Vendor Compromised With A Sale Price

Written by The Landlord on 30 Nov 2006

Ok, folks, it seems as though my bluffing tactics have paid off. There’s been some positive activity occurring during the past few days and it’s starting to feel like my target of becoming a BTL Landlord is truly in full swing.

As I predicted, the infamous seasonal drought for shifting property has been extremely beneficial- it has allowed me to get away with being a cheeky little shit. On that note, I advise all novice property investors to enter the market during the Christmas/New Year period; the opportunity for haggling is so much more apparent.

Look at me, already trying to dish out advise based on my handful of experience, which is so vague that’s probably worth just ignoring any of my advice at this point.

As expected, my offer of £156k (the asking price was £165k) was declined, but the seller agreed to £158,500k; a price tag I won’t be frowning upon! I’m extremely pleased. I’m sure I’ve got a good price for a very nicely assorted layer of bricks and mortar!

I’ve always said to myself that finding the right house for the right price would be the most difficult step of the buying process, simply because I’m a picky bastard!! I feel like I’ve climbed the upward hill and now I’m about to embrace a downward stroll. Of course, I’m not that naive; I know this sexual deal could turn sour at any moment.

I’m told that until contracts are exchanged between my solicitor and the vendors, the gentleman’s agreement that I currently have in place is as useful as 20yr old condom.

Anyways, I’m told that the next step is to organise a mortgage, conveyance solicitor, Landlord Insurance and a structural survey (not in that particular order).

Fuck me, I’m so in over my head it’s ridiculous.

Tomorrow I’m going to spend some time looking at mortgage quotes and options for conveyance solicitors. At this point, I’m hoping I will learn a lot of the technical jargon about the purchasing side of things. But right now I feel like a school boy that’s about to enter a French oral exam without having any comprehension of the French language.

Au revoir for now.

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