Advice for a first time buyer

[steverobbo]

I am looking for some help and advice regarding the possible purchase of my first home, the situation that I find myself in is this, I have found a house that I love and would like to make an offer on it, the problem is the price and my lack of experience in the housing market, the house is on the market at a slightly reduced price of 176,950 and has been on the market for over a year, I can only go up to 160,000, I have 30,000 as a deposit and have a 130,000 mortgage set up and ready, the vendor seem's eager to sell, I am unsure of the best and most effective way to approach the vendor with a lower offer, what amount would you suggest that I go in at, and could anyone offer me any advice with regard to the price difference that I face.

Thank you in advance for any help that you can offer.

Steve

[nbaxter1]

start with a bid of 150k. They can only say no but then you can raise them slightly and see where it goes. Have a word with the estate agents, tell them what you can afford. Im sure if there wanting to sell they probably will thak 160 for it

[brian]

If the property has been for sale for over a year, then there's a good chance that it is either over-valued, or else has something wrong with it that means the cost of repairs and similar should reduce the property's value anyway.

£160k isn't a bad offer to make, but nbaxter is on the ball - start at a lower position, so you can at least rise up to your limit, and help the seller feel that they have at least negotiated their position.

2c.

[Jay]

That's some good advice, I was recently a first time buyer too. Thanks guys.

[golem]

It's very popular now for first time buyers to boost their buying power by looking for property as a couple. In fact, joint ownership mortgages are available for up to four people (although lenders tend to lend on multiples of the two highest incomes). Lenders have become much more relaxed about who you can take out a joint mortgage with- family, friends, even a stranger looking for property to invest in.