FTB - Advice

DFCClarky

Hi all (long time reader of this forum, first time poster/new registration)

I'm a first time buyer living in Kent. I've got an AIP from the mortgage provider, and have viewed a few places. I saw a flat last night which I am very impressed with, and want to make an offer.

However, I'm a bit confused by what steps to make, and when. Should I speak to the mortgage provider before putting the offer in, or should I put the offer in before speaking to them? At what stage do I need to start looking into different solicitors/conveyancers?

This is, without a shadow of doubt, one of the most confusing and stressful (I didn't sleep much last night!!!) times of my life so far.

Any help would be much appreciated.

poppysarah

Have a second viewing before you make an offer.

Go back and check you didn't miss anything. Like that nuclear power station in the back yard, or the lack of parking etc

princessamy86

Definitely have a second viewing before you make an offer- a good plan is to take the pickiest person you know with you and see what they notice that you might not have done. With regards to making the offer, sit down and have a really good think about how much you want to pay for it- a bit of research on the various house price websites wouldn't go amiss at this point as well to check you're not paying over the odds.

Go in with an offer which is lower than the final price you are willing to pay but don't tell the agent that you are willing to negotiate as this will get passed straight back to the vendor who will instruct the agent to get more money out of you! State your position, the fact you have an AIP and how much you want to start with on an offer. Wait for them to get back to you (nail biting phase) and see what they want to do- you never know, you might get to pay less than you thought! Let the agent negotiate you up to your final price and then say, this is my best and final offer and if they don't take this then I will look elsewhere. Once your offer has been accepted then get quotes off a few solicitors and conveyancers (try for no sale no fee) and then instruct them to act for you. After this, you will need to pay for your survey, up to you which level you choose!

Sorry a bit long winded, hope it helps, any other questions feel free to ask.

Conrad

Hey don't get stressed. I've been doing this 18 years and it's noticable how one individual with the same set of buying / selling hurdles, just takes it all in thier stride and never hassles anyone, whereas another processes the same situation as stressful and something to be managed by themselves on a daily basis - forever chasing the solicitors which stops the solicitor actualy working and progressing matters.

Honestly, no amount of fretting and stress will help, just go with it.

DFCClarky

Thanks for your replies so far.

I took my mum with me on the first viewing who was a great help and noticed things that I wouldn't have noticed if I'd been there all day!

I've also lived in the area for most of my life so I know what the perils and the pitfalls are of the area, although I am hoping for another viewing.

The other possible downside is that the advert states Offers Over £89,950 - the EA called a few moments ago and confirmed that but I'm not sure how much I'll be able to stretch the offer over that price. As the flat has been reduced in price over the last couple of weeks by £10,000, I'm guessing they will be eager to get probably £5,000 over that price which will, unfortunately price me out.

Never mind - onwards and upwards.

Thanks again.

princessamy86

Are you in Scotland?

DFCClarky

princessamy86 wrote: »

Are you in Scotland?

No, I'm in Kent.

princessamy86

Ah right was just wondering as offers over is a Scottish thing. Why don't you offer £90,000 and see how that goes down? Offers over is often just sellers who want to give themselves more wiggle room, it's not necessarily the case that they won't accept lower. Up to you really-depends what you want to pay! I wouldn't go in any higher than £90,000 anyway. Good luck, keep us posted.

DFCClarky

Sorry, it was my terminology. It says Offers In Excess Of.

Is it acceptable to put an offer in over the telephone to start with to test the ground, and then put it in writing if that sounds like it's a possible?

princessamy86

I never ask for them in writing as I have to confirm them in writing anyway, I would definitely negotiate over the telephone as it's much faster. Or go in and see the EAs. Try with a lower offer and see what they say! Maybe try at £87,000 (this is all assuming it's worth it and you're happy to pay that amount). The EA has to submit your offer even if you come in at £20k under that price so it's worth a try. If they then come back and say, no we're looking for the asking price then you can offer the asking price. DON'T go in at £5k over please please please! OIEO isn't an invitation to bid randomly, it's an indication the vendor wants at least that price, so start lower, you're in a good position and that should work in your favour.

Running_Horse

In the current market if it says offers over, it probably means thay have already reduced the price. It is your judgment whether they cannot go lower, or are desparate to sell at any price. Mind if I ask what part of Kent?