FTB - Are we really the dream buyer?

outdoorcjc

I'm a FTB and currently going through Conveyancing and heading towards Exchange hopefully.

When I first started looking, everyone kept telling me that as a FTB I was the holy grail of buyer, no chain, quick purchase, and as such I should drive a hard bargain and people will basically throw their house at me.

Well I have to say I think there is a possibility I'm far from a perfect buyer, I've lost count of the number of times I've nearly pulled out of the sale...

Survey says electrics not perfect....I'm pulling out

Vendor wants to take the curtains with them that I was planning to replace anyway..... I'm pulling out

There is a covenant on the house that means I can't build an extension at the front, that I wouldn't have ever dreamed of doing anyway....I'm pulling out.

There is an electrical substation within 3 miles....I'm pulling out

The vendor wants to complete on a day ending in Y....

Thankfully I have been in almost daily contact with my parents who have done this on many occasions and have kept me calm and the purchase on track, but I have to say when the time comes to sell, I kind of hope I don't attract a FTB like me!!

Are all us FTB's as paranoid as me...or am I just strange??

Tancred

You do sound paranoid. You should always be realistic when purchasing a house - don't expect perfection because you won't find it.

ACG

Why would you pull out over curtains or an extension at the front?

You sound like a nightmare buyer lol!

I like first time buyers, its generally done more on emotion and excitement where as home movers take it all more seriously and treat it like a game of poker...even with me as their mortgage advisor.

outdoorcjc

ACG wrote: »

Why would you pull out over curtains or an extension at the front?

You sound like a nightmare buyer lol!

I wouldn't really pull out over these things, more just using them as an example of how every little thing that has been thrown up has spooked me, where as I guess someone who has done this a few times realises these things are not big issues are just moves on from them.

ognum

the dream buyer is someone not in a chain, and I mean really not in a chain so no rental house they need to use the lease up on etc. Nothing that will hold up a sale.

It could be a first time buyer, a sold to rent purchaser, a buy to let investor, any cash buyer.

Tancred

outdoorcjc wrote: »

I wouldn't really pull out over these things, more just using them as an example of how every little thing that has been thrown up has spooked me, where as I guess someone who has done this a few times realises these things are not big issues are just moves on from them.

Hmmm. If these tiny issues spook you then forget about buying a old Victorian/Edwardian house. Unless you intend to live in the same house all your life you learn to live with issues and then move on.

Ciderarmy1987

I am a FTB buyer but I think that people do over play how important a FTB is.

I think in reality it makes very little difference (provided that the buyer is proceedable then) Obviously I would imagine that people might prefer a FTB but would they put any price on this. I doubt it very much.

Would anybody actually accept and offer that was even 1K lower than another offer just because they were a FTB? I doubt it very much!

Tancred

ognum wrote: »

the dream buyer is someone not in a chain, and I mean really not in a chain so no rental house they need to use the lease up on etc. Nothing that will hold up a sale.

It could be a first time buyer, a sold to rent purchaser, a buy to let investor, any cash buyer.

A cash buyer who is buying as an investment is always the dream buyer. This is because the house is a cash-cow for him, not a place to live in.

ognum

Tancred wrote: »

A cash buyer who is buying as an investment is always the dream buyer. This is because the house is a cash-cow for him, not a place to live in.

I would only partially agree, investment buyers with cash have no great tie to the property they are happy to walk away at want time even close to exchange. I know because I have done it when a buyer started getting difficult.

What you want is a cash buyer who loves the property so is buying with their heart.

outdoorcjc

Tancred wrote: »

Hmmm. If these tiny issues spook you then forget about buying a old Victorian/Edwardian house. Unless you intend to live in the same house all your life you learn to live with issues and then move on.

I guess this is my point, you do learn to live with these things and realise that they are not a massive issue, but the first time you encounter them on a purchase as big as a house, they seem much more significant and scary then they actually are. Therefore the chance of a FTB getting spooked and pulling out of a sale over a minor issue seems higher then it would be with an old hand!

clarabelle41

A FTB, was living in rented, bought my previous house. They were royal pain in the backside. Mortgage val survey, followed by full structural survey, house built around 1970, & they found fault with EVERYTHING! They needed a serious reality check....