Offering without a full deposit...

anselld

mickp67 wrote: »

about 5K. Probably take about 5 months.

You need to wait then. You don't want to get a reputation with local EAs as a time waster.

Yorkie1

mickp67 wrote: »

Selective quotations... you forgot to bold the bit where I wrote "agreed between myself and vendor".

No, I did not selectively quote. If you bothered to read my post correctly, you'd see that I wrote, "it's an agreement as you say".

Back to the actual issue. As others have said there is no way you will get a standard seller to wait 5 months for you to be in a position to obtain your deposit. Wait until you've got this together, plus the several £K needed for survey / searches / fees / mortgage fee, before making any offers.

kingstreet

You get an agreement in principle before you start to view property.

When you make an offer, it is accepted and the chain forms up, that is the point you should be completing a full mortgage application and that is the point you will be required to furnish your status requirements, including proof of deposit.

StuC75

IF still 5k short of the deposit what about the rest of the buying costs? searches, fees & Stamp duty??

Caveat_Mortgagor

When we put in offer for our house the first thing i said to agent was that that the offer i was about to make was conditional upon completion being in 3 months time. I got a confirmation that timescale would be acceptable before mentioning any figures.

I would suggest you do the same. The market is slow in many parts of the country, you might find the vendor says yes - even to your timescale.

hazyjo

Unless we're talking Scotland, I think it's pretty pointless to say how long you want it to take. It takes as long as it takes. I once 'agreed' on a three week timescale to exchange. Hah! Five months later, we completed. Sometimes things don't go to plan.

Average takes 3 months. Can't really see the point of agreeing that to start with. If someone needed to try and push for it within a few weeks, it should be up to them to say that from the beginning.

Jx

Soldierearth54

You'd think some of the replies were on behalf of a disgruntled vendor!

Its only a question of the process not whether you are all personally affected by it.

Also the 5k includes all fees but certainly not "furniture etc" this is MSE we are on here...

Most people selling a house know that they could be on the market for weeks or even years. The vendor has a choice to accept my offer now and almost guarantee a sale or stay on the market for an even longer period than they have already been on.

Thank you to those for the factual info

Angie_B

Are you expecting the seller to take the property off the market? Considering you can only make a tentative offer, I cannot see that a seller would do anything other than tentatively accept your offer.

If I were selling and someone said they would like to buy my property in 5 months time, I would say that's great, if I don't get a better offer between now and then, it's yours. But you would not get me to stop marketing the property based on the fact that you may possibly be able to buy it in 5 months time.

beecher2

mickp67 wrote: »

The vendor has a choice to accept my offer now and almost guarantee a sale or stay on the market for an even longer period than they have already been on.

If I was the vendor I'd think that you could come back in 5 months and put in an offer if I still had my property for sale.

D00gie72

I agree with Angie B.
I'm currently trying to sell my property - and personally I would not accept an offer from anyone based on the idea they would still need 4/5 months to save up for a deposit. If the property you want is still on the market in 5 months time - great go for it. Otherwise why don't you wait until you have your finances fully in place - then start looking.