Taking the plunge and making an offer :)

gnasher18us

Yorkie1 wrote: »

The only reason I'd put an offer in writing is if I definitely wanted certain things to be included in the sale or required something out of the norm to be applicable. e.g. £x to include the oven and to leave the garden shed. Or similar.

100% agree :beer:
Even then, you can work out these details after the offer was accepted - most fittings (such as ovens) would normally be left by the seller anyway.

One further thing to think of... if you did get a chance to have a few chats with the seller, if they are aware you are a first time buyer they may be much more generous in what they leave behind anyway.

All sellers are different, remember.

If the conversation goes along the lines of:
"What would you like us to leave?"
You answer with "Whatever you can as I am a first time buyer and have nothing."

I have found the seller to leave all sorts of stuff without being asked directly (including beds, wardrobes, 3 piece suites, light fittings, and white appliances...).

Of course, you might not want all of these items, but keep the ones you do and change them when you can afford to change them.

Some sellers just want to leave their old houses behind and it's a chance to re-stock, and "have a new start in a new house with new stuff".

Don't alienate the potential goodwill of others (with an email like you've written, for example) ... as there is a lot of goodwill out there.

Jeffrey_Shaw

If you make a written offer, mark it 'Subject to contract' to avoid any danger of it being later treated as contractually binding.

purplelila-2007

Caroline73 wrote: »

Or you could just ring the EA and say "I would to make an offer of £161,500 on property X"

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::D:rotfl::rotfl:

Rockaway_BabyDoll

Hey all!

So thanks for all your advice. I called the EA and made an offer today...of £170k (I'm not cheeky enough to start at £161k). The EA's broker then called me because I "have to appreciate that the law in England allows anyone to make an offer even if they can't afford a mortgage" so they are "providing a service to look after the vendor and make sure I can support the offer".

I said she could have my broker's contact number if my offer is accepted, so keep it simple and put it to the vendor first. I don't think I'm in someone's good books... and let's see WHEN this offer is going to be put to the vendor. No big deal if it takes longer, it means another pay day to put more money towards my deposit

BaconandEggs

Rockaway_BabyDoll wrote: »

Hey all!

So thanks for all your advice. I called the EA and made an offer today...of £170k (I'm not cheeky enough to start at £161k). The EA's broker then called me because I "have to appreciate that the law in England allows anyone to make an offer even if they can't afford a mortgage" so they are "providing a service to look after the vendor and make sure I can support the offer".

I said she could have my broker's contact number if my offer is accepted, so keep it simple and put it to the vendor first. I don't think I'm in someone's good books... and let's see WHEN this offer is going to be put to the vendor. No big deal if it takes longer, it means another pay day to put more money towards my deposit

I think you've done the right thing there. Obviously it is in their interests to get you to apply for a mortgage though them. A potential disadvantage of this is that they will know how much you can afford to offer. Of course, if you passed on your broker's details to the EA (for example, if you asked your broker to act on your behalf) there is no guarantee this would not happen anyway. Or am I just paranoid? Let us know if it's accepted.

AFK_Matrix

Hi there,

I too would advise making you offer a lot shorter and to the point. I also did my offer first of all over the phone and then when it was accepted i sent the following letter just so i have it in writing:

Dear Sirs

I confirm my full and final offer of £153,000 for **********, subject to contract and satisfactory survey.

I reaffirm my situation:

1. I am a first time buyer
2. My deposit is waiting in cash
3. I can conclude this transaction very quickly
4. Self evidently there is no incoming chain of buyers and sellers to break

I await your formal written acceptance of the above offer.

Yours,

Also as someone else has mentioned do put in the part about the offer being subject to contract and satisfactory survey and then you are covered if something comes up in the survey etc.

Rockaway_BabyDoll

Good morning everyone!

Here's the latest news...

I made the £170k offer to the EA at around 4pm on Wednesday. On Thursday morning he called to say he hadn't managed to get hold of the vendor the evening before, but had a missed call from her so would phone me after their conversation.

Around an hour later he called back and said that she was "hoping for a bit more". Translation in my head: "that's not a firm rejection, that's testing the water to see how much more can be squeezed".

I asked if she'd thrown a figure at him, and he said she hoped we could meet half way at £180k. I said that was impossible. He said "how about at least £175k, so I can go back to her with something". I said I didn't want to sour relations with the vendor by giving a spontaneous figure that I may not be able to fulfil. Cue the uncomfortable silence...

Then he said to have a think and call him back later. I said I would speak to my broker and see if offering more would push my LTV up, meaning falling into the <15% deposit interest rate bracket, costing me more each month because of a higher interest rate.

Speaking to friends, most advised me to now go up to £175k, especially bearing in mind she paid £174k for it in 2008. But I had a gut feeling that I needed to play a little hardball. A property's like a man; you may love it enormously but you should never let your love for it override/take advantage of your judgement

Around three to four hours later I called the EA back and said that increasing my offer would indeed mean I could only get a 90% LTV mortgage deal, and I can't justify the larger monthly payments for a one-bedroom flat; so £170k is my full and final offer. I asked if that meant it was a firm no from his side or if he needed to catch up with the vendor to confirm. He said he'd give her a call and see what he could do for me.

He called back two to three hours later and said, to his surprise, my £170k offer has been accepted

So thank you, everyone. I really appreciate you taking the time to write and give me your opinions/tell me about your experiences.

But is this now when the stress starts?!

BaconandEggs

Exciting times

Rockaway_BabyDoll

So next to sort out is the conveyancing, I believe. Does anyone have a no sale, no fee solicitor they can recommend?

And then it's getting the mortgage confirmed, leading to the valuation and full survey being completed... Let's get the party started!

ticket2ride

well done you :-)