First time buyer - Just put an offer in...

Original poster

Sausagesandmash93 · 06/05/2022 16:16

Posted too soon!!

I won't be able to offer any more and the house is definitely worth the asking price imo. Does it sound like they are waiting a bit in the hopes a cash buyer will come along? It's horrible having to wait until Monday now to find out what's going on

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Ilikewinter · 06/05/2022 16:17

I think all of the normal rules have gone out of the window right now , you've offered your max so guess you just have to keep your fingers and toes crossed.
I feel sorry for anyone trying to move right now it just sounds brutal

Original poster

Sausagesandmash93 · 06/05/2022 16:22

I think you're right, it's just madness right now and so so difficult for a lot of people.

I'll have my fingers crossed all weekend!

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stuntbubbles · 06/05/2022 16:23

If it had stated “offers in excess of” you wouldn’t have viewed or offered, right? Whereas now you have, so you’ve set the minimum bar to clear at the asking price – when it goes to best and final people will have to offer more to secure it. Whereas an OIEO price might have had fewer offers on it and therefore not secured the highest price.

basically everything right now is terrible and you need to view houses £25-50k below your actual budget so you have room to offer over. It’s gutting - six months ago we could have had a huge four-bed end of terrace property for £525. Identical one on the same street just sold for £625 🤮

JassyRadlett · 06/05/2022 16:23

They'll be wanting to see if they get any other offers at asking price (or above) and then see how high they can get people to go, bidding against each other.

You'll be an attractive potential buyer as you'll be chain free - assuming you've got your finance in place. But there may be others who can offer higher or pay cash.

You have my sympathies, it's very stressful. The system is utterly broken.

FiloPasty · 06/05/2022 16:24

Sometimes even if it does go to best & final the estate agent will encourage the easiest and quickest way for them to get their commission.
You are in a good position as a first time buyer chain free, if they don’t give you a form to fill in (some do, some don’t) my advice is to email them to confirm your offer, confirm that you are happy to move whenever it suits the vendor, you have your mortgage in principle and you already have a conveyancing solicitor lined up and ready to go. State that you can’t go higher than your offer, but you are a good solid choice and you love the house etc.

calmlakes · 06/05/2022 16:27

Even if they accept another offer they may come back to you.
Last year my house offer was the third best but the better offers turned out not to actually have the financing to cover their offers. ( they were so over the asking price the mortgage companies wouldn't cover the cost)
So we ended up getting the house.
Fingers crossed.

AwkwardPaws27 · 06/05/2022 16:31

You are in a good position as a first time buyer chain free, if they don’t give you a form to fill in (some do, some don’t) my advice is to email them to confirm your offer, confirm that you are happy to move whenever it suits the vendor, you have your mortgage in principle and you already have a conveyancing solicitor lined up and ready to go

^ this. Make it clear you are immediately proceedable and keen.

If someone offers a load more £, it's unlikely to make a difference, BUT you don't know what the other offers are / will be, so its definitely worth doing.

Original poster

Sausagesandmash93 · 06/05/2022 16:33

That's a really good idea @FiloPasty. They didn't ask me to send over any proof of funds/decision in principle which I found a bit odd. I had it all saved on my phone ready just in case, as I thought they preferred to have proof before putting offers forward to the vendor, so maybe it's best just to write a follow up email to confirm my offer.

What exactly would you put? Sorry I'm useless at this sort of thing and my parents are no help either as they bought their house over 30 years ago!

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RainingYetAgain · 06/05/2022 16:33

Hmm, depending on your area, you may not have done yourself a favour by offering asking price straight away. The agents can now drop hints about having had an asking price offer, to entice others to offer more.
Hopefully you have your Approval in Principle for your mortgage, and proof of your deposits to hand and your solicitor lined up. DS needed those before the vendor would consider his offer at the best and final stage. Having said that, not all vendors ask for best and final, some don't give anyone an option to make a further offer. Its a mine field out there.
Good luck anyway.

RainingYetAgain · 06/05/2022 16:39

Bit of a crossed post there.
I suggest you email confirming your offer, and stating you are a FTB, have an AIP, size of your deposit and that you have got a solicitor lined up . I wouldn't actually provide the proof at this stage, unless they ask.

The only slight problem with having an AIP is sometimes they try to persuade you to use their mortgage advisor but you can speak to their advisor without any committment.

Applesapple · 06/05/2022 16:39

Sausagesandmash93 · 06/05/2022 16:15

Hi all.. FTB here and I have just viewed a house a couple of hours ago. Obviously I'm new to all of this and I understand the market is crazy right now and even harder for FTB's. There has been 15 viewings today (not sure if that's standard nowadays) so I wasn't messing around and wanted to put my offer in straight away. I went in with the asking price. It doesn't state in excess of on the price list and I clarified this with the agent at the viewing, but when I spoke to someone in the office I was told they would put all offers forward to the vendor tomorrow, after the last two viewings have taken place and then if it goes to best and final, they will let me know on Monday and give me the opportunity to offer higher. Forgive my lack of knowledge, but is this standard now? I wasn't expecting the vendor to make a decision today and of course it makes sense to wait for all viewings to take place first before making a decision, but why wouldn't it state in excess of on the price list if they wanted more?

I'm not in a position to offer any more as I've gone right to my max budget

This has been standard practice for all the houses I’ve offered on. I think it depends on the area you’re in. Have you put offers in for other properties?

Original poster

Sausagesandmash93 · 06/05/2022 16:40

Thank you @RainingYetAgain
I have a decision in principle which my mortgage advisor sorted. I know which solicitor I'll be using too. The majority of my deposit is being gifted by my parents so that isn't actually in my possession yet but they have said they will transfer it over any time, so maybe it would be best for them to do that now just so I have it ready. Thank you

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Original poster

Sausagesandmash93 · 06/05/2022 16:43

No I haven't @Applesapple, first offer

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Original poster

Sausagesandmash93 · 06/05/2022 16:43

I'm in North Wales if it makes a difference

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DumpedByText · 06/05/2022 17:01

When I was looking we were offering about £1 to £2k over asking, never got accepted. I found out people are offering £5 to £10k over asking price to try to get accepted. Luckily I've found a new build now and the price was the price! 😁

DumpedByText · 06/05/2022 17:02

@sausagesandmash93 I'm in North Wales to!

tokyotea · 06/05/2022 17:04

We've been through this recently and it can be brutal. As far as you're concerned, you've offered what you can afford so that's all you can do really. If it goes to best & final, which is likely, then just stress your position of being a FTB with all your financials and documents ready to go and reinstate what your offer is. You never know. This happened to us and we were significantly out bid, twice. Good luck.

Applesapple · 06/05/2022 17:07

@Sausagesandmash93 I find it really hard to know what the ‘going rate’ is. What my partner and I did was offer what we felt it was worth to us, lost out on a few houses but slowly got an idea of what the market was doing/ what it would take to get accepted. Most houses we were offering 3% (roughly 9k) over and it wasn’t enough. Worst one was we went to 8% (20k) and still lost. We did get one at asking (the vendor wanted to move quickly and was downsizing so I don’t think she really needed the money) but found other problems later and had to drop out.

LoveSpringDaffs · 06/05/2022 17:13

Take your time over the weekend constructing an offer letter (listing all the reasons you are a 'good buyer' option! Then make it personal about their house/street whatever.

if you can't up your offer then just explain you already put in YOUR best offer as you wanted to secure it.

I'm not sure why you think it's harder for FTB right now? It's no bloody picnic for the rest of us either!!

best of luck!

AwkwardPaws27 · 06/05/2022 17:13

This is what we wrote for our last offer, with relevant bits redacted:

Dear (Name),

Following on from our telephone conversations about (Address), I’d like to confirm our offer in writing.

We have offered (£ Sum), subject to contract and a satisfactory survey. If the offer is accepted, we would like the property be taken off the market the same day.

We have sold our flat (subject to contract), with the mortgage agreed in principle for the remainder, and are in a position to instruct our solicitor immediately upon the offer being accepted. Our buyer has nothing to sell, so we anticipate a straightforward sale.

We need to know the vendor’s decision by (date), at the latest, because we have another property in mind if it is refused.

Kind regards,

(Name)

Basically confirming the sum discussed during the conversation, any conditions, our position, & when we needed a decision by.

Original poster

Sausagesandmash93 · 06/05/2022 17:16

Thank you, @LoveSpringDaffs. Apologies, I didn't mean to offend anyone. All I meant by my comment is that I imagined it to be a little easier for someone who was already on the ladder. I've rented for 7 years and it feels like such a waste of money.

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Original poster

Sausagesandmash93 · 06/05/2022 17:18

Small world @DumpedByText

Thank you @AwkwardPaws27 that's really helpful

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RainingYetAgain · 06/05/2022 19:02

If you parents are gifting the deposit, it may not be such a good idea to get them to transfer it now. We are gifting some of the deposit to our DS, and the lenders needed info about us- there are forms about gifts confirming we will have no interest in the property etc and proof of where the money came from. Our money was coming from investments and our ISA manager wrote a letter confirming we were good for the cash. We have also been told that we need to pay it to the solicitor ourselves. Take advice from the solicitor/mortgage broker before they move any money.
Someone with the same name as me was declared bankrupt a couple of years ago and hasn't been discharged . I have had to sign a declaration saying I had never lived in her county, let alone her town. Actually, I've never visited the county , let alone lived there!

TippledPink · 06/05/2022 19:09

Two of the last three properties I have offered on, I offered over asking and still lost out. First hours was on for offers in excess £600k, offered £635k and didn't get it, second one was in for £600k (not in excess) offered 625k and didn't get it. Every house seems to get 20+ viewings, multiple offers and way over asking.
You are in a much better position as first time buyers and have it much easier than those already in the ladder- that's your selling point, no chain! I keep losing out to first time buyers.