First time buyer advice

[JaneHall50]

Hello
I have recently put in an offer on a place and am a first time buyer. The seller is in a chain and needs to sell quickly to avoid losing their next property. I have offered 4 percent under the asking price however another party have offered the asking price. The other party still have to find a buyer for their property and of course no one knows how long this will take. If you were the seller what would your thoughts be?

When I sold my flat I was offers £210k by a reliable retiree with cash in bank and £220k by a bloke who was being a prat. I wanted what was close to my dream house and it had taken too long - so I went with £210k, broadly similar percentages - you may be lucky.

I'm FTB getting the keys Friday. Vendors wanted£210 but accepted my max of 207 because I could complete quickly. No chain. Took 6 weeks.

It would depend if I could afford the next property with 4% under what I wanted. If I had inflated what I wanted, I would agree to 4% lower. If need be I would negotiate you up a bit.

However, I would take you in preference to someone who hasn’t sold but I wouldn’t want anyone stringing me along because they couldn’t afford it, first time buyer or not. So if you are straight with the seller, I would expect them to choose you. Get the estate agent to sell you to the sellers! You should be a much better bet. The other offer isn’t fully costed if they haven’t sold and the sale could be months away.

If I could afford my next property I’d take the lower, proceedable offer (again - because that’s exactly what we did. FTB offered 3.7% under asking, we’d found a house we loved, it was a no brainier for us.)

I’m also first time buyer
Confused by the whole process I have offered and it’s been accepted! Now what? I need to do searches and survey ( home buyers) ? It’s all a bit confusing

Im a first time buyer too and im. Now worrying about the mortgage not being accepted. We have a aip but its not set in stone is it. I hope you find your answer soon and get the house you want.

Im suprised the Estate Agent allowed the non- proceedable, potential, maybe, at some point, 'buyer' to make an offer. Its normally discouraged. The seller would be very foolish to even consider this person. They have no idea when they can move, no idea what offer they can even afford until their property is sold.

As for your offer, 4% below is a reasonable offer, especially from a first time buyer with no chain (assume you have a mortgage in principal and proof of deposit?). If they can afford to still buy their new house, then they should take it.

JamJam - you need a solicitor (ring a few, if the EA recommended one is a comparable price its eaasier to go with them) and a mortgage offer (NOT the EAs broker, someone independent like London and Country). the rest will flow, slowly and painfully!