When to make an offer?

watkins101

Thanks for looking in...

I am looking to buy a house outright, I am due a large-ish payout from a legal case and will use the proceeds. There is no issue that I wont get the payout its all been agreed and once our agreement is rubber stamped by the courts (a formality) I have been told I will receive payment in 28 days.

M question is if I explain this to an estate agent will I be considered proceedable? I haven't found a house I like yet so it may be academic but If I did would you think that my offer would be taken serious enough to have the house taken off of the market? Or would this not be the case untill I have the funds in my bank account ( 4-6 weeks)?

I could show the EA proof of my settlement if he needed.

TIA.. Watkins101.

dell12

I don't really think it's any of the estate agents business when you get the money.

As long as you've got enough for the deposit at exchange I can't see it mattering. Given that it's unlikely you're going to be exchanging inside of 28 days I'd certainly start looking now...

watkins101

Thanks, I have been looking but my question relates more to making the offer. I presume I will also need to show proof of funds at some stage.

dell12

watkins101 wrote: »

Thanks, I have been looking but my question relates more to making the offer. I presume I will also need to show proof of funds at some stage.

I have to say I've never had to show proof of funds when making an offer.

Perhaps if the property is worth alot some agents might want proof of funds before taking you on a viewing just to prove you're not a time waster, but otherwise I can't say that I've heard of an agent demanding proof of funds.

outdoorcjc

When I made my offer the EA asked a few questions to make sure I was in a position to buy but didn't ask for any proof. It's going to take a few weeks to get to exchange so as long as you have the required funds in that timescale.

Excited13

I put in an offer for a property, obtained a mortgage and solicitor instructed without the deposit being in my bank account. I'm currently two months into buying the property and to date no one has asked to see proof of funds and my mortgage has been fully approved.

Last time I bought a property every man and his dog needed to see proof of funds and explaination how I'd obtained them despite being a lot less than this time.

I'd advise you start looking as I viewed nearly 20 properties so it may take some time for you to find one. Good luck.

moneyistooshorttomention

Personally, I would be keeping a good eye out for what properties I wanted to buy in your position, but not making a firm offer until I had the money in my hands.

I would think an estate agent would be unlikely to believe this sum of money was imminent - as it is such unusual circumstances for a someone to obtain their House Money in. I would think you would be better waiting until you actually have the money before saying you are proceedable and can prove it - as for the next few weeks (ie until that money hits your bank account) then you aren't proceedable.

It may not be just the EA you have to prove things too. Some sellers are savvier than others and will want proof themselves. I have a likely buyer in tow for instance - but I am not prepared to believe the EA saying that they have "sold theirs" - because I suspect that I'm not being told the truth by my own EA and want proof of the possible buyers address (so that I can check for myself whether theirs has indeed sold or no).

hazyjo

Just say you're a cash buyer. I can't see them asking for proof of funds - I wouldn't feel the need to explain when and where that cash is coming from. I'd be very surprised if any EA said they need to see a bank balance!

No way on this earth is a seller going to say 'prove it' when you're a cash buyer.

MITSTM - just something to note, it depends on the people below them too. Your (possible) buyer may have accepted an offer, but without knowing the position of those beneath them, there's not much point in checking up on them other than believing what your EA tells you (they do usually check with the buyer's EA!).

Jx

moneyistooshorttomention

Thanks for that thought hazy....:eek:

More darn checking to do then...:(

I did hope I would avoid a second-time buyer buying my place - as it's so obviously a first-time buyer house. Am waiting to see if Mr Distinctly Interested Already an Owner meant what he said in his positive comments about my house and its price and sticks to his arrangement to ring the EA today for an appointment for a second viewing.

Would rather have a FTB though if I can, then at least all there is to concern myself with is whether they've been efficient enough to get a nice long mortgage deal agreed...

hazyjo

FTBs aren't always a good thing. From my experience, they can be a nightmare - taking forever, pulling out over piddly things, having mortgages refused, etc. Unfortunately, at the bottom of every chain, you run the risk of there being one

What I'd like is someone who's owned before, but currently renting or staying elsewhere.

My buyer's house is being bought by a relocation company as her (now ex) hubby is moving cos of work. Suits me! Been pretty hassle free (albeit slow).

Jx

moneyistooshorttomention

hazyjo wrote: »

What I'd like is someone who's owned before, but currently renting or staying elsewhere.


Jx

That sounds like the ideal.

Mr CouldaBeen has just announced that either a nearby house to mine is too cheap or mine is too dear (after commenting favourably on my price the first time:cool:). I could give him the full breakdown as to why the nearby one is too cheap:cool: - or I could hope he buys it and finds out for himself.

Having studied my local housing market in forensic detail for the last few weeks - either he hasn't done this himself (doubtful!)...or he's just insulted my intelligence by assuming I haven't...

Is that very wicked of me to hope he does buy that one and does find out for himself just exactly why its only £5,000 more than mine?;). You get what you pay for....