Buying Advice for FTB please

coppertone

Hi all,

My wife and me are first time buyers looking to get our foot on the property ladder. The problem is, every time we see a house within our budget there is always a property investor interested because the property is below £100,000. Our budget would be £98,000 tops. I find it impossible to beat the property investor when bidding against. I feel as though I am fighting a losing battle and will never get a house.

Does anyone have any advice on how to seal a deal quickly without a bidding war? e.g. the house we are currently looking for is offers over £90,000 with the current bid at 92,000. Should we put in a take it or leave it bid of 98,000, the top of our budget? Chances are that the investor will just offer more. How can we beat these investors who are buying up all the affordable property in order to profit when people like ourselves are looking for a home.

Any advise greatly appreciated.

Thanks,
Coppertone.

socks_uk

I'm new to this 'house buying & selling game' so I don't really have much experience but I have had 2 seperate investors make offers on my 3 bed terrace which was up for sale for £74.950.

One offered £56,000 and the other £62,000! At these prices I couldn't even afford to move.

So, when I read your post, my first thought was 'is the property you are looking at below the average house price in the street?' Maybe because it needs a lot of doing on it or something? My EA said that property investers rarely offer the market value.

I obviously didn't sell and recently switched EA and remarketed it at £72.950 and have already had 3 viewers, with one of them coming for a second viewing Saturday, and 2 more viewings over the weekend.

Jill

silvercar

I would make clear to EA that you are FTBs with nothing to sell, a mortgage agreed in principle (do this) and ready to move swiftly for the right property.

If the EA thinks they can pool the wool over your eyes they could be giving you the impression investors are interested in the hope you will increase your offer. Stay firm on what you want to bid. At the end of the day a house has a certain value to you and anything above that you have to walk away.

MAke your fianl offer and insist it is not marketed further if your offer is accepted. If you are seen as an easy target people may take advantage.

Very few houses are marketed at "offers over XX" they usually have asking prices. You offer below then slightly increase your offer. Remind the EA he is duty bound to put your offer forward to the seller.

Good Luck!