her daughter is selling it. Funeral is tomorrow so cant speak to her than, what shall i do?
by the way how quick are property devolopers able to buy it?
as i know if i bought it it would take 2-3 weeks as mortgage is accepted.
thank u x
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Filed under: Buy Property
The appraisal indicates developers have cash on hand ready to you are sure.
If you want the house, and the seller is balking on accepting less than 225K, why are you quibbling about 3K?
If you want the house, offer 225K. She is not at all being unreasonable to hold out for full price. Especially if the house is not yet on the market, or has not been out there long. It’s her house, she can do what she wants.
Property developers can probably close the deal in just a few days – they have access to lots of money, and don’t have to arrange for a mortgage. If they have a check for the full amount – it’ll take as long as it takes for them to sign the contract and hand over payment.
The seller is entitled to ask what they want and not to drop if they don’t wish to. You are talking quite a small amount. You could try going ahead and at the last minute request a drop in the price, it’s a bit naughty but at a later stage sellers just want to get things over with!!
ADVICE!
Dont buy a house this way!
Use estate agents, that way you’re not going to get conned.
If the house is worth £225k then an offer of £215k is acceptable (not always acceptED but acceptable).
If you let the seller be the one to control the sale then you will get shafted. YOU are the one with the money. If she wont even consider dropping the price then tell her to forget it.
A property Developer will NEVER pay what a house is worth because there would be no margin for profit.
This person is trading on the fact that your mother is next door.
WALK AWAY!
Take a look at what else is on the market first, the value may seem to be £225k but the surrounding prices may be that because they are ultra modern and just fitted with latest decor and conveniences.
The price before you got the transaction.
The transaction.
The price before you should have agreed to the mortgage approved you are trying to the mortgage approved you are trying to play those kinds of the transaction.
Just wait, my love. I can tell you are like a cat on hot bricks right now, but this is the moment for a cool head. Your offer of 222 is on the table, she has not contacted you, that means she is thinking about it. She needs to get the funeral out of the way, so you must obviously respect that. It’s a good offer, so keep your nerve, give her at least a week before you contact her again.
Property developers can’t buy it any quicker than anyone else, except they might not need a mortgage. Has she been approached by developers ? Or is she going to try to find some ? From her point of view, she wants the best possible price, but she may also want the house to be kept as it was, and not “developed” In which case, she’ll be more likely to accept an offer from you.
Buying a house is stressful, believe me. When you see one you want, it’s a bit like falling in love (you imagine yourself living there, you mentally arrange your furniture..) and when you don’t get a house you had set your heart on, it’s a bit like getting chucked, and you can end up quite depressed for a few days, shedding a few tears. I hope you get this house, but if you don’t, there will be others. And even the smoothest transaction involves stress, so brace yourself.
So, take a deep breath, leave your offer on the table – she will come back to you in a few days. If not, give her a week, and then ask her if she has had time to consider your offer.
Good Luck