First time buyer

[Amichelle84]

We're first time buyers and the market is just so crazy at the moment so looking for advice from those with experience.

We have a mortgage in principle and deposit readily available.

We have some viewings lined up but I'm curious as to what we do and what happens if we like one of the properties and want to put in an offer?

From what I gather places are getting snapped up really quickly and I want us to be in a good position and as prepared as possible.

Thank you

Properties are selling super quick so when a house comes on the market that you like try and book a viewing as soon as possible and if you want to buy it, ring the estate agent and put in an offer as soon as possible! Some houses are selling within a day or two of being listed so try not to leave the viewing until the weekend if you can help it. It's worth registering with local estate agents too, and making a good impression, as sometimes they'll tell you about houses before they go on their website and you can avoid the rush!

If you're offering asking price or above and they're happy to accept then it's worth asking them to remove it from the market and cancel any viewings etc to reduce the chances of being gazumped too. You can try this if you're asking below market price too, but I think sellers are a lot less likely to agree as they might want to keep it on the market for longer to try and get the asking price.

It can be tempting to offer over asking price as the market is so crazy at the moment, but remember if it's undervalued by the mortgage company then it might affect your mortgage offer, and there's no guarantee the seller will reduce the asking price to match the valuation. So make sure you research sold house prices nearby to make sure you're offering a realistic price :)

Hope that helps!

That's really helpful - thank you!

It's mad you have to make such a big decision so quickly.

Have your documents ready for submitting an offer as some EAs are asking for proof of deposit as well as MIP. Have a file ready with these, especially if your money is across multiple accounts. Also have a copy of your passport.

Also start thinking about solicitors and have one lined up if you can. You don’t need to appointment them now, but have an idea of who you want to contact. Don’t go for the one recommended by your EA and make sure you look at reviews. Even better, ask friends and family for recommendations as solicitors are such hit and miss.