I found a property but I my money is not ready, please advise

toja

Hi, I am new in the forum (have been only reading so far). My situation is, I am currently renting and have decided to buy instead. The decision was made very recently and I just started to do arrangements to raise money - I will raise deposit by selling my property abroad (will be placed on the market next week) and I am seeing mortgage advisor next week.
I wanted to get the common sense about what is on the market and viewed the first property yesterday. Unfortunately (or fortunately) I liked it and I am in confusion whether I should struggle to get it or let it go as my deposit and mortgage is not ready... In addition to that I feel that this property is good and might be bought before I realise it (it was put on the market 2 days ago and we were 4th people to view). The vendor wants to buy a bigger house and hasn't started looking yet which gives time but on the other hand he is waiting for an offer too to estimate his cap.
I am not sure whether to start discusion with EA what offer they expect? Another thing the flat is on 163k on the market and as it is really good I would not dear offer less than 155k. I know I should offer 10% off but I just feel that it probably wouldn't work.
How long does it take to arrange mortgage? When should I put an offer? what happens if put an offer but I fail to arrange money? How long does it take from putting an offer and actual buying contract? Please advice!

QTPie

Personally I think that you are in no position to make an offer (you don't have a deposit - of the foreign property that you are going to sell to raise it even on the market - OR have even talked to a mortgage broker). A vendor will not take you seriously...

We are currently selling our house and there has been someone interested from when it first went onto the market (beginning of November), BUT there property was on the market and no offers on it. They have "expressed a serious interest", but have made no offers (and we wouldn't entertain then anyway). We had accepted an offer (which went on to fall through) and have now just accepted another offer - both from other people.

In this market - where properties are not selling quickly, they are often selling for lower than the asking price AND many sales fall through - you are in a pretty worthless position as a buyer, I am afraid. Suggest that you get your foreign property on the market and speak to a mortgage advisor...

Why do you think that you should automatically offer 10% less on the flat?

QT

toja

Thanks, this makes sense. Well for the time being I will ask for more information from the vendor (HIP which they are processing now) and will know more about my situation in one week's time (by then my foreign property will have been on the market for several days and I will have an idea of where it is heading) and i will have seen mortgage advisor by then.

Basically I also try not to get too enthusiastic before I get money "in hand" (i.e. deposit + mortgage offer) but this property was just too good (freehold flat, it does not happen too often). Anyway, I guess i don't have much choice at the moment

Why I should automatically offer 10% off the price? Well this forum advises so But I personally would go with what I feel is the right price even if just little off the selling price.

QTPie wrote: »

Personally I think that you are in no position to make an offer (you don't have a deposit - of the foreign property that you are going to sell to raise it even on the market - OR have even talked to a mortgage broker). A vendor will not take you seriously...

We are currently selling our house and there has been someone interested from when it first went onto the market (beginning of November), BUT there property was on the market and no offers on it. They have "expressed a serious interest", but have made no offers (and we wouldn't entertain then anyway). We had accepted an offer (which went on to fall through) and have now just accepted another offer - both from other people.

In this market - where properties are not selling quickly, they are often selling for lower than the asking price AND many sales fall through - you are in a pretty worthless position as a buyer, I am afraid. Suggest that you get your foreign property on the market and speak to a mortgage advisor...

Why do you think that you should automatically offer 10% less on the flat?

QT

kunekune

Actually, I'm not sure a freehold flat is a good idea. What happens if the building needs lots of work? Is there anyone with the responsibility to fix it?

protractor

I've sold to hundreds of people in your position and for the vast majority, they have regretted it!

Cold hard truth - you have no deposit - foreign property is even worse hit than ours (especially in the Costas).

Wait till you sell, have a deposit, and have a mortgage offer in principal - then start to look - don't worry about this flat you've seen, there's always (and I mean Always, another just round the corner)

slopemaster

protractor wrote: »

- foreign property is even worse hit than ours )

'foreign' is a big place

ILW

kunekune wrote: »

Actually, I'm not sure a freehold flat is a good idea. What happens if the building needs lots of work? Is there anyone with the responsibility to fix it?

Is there not a problem getting mortgages on freehold flats?