 Buying a property - should i lower price? |
| I have just under a week before i have to sign contracts to purchase a house its in Stanford-le-hope and it was on the market for £155,000 they accepted our offer of £135,000 which we thought was ... |
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 Half owner of our house wants to abandon; how do we keep the house? |
| After less than a year, the other half owner recently acquired $200k in cash and wants to leave us. He doesn't want to pay any more into the house. He doesn't realize that by abandoning ... |
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 I am currently looking to purchase my first house any tips? |
My bf and I are currently looking to buy our first house, we are obviously new when it comes to this, any tips on what to look for?
Additional Details
as far as things wrong... What ... |
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 Eviction from apt question? |
| I know of a person thats renting an apt. Shes single and has 2 kids in high school. Anyway, shes on a month to month rental agreement. She never signed a lease.Her landlord gave her a 2 month notice ... |
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 How soon after closing on an FHA loan can I get a car loan? |
| My husband and I are closing on a fha loan on Wednesday. How long after closing should I wait to buy a slightly used car? I know not to do anything in til we have closed but after that can I apply ... |
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 My wife and me are trying to buy this house and am not sure if its the right choice? |
| I am shift leader at blockbusters video and am making 8.50 an hour with a yearly salary of 23,500. My wife does house cleaning and makes about 17,500 and she is pregnant. We owe alot on our credit ... |
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| Realtors have so many loan officers tugging at their feet, I was just wondering what the best way to do business with them was.... |
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 As much as I think mc cain is the wrong man to be our next president, I think one of his ideas is very good.? |
| why don't we use the 700 billion from the bailout plan, to buy up all these bad mortgages, and re issue them to the people who lost and are about to lose their homes, at a 5% fixed 30 year ... |
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 Why am I getting evicted? |
| Okay I recently moved into a small bedroom apartment that is very noisey. My door is located right next to the hallway exit door and every time people leave in and out I hear the SLAM! of the door. E... |
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 Can i buy a house if i dont have good credit? |
| i would like to buy a house but i dont have money or good credit...but i found a house that is real cheap i would love to try to buy...is it possible and what do i do to try? i do have a job i have ... |
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 My landlord threatened to sue me for late rent...? |
So there was kind of a bad situation where I didn't have enough money. It turns out I can pay the rent tomorrow, with a $50 late fee, but I want to know if what my landlord said was true.
S... |
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 I'm not in foreclosure yet but i know I can/t keep up my payments should i volunteer to give up my house? |
| Due to a substansal cut in income i am barely hanging on. 3 years ago my home appraised at 90.000 since then i have put another 10,000 in it and only owe 65,000.Will the loan holder be easier to work ... |
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 What can my landlord do if i break my lease? |
| My lease says the rent check is to be cashed every Monday (I pay weekly) but the landlord cashed the check on a Friday when the money wasn't in the account, (I get payed Mondays) and it overdrew ... |
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 Bad debt and Homeownership? |
| Yes Im trying to get pass paying rent, my rent is like paying my landlords mortgage..$1600, but I just can't get pass the debt I have along with rent due Im in the hole $1475, mostly payday ... |
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 Renters did something without our permission? |
OK, the house payment on our rental is $850, we charge $950 to cover expenses.
We got a call last week that the AC went out so we sent someone to fix it. They just said they had no idea why it ... |
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x Freckles x | Would you buy a house now? |
My boyfriend is considering buying our home that he currently rents as the owners want to sell, which means we would have to move. Is the market really in such chaos, or is it ok to go ahead? The main thing we're worried about is that it would end up in negative equity and that we'd end up paying more in repayments than the house is actually worth. What would you reccommend? xx
Additional Details
Just to give you a better picture, the house is owned by my boyfriends brother in law, but he has a lot of properties and wants to sell the one we're in. Obviously he wouldn't see him on the streets so we do have some le-way, and he wants to negotiate a price fair for everyone. We wouldnt have to pay estate agent fee's either, just solicitors fees to get it signed over x |
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Sparklepop
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If anything, you are in the best position to buy now. The market is in a bit of a mess - but only for sellers. It's a buyer's market. You are far more likely to get the house you want for less than it is worth. And really, nothing is 'worth' anything - it's just an asking price related to inflation, etc. If you can afford the repayments on the mortgage, go for it.
I understand what you are saying though, because if you paid say £160k for it now, but 6 months down the line it was only worth £80k, you'd be paying more than it's worth.
But if that happened, you could simply sell up and buy a cheaper place - therefore reducing your mortgage costs.
I really don't think the market will plummet forever though - eventually house prices will rise again. So if you're willing to stay put for at least a few years, you should be fine.
xx Emmie |
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Linda T
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To answer the question fully one would have to know where the property is located. There are some pockets of the country right now that property values are falling. In other areas they are not falling, but rising. Don't look at buying a house as an investment. It is a place to live and on average your house will increase in value over time. Bigger increases than 10% a year should be considered a bonus. Hopefully, we have learned that to buy a house expecting it to rise in value 25 or 30 percent a year or more and trying to live off of that equity is foolish.
If you plan on staying there for several years, the value will more than likely be there when you are ready to sell. Do your homework on price values, be sure you are ready financially (very little debt) and you should be fine. |
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Wendy H
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You need to get the home valued independently to see what its worth.
Dont forget is a buyers market at the moment.
It would be the owner who pays Estate Agency fees so you would be doing him a favour, people are getting huge reductions off house prices the more desperate a person is to sell the less they take.
Affordability is a major headache, there is a general lack of money for lenders to hand out so they have upped there standards are are insisting people have a good deposit (this can affect the interest rate they offer) and a good credit rating is a must.
You can check the selling price of houses in a street but remember they are falling not going up so is he really doing you a favour or are you doing him a huge favour.
Dont forget people cant sell at the moment houses are hanging around for ages and they are reducing their prices to sell them.
SO YOU ARE DOING HIM A FAVOUR, dont let your inexperience in matters like this mean he takes you for a ride. |
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NotEckyBoy
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The owners want to sell before the crash really starts to gather momentum. Presumably the owner is one of these atrocious "buy to let" landlords, these are the people being hit hardest just now.
By all means buy the place if you can negotiate a price which is reasonable. But my guess is that the landlord will try to sell it to the sitting tenant ( your boyfriend) at an inflated price.
It's better if the boyfriend makes a "take it or leave it" offer for the property.
After all if you DID want to buy a property it doesn't have to be THAT particular one now does it.
But if you want to buy a home, buy it. It doesn't matter whether the price goes up, down or whatever because property shouldn't be looked on as an investment. It's only a place to live. The good news is you are no longer able to get huge, inappropriate 100% mortgages. |
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Butternut27
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I would buy now if the seller agreed to knocking off at least 20% of the market value and not the estate agents price..they are always higher than a property is worth...its always a good time to buy property if you buy at the right price...as the money is made at purchase rather than at sale...good luck... |
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roshariouk
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Depends where you are and what the market is like there - headlines in Newspapers don't really tell the whole story, so do your local research. Look at similar properties in your area and see what they are going for, see how long sale boards are up for. Get it valued before agreeing a price - your lender will anyway
if you are keen on buying, remember its a home not a cashpoint and good property will always hold/gain value over the medium to long term. If you can stay put for a few years, then it's likely the value will rise but if you have to sell in the next year or two, there is a risk.
Don't be blinded by the generosity of your boyfriend's BiL, his industry is under pressure at the moment and resi landlords in some parts of the country are off-loading property at an alarming rate just now. So negotiate hard and get yourself the best deal possible. If you miss out and have to move, that could be better than being landed with negative equity and high mortgage payments - in which case you'll hate the house and want to move anyway. |
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Susanna Kaysen
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I'd buy a house if it had good market value & I had at least $200,000 to invest into it!!! |
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Xin G
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If you can get reasonable price, sure, you can buy it. If not, it will be better to wait one or two years. |
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ModelCitizen
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Save up more than you think you will need, much more...before you move out, and hopefully you will be OK. But the rising cost, could still prove to be a problem. |
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Azreale
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I would wait a year. I think real estate is going to drop. |
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truebluestyle
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I have two apartments and a house in a village with much land:))) |
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