Naive first time buyer

AlexTheBird

Hi Mrs Ted

We were in the same boat as you in January and now we are at the final stages of buying our first home. We learnt some valuable lessons along the way and the first one was to be as pleasant and professional as possible and meet EA's face to face to say hello, and register your details. We did this on a weekday, so they were less busy with viewings. I appreciate that's not easy to do if you and Mr Ted both work but maybe it's worth taking a half day off?

EA's will send you details of property above your price range. I'd suggest you take a weekend to see a cross section of properties you may like and that will narrow down your wants and needs lists.

It's great that you've got a mortgage agreed already. Even better if you have an idea of the solicitor you want to use... But not essential.

It's a buyers market in certain areas (I'm not sure where you are) but I would still do lots of research about buying your first home (there are some great books out there). EA's love people who are switched on, prepared and flexible. We tried to be as respectful as possible whilst appreciating we were in a strong position as FTBs.

Good luck and don't get too offended by the 'brusque' nature of some if the posts here. People are generally helpful (and occasionally witty!) and just tend to give no-nonsense advice.

clarabelle41

Rightmove can move v quickly. Register for daily updates. New properties come online around midnight so be prepared to check then or before 9am so you can call the EA ASAP to arrange viewings. Having sold & purchased a house very recently I can say that I was never told a viewers budget when viewings were arranged or during negiotiations. The couple who bought our house were FTB in rented. Personally I wouldn't bother registering with EA as they will take your details for the database if you book a viewing with them. If you see something you like but it's SSTC then call the EA & ask if they have similar properties, they could then call you first if that property chain falls through, a situation which actually happened to us. Good luck in your search.

Tancred

Mrs_ted wrote: »

After yrs of saving we are now in a good position to buy. I have contacted several estate agents and only got 2 replies. This surprised me as we have a mortgage in principle, no house to sell and keen to buy. Recently I contacted the estate agents I rent from and requested to see a property. The reply I got " Two people have seen the property, we are not having anymore viewings and letting these two fight it out. Yet 3 days later its still on the estate agents website as under offer. Is this normal practice?

In many cases, yes. I was interested in a property that is still listed as 'available' on Rightmove but currently has an offer - the agent refused to let me see the house even when I told him that I may be able to make a higher offer. It makes me very suspicious when this sort of thing goes on - why keep a property listed if it has an offer that has been accepted?

Mrs_ted wrote: »

Secondly, should you be totally honest with the estate agents on your price range. I was advised that give an amount lower as if the estate agents understands you can afford more, they will encourage the seller not to accept the offer?

Stupid questions but I was under the impression this was a buyers market. Would appreciate some tactics for future viewings please.

The trouble is that if you do this then you will only be sent details of properties that are below what you might be looking for - seems like cutting off your nose to spite your face. Just be honest and tell them your normal price range, but be conservative, don't push to the absolute limit.

Tancred

jbainbridge wrote: »

I think they are trying to suggest you view it and make an offer! Very few people ever pay the asking price. Websites like Rightmove will allow you to see what the _sold_ price was on historic sales - this is a useful tool when deciding what to offer.

I vehemently disagree that very few people ever pay the asking price - this is a massive and groundless generalisation! :eek:

If you look at 'hot' areas in the south-east, especially in London or the best parts of the commuter belt, many properties sell at or near the asking price.

When I was on the search one EA sent me properties at £350k when I told him that £325k was my absolute limit and I was really aiming for £300k. As a result I wasted my time seeing a couple of big, expensive houses that ended up selling at the asking price!

londonlydia

Hi, I was an FTB last year, I saw about 20 houses, and completed on the 4th house we offered on.

Anyway I think I maybe know what problem you're having. As a guess, I think you're inquiring after the 'best' houses on paper for your budget. The problem is with these is that EAs often 'competitively price' houses to get lots of interest but then know that this will cause the house to go for much more than the asking price. You're right that you're an attractive buyer to a seller being chain free and have a mortgage in principle, BUT, EAs make a percentage commission and those in less desirable situations have to pay more to get in...and so its better for an EA to get desperate people in first if you see?

So what I suggest is that you go and look at average houses. Not only will you have the chance of seeing a hidden gem that wasn't advertised well, but once you view you will definitely be on their radar more. Plus, you can filter rightmove to show houses that have been put up in the last 24hrs....so do that and you should stand a chance.

Oh but dont think that the EAs will ever listen to a word you say other than how much money you have to spend. I repeatedly told the EAs that I would not consider living over a LA boundary for various reasons and still got bombarded with properties over there.

londonlydia

Tancred wrote: »

I vehemently disagree that very few people ever pay the asking price - this is a massive and groundless generalisation! :eek:

If you look at 'hot' areas in the south-east, especially in London or the best parts of the commuter belt, many properties sell at or near the asking price.

When I was on the search one EA sent me properties at £350k when I told him that £325k was my absolute limit and I was really aiming for £300k. As a result I wasted my time seeing a couple of big, expensive houses that ended up selling at the asking price!

I agree, when I was looking last year (Dartford, just in M25 Kent) properties generally went for over the asking price and taken off market due to too many bidders after a week. The only ones that didnt was the occasional deluded sellers who obviously overpriced their houses.

[Deleted User]

Hi,

seems to be a lot of reference to EAs, kinda English term, of course, they've got to make a living.

Anytime I was interested in a house, I go and have a look, talk to the owner/seller, face to face, make an offer, always offer under the asking price, (money talks), if you say, 'like it. I'll take it', shake hands on the deal, then get the paper work arranged.

Sorted, normally takes about 6 weeks, and that's me in new house,

Fire_Fox

Mrs_ted wrote: »

After yrs of saving we are now in a good position to buy. I have contacted several estate agents and only got 2 replies. This surprised me as we have a mortgage in principle, no house to sell and keen to buy. Recently I contacted the estate agents I rent from and requested to see a property. The reply I got " Two people have seen the property, we are not having anymore viewings and letting these two fight it out. Yet 3 days later its still on the estate agents website as under offer. Is this normal practice?

Secondly, should you be totally honest with the estate agents on your price range. I was advised that give an amount lower as if the estate agents understands you can afford more, they will encourage the seller not to accept the offer?

Stupid questions but I was under the impression this was a buyers market. Would appreciate some tactics for future viewings please.

Under offer sounds perfectly normal under the circumstances, it's honest and fair to the two parties concerned it doesn't simply say for sale. Not all estate agents use sale agreed anymore and plenty of buyers don't want to say sold at least until the survey is complete (IMO a house is not sold until exchange).

Never tell the estate agent your maximum price, never forget the estate agent works for the vendor not you.

Mrs_ted

Thanks for all your replies, really appreciate it. Saw 2 houses recently and another 2 to see next week. Not a lot on the market at the moment. I have a question.
We are going back for a second viewing on a house. The EAs have reduced the house price my 50 pounds? So now its 219,950. Why on earth have they done this? To me it seems strange- are they messing with our heads!?

RAS

The first digits count

Mentally 219,950 is a lot less than 220000

Just like 4.99