The ludicrous situation of stitching up FTB's

BitterAndTwisted

The problem isn't voracious and opportunistic investors or sceptical vendors, it's you.

Blame everyone else if you like but that isn't going to buy you a home, just annoy people on forums with your misplaced sense of victim-hood. I'm tired of you already

fimonkey

Bitter! The problem is the system - not individuals (you, me, investors etc,) and I am having a moan about it cos it has upset me 3 times!!! - If you don't like it don't read it. - simples ( you have an ironic name from someone who doesn't like bitterness btw).

Itismehonest

fimonkey wrote: »

3 times I have made an offer on property as a FTB. Each time the vendor has chosen a MUCH lower offer from a cash buyer who is an investor (as in 5K lower than my offer on properties at the 140K mark)

The investors are going for these properties because the yield is better than the stupidly low interest rates. The vendors are choosing cash buyers because the mortgage market is so unreliable depsite having a decision in principle - that guarantees nada apparently.

Oh but I could buy an overpriced tiny newbuild with a stupid new scheme intended only to help the developers - what on earth am I moaning about?

Thanks a HEAP coalition Government - no one voted you in and you are not wanted (and that's my opinion of their mess up with the housing situation - don't even get me started on the Health and Social Care Act!!)

You can't really blame the Government on this. It was under Labour as well as Tory & Coalition that property prices went up steeply. It was under Labour that people could get credit too easily which sent them even higher.

As a FTB I'm sure you've wanted the best deal you could get. A cash buyer is usually the best deal a vendor can get.
The fact that the properties are, from what you say, going to BTL is, indeed, a problem which perpetuates the vicious circle of can't afford/not enough properties to buy for FTB but that has been going on for much longer than the Coalition has been in power.

It's the same in the wide area around where I live. Pretty much the only properties selling are to FTB or BTL. Nothing is moving further up the chain. That seems to have less to do with property prices (which have come down) than the fact that people are unable to get the mortgages so stay where they are.

missile

OP, for right reason or wrong you have annoyed many regular posters. If you approach vendors with the same attitude then many may peg you as a buyer unlikely to proceed. If you get a solicitor to make an offer on your behalf they may take you more seriously.

Hanky_Panky

fimonkey wrote: »

Oh but I could buy an overpriced tiny newbuild with a stupid new scheme intended only to help the developers - what on earth am I moaning about?

My first thought was to wonder about what type of house you were going for. Can I take it from the above statement that you are looking for somethign a bit older - with perhaps a bit of work needing doing too ?

If this is the case then there is your problem - typically these places are more difficult for some one in your position to get a mortgage on so you're simply not a good option - absolutley nothing to do with any goverment, past or present.

maninthestreet

fimonkey wrote: »

Thanks a HEAP coalition Government - no one voted you in and you are not wanted

Oh, but they did! Over 50% of those that voted in the last general election voted either Conservative of Liberal Democrat.
They also weren't in power when the credit orgy juddered to a halt in the autumn of 2008.

Jennifer_Jane

fimonkey wrote: »

And yeah life isn;t designed for me - does that mean I have to sit back accept it and not have a moan on this forum cos for the 3rd time I have missed out? Should I be applauding all those who bought easily so long ago and who would now sell to a cash buyer for a lower price? Great for you Ms J_Jane - have a cup of tea to celebrate - but don't berate me for using a forum to have a moan on when I am pretty peeved its happened for the 3rd time. Life in other ways is great for me (my job is ultra secure and pays well for instance) - but I still show empathy for those who are not as fortunate and even understand their bitterness - even though the mixed society obviously isn't for them ;-)

Perhaps your sneering attitude comes over in real life as well as on the internet.

House buying in this Country is a difficult and stressful business, and not for the faint-hearted. Good luck for the future.


((((hugs))))

COLOURBOUNCE

I can assure you that being a FTB today, or 25 years ago was a similar, frustrating experience. The main difference being 25 years ago you couldn't go spouting how the world is against you on a stage that you have here. The trick now, as ever, is keep calm and keep going with a smile and belief that things will happen for the best. That said, when you do get what you crave, I hope we won't be reading your future posts blaming everyone else for climbing interest rates, higher council taxes and, god forbid, negative equity. Good luck, it can be a tough old world out there.

seven-day-weekend

BitterAndTwisted wrote: »

I understood your post I think but I don't get where the "ludicrous" or the "stitching up" parts come in. Vendors have a choice about who they sell to and they're not choosing you. Perhaps that's got more to do with the way you're presenting yourself as a buyer rather that the other potential buyers you're competing against?

Mortgage offer in principal? Proceedable? Getting the survey arranged soon enough? Coming across as a numpty who doesn't know what they're doing?

If I was a vendor with no time-constraints I'd be going for whoever offered me the most money, no question.

I would go with the one I was most likely to get the money from - a cash buyer for example. Or a first-time buyer if they were proceedable. Definitely someone without a chain, assuming there was a choice..

I have bought and sold three properties, none of them had a chain. I would go a long way on price to avoid a chain!

So I would not necessarily sell to the one with the most money.

jee

You would think so wouldn't you? But I have a DIP, my sols ready to go, no contract on where I currently rent so ready to move ASAP and get on with surveys etc, and certainly no numpty FTB as I've spent a good few years reading these and other boards.

There are thousands of FTBs in the same position as you and many of them manage to get properties.
Plus hate to say it but reading a few boards hardly makes you less of a "numpty FTB" (your words not mine).
House buying and selling is tough, whether you're a FTB or pro, you have to experience it to understand why vendors accept cash offers that are a little lower than yours.