Buying a House
- Thread starter AeryFairy
- Start date
It appears the house only has wooden panels, and only on the top floor, so the frame is still some kind of concrete, I think.
So, what are the standard questions I should be asking?
Will obviously ask about the materials, including the roof. And when the house was built and when the roof was last changed.
So, what are the standard questions I should be asking?
Will obviously ask about the materials, including the roof. And when the house was built and when the roof was last changed.
Ann Chovie
Ploughing my own furrow
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Yes Moll I remember the mortgage issue too, I was a cash buyer but the guy that originally wanted the property could not get a mortgage anywhere!
The issue most people raised was the increased fire risk.
I am currently salivating over a wooden 'house' in Felixstowe on the seafront which is a wood construction but which I am reliably assured by family is actually a glorified beach hut/ grandad shed !!!!
Just because I am a menopausal hormonal wreck in a mid life crisis does not mean it is not a house OK???
That is weird as I have looked at those beach properties too, daydreaming about moving to the coast. They are cute little places.
You seem to get a lot more for your money generally in Suffolk.
ledboots
Peace
Ann Chovie
Ploughing my own furrow
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That is weird as I have looked at those beach properties too, daydreaming about moving to the coast. They are cute little places.
Yes prices are comparatively low there. It has nostalgic value for me too as I went there as a child and still vist with my grown up children . It's sort of our "place"
The dream house we looked at yesterday turns out to be a so- called non- standard construction. It's known as a BISF home where the frame is made from steel. These were all built with asbestos roofs, but the roof has been replaced 10 years ago or so, we were told. Insurance will be a little higher, probably. Also not sure about re-sale value. Other than that, it's still the dream house. Will find out more details today.
What can you tell me about bidding for a house?
I've made an offer. The agent says there are two other offers, but won't tell me what they are, only that there is little difference between the 3 offers. They are now requesting a "best and final" offer tomorrow.
I've made an offer. The agent says there are two other offers, but won't tell me what they are, only that there is little difference between the 3 offers. They are now requesting a "best and final" offer tomorrow.
I've never had to make a best and final offer. However the house we last sold had two full price offers so we asked for best and finals. One family couldn't go any further and appealed to us by their personal story. The other family wrote something like - we offer $1000 above the highest bid up to $360,000 (which was 10k over our asking price) and $5000 in home repairs. So basically we sold our house for $351,000 and were given $5k toward repairs found on the home inspection. We thought it was a fantastic offer. We ended up needing about $6000 in repairs (siding, hot water heater, window leak, etc.), so we basically walked away with exactly what we wanted to get for the house.
OP
OP
Just put in what you want to pay for the house - there's all sorts of advice/ways to play it (trying to get a good deal with a low bid vs. securing a house you desperately want with a high one), but essentially it boils down to what you want to pay. After all, you're looking for somewhere to live, not somewhere to re-sell and turn a profit on. Also if you've got your mortgage in principle and/or are chain free, make that known too. Those things are attractive to people looking for a quick and easy sale, they might take your offer over someone else's even if it's lower based on things like that.
And get the place surveyed before you sign anything. But that can be done after the offer is made and accepted.
Well, one of us, who isn't me, had cold feet. (The location wasn't suitable.) So we have given up that house.
I think that is a good idea, it's hard enough getting a first mortgage but trying to get a mortgage on a non standard property would just add more complications IMO.
Maybe so. Our preferred lender wasn't immediately opposed to the idea of a BISF house, though. Anyway, I didn't like the sales agent. He gave me inaccurate info on the age of the house, and completely failed to explain the bidding process they were going to use. And the owner apparently didn't know the age of the roof, only that it was changed some time before she bought it.
^ I always find EA's to be very smarmy so I know what you mean. The problem is as well with BISF houses and the like is that you make a bid and then pay for a survey to be carried out but if there are any issues and you can't get the mortgage then you lose the money you paid for the survey.
The problem is as well with BISF houses and the like is that you make a bid and then pay for a survey to be carried out but if there are any issues and you can't get the mortgage then you lose the money you paid for the survey.
OP
OP
We just put an offer in! EEEEEEK.
OP
OP
We went to see it today - a three bed semi detatched house on a quiet road, super close to public transport so we can get into and out of the city. It's got a nice kitchen, a little garden, and a conservatory asking price £180,000. We put an offer in at the asking price, as have two other people, so not sure what will happen now. But we both really like it, I hope we get it!
asking price £180,000. We put an offer in at the asking price, as have two other people, so not sure what will happen now. But we both really like it, I hope we get it!
We went to see it today - a three bed semi detatched house on a quiet road, super close to public transport so we can get into and out of the city. It's got a nice kitchen, a little garden, and a conservatory
The property sounds nice and the price is very reasonable.
I would imagine that if there are 3 offers for the asking price there will be a bid or if the other 2 buyers are in chains you'll get the house.
Fingers crossed for you!We went to see it today - a three bed semi detatched house on a quiet road, super close to public transport so we can get into and out of the city. It's got a nice kitchen, a little garden, and a conservatory
My daughter put a bid in on a foreclosure...she's so stressed! This is like her dream home home and at the top of their budget. There are other offers and since it is bank owned, everyone has until tomorrow evening to give their best offer. Then the bank will decide on the highest bidder. Nerve wracking!
RascalsMom
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Foreclosure are generally sold as is and the bank usually has an agreement that they can't gaurantee the condition of the home. This isn't always the case, but I worked for a bank and I looked into foreclosure once and that's the common way it's handled. Did she still get an inspection on her own? I'd hate her to spend the top of her budget and then have unexpected expensive home repairs right away.
