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Property/DIY

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Original poster

Advice needed : Viewing tomorrow

30 replies

ImInStealthMode · 01/12/2021 16:32

Hi There

My partner and I are going to view a property tomorrow that went on the market yesterday and ticks all of our boxes. Very fast moving market locally, they're only doing viewings for 4 hours and in 15 minute slots . I have no doubt that it'll be gone by the weekend.

The flat I own now I bought as a FTB so have never done the 'sell and buy at the same time' thing. My flat is not yet on the market but it's being valued Friday and we would in theory be ready to put it on the market ASAP. Again, extremely fast moving market for flats; the last one for sale in my building was under offer in 48 hours and (IMO) didn't have as desirable assets as my top floor / sea view one has.

New place is significantly less than we have been approved in principal so would hope there are no mortgage issues.

Are we mad to even go see it before we have mine on the market? Would we even stand a chance if we offered but were up against someone who did have an offer, or no chain? I'm feeling a bit panicked by the speed with which everything moves; any insights are appreciated.

Thanks

OP posts:

Maddockhall · 01/12/2021 16:35

Sorry to rain on your parade but chances of you getting a look in are slim. My dd was a FTB with an AIP and even she got pipped to the post on a dozen properties until she got hers (had to go 10k over asking)

I think you need to get yours at least on the market before looking.

BornInAThunderstorm · 01/12/2021 16:39

Some agents aren't even allowing viewings unless your property is under offer so you will be low down on the vendors list even if you do put an offer in

NovemberNovemberDarkNights · 01/12/2021 16:41

Definitely go & have a look. IF you really REALLY want it, put your best offer in.

You can get yours on the market, you don't have to complete until you've found something, though on the off chance it takes too long for you to find something you might lose your buyers, but in this market it's not really an issue!

Come back & tell us if you liked it!

NovemberNovemberDarkNights · 01/12/2021 16:43

@BornInAThunderstorm

Some agents aren't even allowing viewings unless your property is under offer so you will be low down on the vendors list even if you do put an offer in

That's definitely changed around here! No problem to view anything whether you've got yours on the market or not, I presume they think they'll get your listing if they sell you one (local viewers anyway)

Original poster

ImInStealthMode · 01/12/2021 16:46

Thank you for the reality checks! We'll still go (DP has never bought or viewed to buy before so it will at least be good experience for him) but will keep our hopes on the floor.

I've got on agent coming Friday to value mine, I may ask the agent showing tomorrow if she'll do the same so I've got a couple of opinions, then we'll aim to get it on the market ASAP so we're ready when we find something. The weekend may be spent deep-cleaning and tidying rather than putting up Christmas decorations!

I know the risk of losing buyers; I pulled out of the first place I'd offered on when I was a FTB after the vendor pissed about for several months and then suddenly demanded I complete in 48 hours .

OP posts:

Daisydoesnt · 01/12/2021 17:21

OP if you are even fairly serious (that isn't meant disparagingly!) I'd actually ring the agent today and book that valuation. If you do decide to bid on this flat, the agents will look more favourably on any offer you may make because for them it could mean two transactions for them ie if you're offer is accepted, your purchase and sale of your own flat. And I mean by "looking favourably" put your case forward well to the vendor.

Original poster

ImInStealthMode · 01/12/2021 17:30

@Daisydoesnt It's too late to call them today but I'll make sure I ask tomorrow.

OP posts:

Dougieowner · 01/12/2021 17:46

As above.
I have sold one house this year (mine) and are currently selling a second (late parents house) and I can tell you that if you are not ready to proceed (i.e. Sold, living in alternative accommodation with finance in place) then most sellers (based on the advice of their EA) won't let you in the front door.
It's a hell of a market out there!

Original poster

ImInStealthMode · 02/12/2021 12:56

Sooo we viewed it, and of course we love it! The vendors haven't found anything themselves yet and therefore (according to the estate agent) aren't focusing on cash buyers only or someone with a buyer already snapping at their heels. She's coming to value our place tomorrow.

Would it be a good idea or a terrible idea to say that as we're not in a rush and the market for flats here moves so fast that we'd be willing to hold ours back from market until they've found something, to take the pressure off them??

OP posts:

Londongent · 02/12/2021 13:28

Make an offer, explain that you are willing to move at their pace. Then speak to the EA about when to market the flat

Original poster

ImInStealthMode · 02/12/2021 13:33

Thanks @Londongent. In the words of my (Dragon's Den loving) DP we are going to offer them 100% of the asking price for 100% of the property .

OP posts:

whyohwhyohwhyohwhywhy · 02/12/2021 21:17

Market it anyway. Keep things moving

Didiusfalco · 02/12/2021 21:32

Yes, that’s a bad idea, because if you’re holding yours off the market, you’re not actually a viable purchaser. Make your offer and do everything you can to get yours sold ASAP.

Original poster

ImInStealthMode · 03/12/2021 07:26

So we had an email last night from the EA. They've already had some offers but to be fair to everyone who viewed in a short time frame yesterday they're asking everyone interested to submit full and final offer in writing by end of day today, which EA & vendors will then review individually.

I'm thinking a mixture of the facts (full asking price offer, our position, willingness to move at their pace) with a little humanity (the property felt homely & welcoming, is just what we're looking for to start our married life) and then just cross our fingers and hope for the best??

OP posts:

SoosanCarter · 03/12/2021 07:53

There will be offers over the asking price.

Original poster

ImInStealthMode · 03/12/2021 07:58

@SoosanCarter Well if we miss out due to that then we miss out. While we could technically afford to, we're not prepared to go over for the first place we've seen, no matter that we want it. There'll be others.

OP posts:

BluebellsGreenbells · 03/12/2021 07:58

I doubt they’ll take your offer seriously.

You’re not on the market so not in a position to buy,

Original poster

ImInStealthMode · 03/12/2021 11:04

@BluebellsGreenbells They may not, but they definitely won't if we don't at least throw our hats into the ring 🤷🏼‍♀️

OP posts:

ProudThrilledHappy · 03/12/2021 11:27

I listed my house 2 weeks ago and have already sold over asking price and had an offer accepted on a new place. The housing market is moving very quickly so if you really are serious about listing it could all be very fast.

I’ll also add that we didn’t accept our highest offer, we took one slightly under as we liked the letter that the buyer added with their offer so you are definitely still in with a chance OP

Original poster

ImInStealthMode · 03/12/2021 11:44

Thanks @ProudThrilledHappy!

We've offered asking price, that we're happy to go at their pace since they haven't found anywhere yet, and that we could imagine ourselves starting our married life in such a homely and welcoming property 🙂

Now we wait and hope that they also consider a bit of human element rather than just the highest bid (what for it's worth when mine is on the market I would absolutely take a lower offer from a FTB looking for a home than a higher offer from an investor or someone BTL. Our area has a massive housing crisis and it's largely down to everything being snapped up as investments and then rented out at extraordinarily high rates. I'd rather not contribute to that in any way if I can avoid it).

OP posts:

ProudThrilledHappy · 03/12/2021 11:51

100% what you say, our highest offer came from a developer and the second offer from a lovely local family which is why we chose them.

Hippychicken1 · 03/12/2021 12:46

I put my late parents house on the market last month
They did a full day of viewings
We had 5 or 6 offers 3 over the asking price and it sold for 20k over the asking price within 1 week

Original poster

ImInStealthMode · 06/12/2021 16:16

Well the bad news is that the vendors went with another offer, but the good news is that I've got my valuations back and my flat has gone up almost 50% in value since I bought it 3 years ago.

Onwards and upwards.

OP posts:

Sleepyquest · 06/12/2021 17:05

Wow @ImInStealthMode sounds good to me! There will be another property for you and your budget may now be higher!

JugglingJanuary · 29/01/2022 21:00

@ImInStealthMode

Hi, just wondering how you've got on these past couple of months?

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