How to buy a house

[sheddy]

The 1st rule of house buying: estate agents are lying barstewards
The 2nd rule of house buying: estate agents are lying barstewards
The 3rd rule of house buying: estate agents are lying barstewards

Also find a friend who knows about houses - most important defects can be spotted by using a camera, binoculars, notepad and some time rooting around

 

[punkypossum]

How weird, I was about to post a similar question, as I'm hoping to eventually get out of renting and onto the property ladder (and I've fallen in love with a house round the corner), this has answered a lot of my questions - apart from where to get the deposit from, but I can't see anybody being able to help with that!

 

[mknash]

Please do note that not all refusals are bullshit.

Both houses I have sold I have put on the market at a fair price and refused to haggle. The first on-price offer is accepted and I refuse to listen to others or accept higher. This is not to be an peanut, but rather to aim for fairness. I have made offers on houses only to be outbid, and I refuse to play that game.

Furthermore when there is a problem in the chain, the buyers you have been fair to are more likely to allow a bit of leeway on move dates.

While many people may try it on, not all will, some people just want to sell a house for a set price and are happy to wait for buyers who are willing to pay it.

 

[Bigtwin]

Good news! The 125% mortgage is back as of today!!

That God we learned the lessons of the past few years eh?

 

[asterix]

Don't get emotionally involved even if it does appear to be the house of your dreams. Hard-headedness is important. For example a few Sellers are worse than Estate Agents and having accepted your offer will wait until the process is well under way before telling you they want more!!

What sheddy said about assessing house condition is fair comment. You'll need a survey of some sort but don't depend on it in case something goes wrong, inspection by a knowledgeable friend is a very good idea. Don't be afraid to look at the place several times if you want to and if you don't know the area check it out at different times to see what goes on.

It's a stressful business all right

 

[karen.488walker]

Sadly, although it seems totaly back to front I know the survey comes after you make an offer. I will be ringing the estate agents at dinner. - very nervous.

Don't worry about that. It's perfectly acceptable to renegotiate on price after the survey has been done if there are any major/ unexpected probs. Sorry you lost out. You always end up with something better. We've bought loads of houses. Don't get over emotional, it will screw you on price. Look at locations and floor plans practically. We bought am ugly 70's house with a view to knock it down but fell totally in love with it because it was so practical. You don't look at a house when you live in it. and if it's in a good location it will always sell. and you pay less.

 

[karen.488walker]

Well I failed to buy either of the houses I wanted.

The asking price for the first was 80k. My first offer was 70k, which I thought was a reasonable offer but it was declined instantly and I was told by the estate agents the sellers wouldn't accept less than the asking price.

I ignored the agents and offered to meet the sellers half way at 75k, This offer was was also declined instantly.

Out of desperation I offered the full 80k asking price for the property partly furnished. (cooker, fridge, carpets, curtains etc. - I know the seller doesn't want ANY of her furniture for her new property so these few items didn't seem like a lot to ask for) Again the offer was also declined instantly.

I gave up and moved onto the second property.

The asking price for the second property was 75k.
I offered 64k, This offer got declined by the estate agent. They never even contacted the buyer. Apparently this seller wouldn't look at offers less than the asking price either.

I didn't even bother making another offer.

I will wait a few weeks and if either property is still on the market then I might go back with another offer. - A few 1000 less than last time of course for making me wait!

In this market? are they having a laugh?

 

[gavintc]

A word of warning, do not follow this routine if you intend to buy in Scotland. A verbal contract can be binding and if you verbally offer while looking around a house, expect to pay. Most people will need a lawyer throughout the process. As a result, we do not have gazumping up here.

 

[dellzeqq]

Some refusals are motivated by estate agents having friends who want to buy the house to let out - through the estate agent. Don't take no for an answer - stick a note through the door.

The choice of solicitor and surveyor is really important, and not an easy one for most people to make. Property solicitors are oftentimes incompetent. I'm in the fortunate position of having seen a lot of them at work, but the only suggestion I can make is that, failing a positive recommendation from a friend, you ask them all the questions that come in to your head, and choose on the basis of the answers. Do not, for pity's sake, go for the solicitor recommended by the estate agent.

If you have the slightest reason to be concerned about the structure of the house then consider getting a structural survey done by a structural engineer, not a surveyor. Surveyors are, by and large, more skilled at limiting their liabilities than they are in determining the condition of a building. You're going to have to pay for a surveyor to satisfy the building society, but a combination of the homebuyer's survey and a structural survey by an engineer might be a better bet than a full structural survey by a surveyor.

 

[Fnaar]

Our solicitor died of a heart attack 2 days after completion when we were selling/buying!
She was also handling sale of my brother's house, which had yet to complete...

 

[RedBike]

Both sellers have come back today with counter offers.
I'm rather glad i'm not in Scotland. I'm effectively arranging to buy two houses here.

I've had to tell both vendors that i'm in negotiations to buy another property; seeing as these two houses are only 3 doors down from each other I bet there's a lot of chin wagging over the fence going on!

 

[Over The Hill]

The lender cannot prevent the sale.

However, the redemption statement they provide will show the figure required to discharge the mortgage. If the sale figure is not adequate to do this, the the buyer will need to see further funds from another source, and contracts ought not to be exchanged till this point is addressed. If not, the buyer will acquire the property subject to the lender's charge on the property. I.e. they have "dibbs" on it to the value of the outstanding secured sums. Not good usually, though some sophisticated buyers will take a view on this at the bottom of a market.

Mostly wrong.

If you have a house with a mortgage for more than its value, you will have to come up with the difference before you can sell. This will be then either in your lenders hands (reducing the mortgage) or solicitors hands before you sell. The solicitor will have to give a binding undertaking to repay the mortgage if the property is sold with one registered on the title.

You cannot buy a house with a mortgage on it as the lender would have registered a restriction on the title so no dealings can take place without their consent. Therefore you cant legally take the title of a mortgaged property behind a lender.

The lender has a personal deal with the borrower that cannot just be transferred to the new buyer.

The buyer has not dealings with the sellers mortgage and relies on the sellers solicitors undertaking to discharge the mortgage. If the seller does not have funds then the solicitor has to come up with the difference if he has given an undertaking to discharge the mortgage.

 

[stevie_b]

Both sellers have come back today with counter offers.

Interesting! Have they dropped the offer price?

 

[RedBike]

Interesting! Have they dropped the offer price?

Not really.
One seller still wants the asking price.
The other has said they'd except £500 less than the asking price.

Not really the sort of reduction I wanted. Early days yet.