1st time buying, 10% deposit & offers post-corona

[Germ1360]

Hope someone can help here. We're trying to buy our first house, need to move soon as we're in a one bed flat with a nearly 3yr old!

Got decision in principle from a couple of places, so can in theory view and make an offer. But it may take up to 6weeks for the mortgage to be agreed as there is a massive backlog of 90% mortgage applications as few lenders are currently accepting less than 85%.

We're on the south coast, area we're looking at is considered "nice", but lots of properties dropping in price at the moment, and some have been on the market 6 months-ish. We can afford £280k, i.e. £252k+£28k deposit.

There are properties which look good for offers over £290k, though several have been on the market a while. Presumably we can offer less, but how much? How much of a problem is the delay likely to be?

Unlikely to be much of an issue Tbh. The time to buy a property is weeks and sometimes months. Depends on how confident you are you will get what you want (e.g. How close are you to the line for your budget - do you need 4 times your salary, do you have any debts etc).

Some people have said an estate agent won't show them round without an aip. I don't have one and haven't been asked. I've spoken to a mortgage broken whose given me an estimate of what I can expect easily and may be able to push higher if we need it but it will be higher. As long as your confident go for it.

A friend just had £276k accepted on a property that was listed at offers over £310k. Like 2 weeks ago. A house is only worth what someone will pay for it.

I'm a cash buyer and it can still take four months to complete, so six weeks is not too much of an issue.
The 'offers over' thing I always ignore. Offer what you think it's worth.if a house is on for £290k then am offer of £275k would be fine. Expect them to counter and hopefully end up at £280.

That's really reassuring! Thank you all!

What does anyone think re. properties which have been on the market a good while, are briefly taken off the market, then come back on as a new listing (so not obvious how long it's been on market nor how much it's been reduced, unless you happen to recognise it) with v.minor (barely noticeable) improvements and a slight reduction in asking price.

Are these sellers:
A) Desperate.
B) Determined to get as close as possible to asking price, and perhaps need a reality check.
C) Can't tell, could be either.

The properties might have been taken off the market because they are under offer.

Yes, but they've been put back on under a new listing very soon after so it seems unlikely, especially as they're coming back on with a few slight improvements, e.g. they've repainted a room.

Property goes off then comes back on new often after a change of ea or perhaps taken off whilst a reoccurring flagging after viewing has been addressed , it also refreshes the property , I'm south coast and many that disappeared a few weeks ago have come back on , some with a bigger price tag and now sold , it's a funny market at the moment , if something is desirable and someone wants it it will sell and quite a few here are above the asking price .

We had an offer accepted in London at 7% below the asking price. We started with a lower offer and eventually 7% accepted we were happy to let it go if it wasn't accepted as we are in a good position and felt it was over priced. We are chain free and no delays expected; I think that is why they went with us.