just put on my first offer

drummer_666

Hi,

Just wondered how long it usually takes back to hear after putting in your first offer?

Put mine at 88% of the value of the house

FTB with 25% deposit, agreement in principal.

Also would you advise waiting until I have an offer accepted before filling in all the paperwork for my broker and the mortgage application? Because what if I don't get the house

Also, the EA didn't react at all when I said my offer, just said would forward to the vendor and get back in touch.

I have good reason for my price, in terms of what other houses on the same road have sold for (9k more than my offer but for a semi or an end terrace with conservatory and in better state).

If/when the offer comes back rejected, do I then mention my reasoning? And go up £1k? Or just say my reasoning and that it's a fair price

thank you

GAH

Don't need to fill out your mortgage application until you have an offer agreed.

The EA is just the middleman to put your offer forward to the owner, so I wouldn't have worried if you didn't get a reaction.

If the offer is rejected, put the ball back into the agents court and ask them what the owner is looking for?

Never make an increased offer in the same phone that you get a rejection. Only you can say whether you want to increase your offer and by how much.

sirmosh

If you have an AIP then your broker has all the details needed to apply so you shouldn't need to fill anything else out anyway. It depends entirely on how quickly the EA passes your offer across and how the vendors feel about it, if it's close to what they want they may take a while to decide, if it's less they'll probably decline immediately and if it's more than they expected they may accept it but take a little while so you don't think they were so eager.

I would say it's not all that common to get an offer accepted first time since everyone wants to negotiate a little.

drummer_666

GAH wrote: »

If the offer is rejected, put the ball back into the agents court and ask them what the owner is looking for?

Never make an increased offer in the same phone that you get a rejection. Only you can say whether you want to increase your offer and by how much.

do you mean that if it's rejected, my first thing i say should be 'what price is the vendor looking for then?'

then if they say a figure, say ok thanks, i'll think about it?

I haven't shown my broker payslips or proof of identity or address or paid his fee yet. Would you recommend doing that and paying his broker fee now, and then waiting to do the other bits when I get an offer accepted?

thank you

sirmosh

I gave my IFA everything needed for the mortgage application before getting an AIP to avoid wasting everyone's time if the supporting evidence wasn't going to fit.

When I recently offered on a house the response I got was that my bid wasn't enough but I got told what the vendor would accept, which surprisingly was still a bit less that I expected to pay, I left them to stew for a day and a half and came back with an offer half way between my original and their asking, which was accepted.

hazyjo

What the EA says the vendor is looking for and what they'll accept are probably two different figures. If they come back with a counteroffer, I'd probably either make a lower offer than that, or say it's way over what I'd be willing to pay for it so will go away, have a think, and come back with my final offer. Doesn't mean I wouldn't make another offer after that, but I'm hardly gonna say to the EA I'll give it 2 or 3 more goes if they keep rejecting my offer. They work for the vendor and obviously want to get the best price. Have a max figure in your mind.

Jx

Idiophreak

drummer_666 wrote: »

I haven't shown my broker payslips or proof of identity or address or paid his fee yet. Would you recommend doing that and paying his broker fee now, and then waiting to do the other bits when I get an offer accepted?

Be careful of counting your chickens here. There could still be a long way to go before you get an offer accepted. The seller could need a very high price for their chain, that you're not willing to pay. They could get a better offer.

I'd hold fire on everything else then if your offer's accepted you can continue.

drummer_666

Idiophreak wrote: »

Be careful of counting your chickens here. There could still be a long way to go before you get an offer accepted. The seller could need a very high price for their chain, that you're not willing to pay. They could get a better offer.

I'd hold fire on everything else then if your offer's accepted you can continue.

Well I meant when my offer is accepted on A house - not neccessarily on this house

I'm also only going for houses that are chain free

But thanks, I'll wait to hear back from the EA and see what the score is. Is hoping to hear back by end of the week likely?

In terms of my AIP, he knows my salary and did a credit check, so it def will match up. Just a case of the formalities, which I'll get onto now I've seen a house. But leave the mortgage application for now, as to everyones advice on here

Thanks

Yorkie1

There is no point in getting your mortgage broker geared up until you've had an offer accepted, whether on this house or elsewhere. The application has to be for a specific property, with specific values inserted.

You have an AIP (never show it to the EA, by the way) so that is all you can do for now.