Negotiating house prices

FTFY
Your broker is not mother Theresa, you are paying her. You just don't know how much.

Not true.  It was in the paperwork I signed what the fee was that she was receiving from the bank.

So correct, I did not pay her directly.  But it was very transparent.

You gotta remember, I'm in finance.  This is my wheelhouse!

I'm going to shut up though because I have no real specialist knowledge in this area.

Hey Albatross, aren't you a mortgage person?  What do you think?

Oh yeah, I forgot that they do tell you at the end how much commission they get.

You gotta remember, I'm in finance.  This is my wheelhouse!

Lesson learned, I just can't help arguing cause work is boring today,.
I'm going to go see if JFKIMBERLEY will talk about poo.

@KFdancer and @jimbocz you are like the angels on my shoulders--one says something that makes me feel better, then the other reminds me that the world is a dark and terrifying place. Both are things I need to hear, I think.

I've contacted a local mortgage broker and will try to meet them ASAP to see what they say. Meanwhile, I'll make an offer of 165,000 and see where that leads. I also have to remind myself not to rush. When I make a snap decision I have a tendency to commit 100% straight away and want to push things through at full speed. We went from proposal to wedding in six weeks, for example, and I've been known to apply for jobs overseas on a whim one month and start them the next.  I must learn to take a more measured approach.

Thanks everyone for the input. You have helped enormously!

Just gonna leave this here
https://www.theguardian.com/money/2011/jun/11/mortgage-broker-or-high-street-best-deal

Just gonna leave this here
https://www.theguardian.com/money/2011/jun/11/mortgage-broker-or-high-street-best-deal

That's very interesting reading, although I wonder how things have changed in the last 7 years?

If you get this place that's great, but even if you don't you'll have a start on the mortgage and then you'll be properly ready for the next one.  And the next one will be just as good if not better.

@KFdancer and @jimbocz you are like the angels on my shoulders--one says something that makes me feel better, then the other reminds me that the world is a dark and terrifying place. Both are things I need to hear, I think.

I've contacted a local mortgage broker and will try to meet them ASAP to see what they say. Meanwhile, I'll make an offer of 165,000 and see where that leads. I also have to remind myself not to rush. When I make a snap decision I have a tendency to commit 100% straight away and want to push things through at full speed. We went from proposal to wedding in six weeks, for example, and I've been known to apply for jobs overseas on a whim one month and start them the next.  I must learn to take a more measured approach.

Thanks everyone for the input. You have helped enormously!

Ha ha!  We really are like the pessimistic angel and optimistic angel.  But I whole heartedly agree with Jimbo that if this place doesn't work out - you'll find an even better one.

And I can one up you... we were engaged for 13 hours.   

Though technically we decided to get married on Sunday and were married that Friday, so if you consider that whole time the engagement, it was nearly a week. 

Seems like those quick decisions have worked well for both of us in the past.  And it's not being quick.  It's being decisive.   

When I make a snap decision I have a tendency to commit 100% straight away and want to push things through at full speed. We went from proposal to wedding in six weeks, for example, and I've been known to apply for jobs overseas on a whim one month and start them the next.  I must learn to take a more measured approach.

I decided to start house-hunting on a Wednesday. By Monday I had found a house I loved, been accepted for a mortgage, put in an offer on a house and had it accepted.

Two months later, we exchanged contracts and a week after that I had the keys . This week is the two-year anniversary of buying my house .

Ha ha!  We really are like the pessimistic angel and optimistic angel.  But I whole heartedly agree with Jimbo that if this place doesn't work out - you'll find an even better one.

And I can one up you... we were engaged for 13 hours.   

Though technically we decided to get married on Sunday and were married that Friday, so if you consider that whole time the engagement, it was nearly a week. 

Seems like those quick decisions have worked well for both of us in the past.  And it's not being quick.  It's being decisive.   

LOL. DH proposed an hour before he had to get on a plane back to the UK, otherwise who knows how quickly things would have moved. Quick decisions have historically worked out well for me, here's hoping that the pattern continues!

Congratulations on your anniversary Ksand. Give us a picture of your fridge and ice maker please.

LOL. DH proposed an hour before he had to get on a plane back to the UK, otherwise who knows how quickly things would have moved. Quick decisions have historically worked out well for me, here's hoping that the pattern continues!

When you know it's right...  why waste time?

Granted, I'll take like six months to pick out a new pair of black trousers...   

Ha, thanks for the shout out KFDancer. I really cannot comment on the English system, because it's all quite different.

We have in Scotland home reports required now, which tell you things like the house survey details, an energy report and a property questionnaire and tell you a valuation of what a house is worth. So whilst it hasn't killed offers over, few people are willing to pay more than what the home report says (well in the last few years, since there isn't such a boom in property). Obviously, if the property is popular, people will overbid. 

Good luck historyenne, this all sounds so exciting!!!

Hey Albatross, aren't you a mortgage person?  What do you think?

I am, but I don't get involved until the price has already been agreed, so can't really comment on how to negotiate... I am completely rubbish at negotiating/haggling!

What that means is that they get paid by convincing you to take out the mortgage that gives them the most commission.  Even if it's not the best deal for you.

I work for a high street bank, so we sell our own proprietary mortgages only.  But I have worked for brokers in the past... Mortgages are very heavily regulated, and each case (apart from buy to lets... different animal) will have an incredibly detailed 'fact find' going through all the discussions had in the mortgage interview.  Mortgage advisors have to be seen to recommend the best product for the customer based on the fact find.  If the customer chooses a product other than what was recommended, they have to sign documents to that effect, because the quality examiners still have to see that the advisor recommended the product best suited to the customer.  Not the one with the highest commission.