BFO when buying a house

[New2This22]

Hello,

I apologise in advance if I’m using this forum incorrectly. I have asked many house related question online and have often seen historical threads with Mumsnet. I just couldn’t figure out which category to post my discussion.

Just to give you some background info, I am 26 and have been looking to buy for 2 years. Unfortunately, I had started looking at the beginning of January 2022 just before the pandemic hit. Since then I’ve faced being outbid by many buyers and have never been successful.

I have a good job and good deposit saved, I’ve not re looked at my finances and I can now look at properties up to £160k, but that is my complete limit until I can save a further £10k for my deposit (then I can look at properties for up to £170k).

Anyway, fast forward to today.. I viewed a lovely property advertised for £160k. It’s very modern and no work would need compel time to this property. I was the second viewer that day. The sellers informed me that they have 25 viewings today until 4PM! With the view to go to best and final offers midday on Monday. They then also have 12 viewers on a reserve list for Tuesday (I assume if they don’t get what they want from BFO Monday).

I am aware that it’s a sellers market still however, I was hoping that the demand would have decreased slightly due to cost of living crisis and the BOE stating that we could possibly hit a recession.

This has made me feel so disheartened all over again as I cannot compete with 25 others! The sellers are waiting for their new build to be complete, this will be ready Nov/Dec 2022. And they are unable to move out with family/rent etc.

Despite this, I made an offer to the EA of £160k as this is my top limit. I asked them to make the vendors aware of my position as I am chain free with a solicitor ready, and happy to wait until Nov 2022.

I’m not as hopeful as I was before I viewed the property after finding out how many people are viewing.

I just wanted to rant/ vent my frustrations. Has anyone experienced anything similar? Happy to accept any advice moving forward?

(I am fully aware there isn’t much else I can do, but the purpose of this post is mainly to rant).

Thank you for reading if you made it this far :)

I'm afraid, in first time buyer land, all of those 25 viewers will have their mortgage lined up. At least where I live you can't even view until you have shown evidence to the EA that you have the finance in place ready to go.

It is a difficult place to be in. I do feel very sorry for people in this position.
I don't have any useful advice other than keeping an open mind and looking at a wider area or at different property types or properties in different condition.

Plus, what has happened around here a fair bit is that people offer quite a bit over the asking price, and then the sale falls through when the mortgage company's surveyor doesn't value it as highly, so the sale falls through.

I presume you've looked into all the options for increasing your savings pot...... asking parents or Grandparents for help.....getting a 2nd job....cutting any spending. Honesty not meaning to sound patronising, but if it is a means to an end...