Making my first ever offer

stuartw101

I am about to make my first ever offer on a house and want to make sure I have everything ready should they accept it.

In terms of deposit, that is in place and I have a letter from my bank stating how much they would be willing to lend me. I currently haven't chosen a solicitor or spoken to a whole of market mortgage broker - should I do these before I make an offer?

How long after getting an offer accepted would they need details of your solicitor?

Any advice would be great.

Thanks

[Deleted User]

You need to remember that buying a house is like a game of poker. Don't show all your cards unless necessary. Just make an offer, don't tell them anything about your situation other than you are a first-time-buyer.

I don't think you need a solicitor until you've had the results of the survey back (i think, it's been a while)

Mortgage-wise, I'd'd highly recommend taking a look at First Direct. You can't use a broker to use them, but their rates are very competitive, they don't usually charge a fee AND they often throw in a survey. We didn't look at them when we were FTBing, since the Broker who was 'whole of market' didn't cover them (as you need to go direct to them)

Lokolo

"Hi I would like to put an offer forward on property X"
"OK and how much would you like to offer?"
"£y and I am a first time buyer so no chain below me, I also have a principle mortgage offer" (assuming this is the case!)

Thats it. If they ask things like "can you afford more?" well if you tell them that then why would they accept your original offer?

As above, its a game.

My offer was done as "I would like to offer £y on property X, first time buyer and this will be my one and only offer. Should it be accepted I would like it off the market by the end of 3 working days.", offered Friday, accepted Monday, "Sold STC" on rightmove a day later. It was 12% lower than the previous sold price and 7% lower than advertised price. I felt a bit sorry for the vendors offering so little knowing they would lose money on the property, but c'est la vie.

stuartw101

Thanks both, very useful.

So once the offer has been accepted how quickly should I choose a solicitor to use?

[Deleted User]

Do stuff ASAP - there's nothing more annoying than a hesitance first time buyer slowing your sale. You should really be looking for a solicitor already

Don't use the solicitor the estate agent suggests either.

stuartw101

I thought as much. Offer has been made (not accepted), so in the meantime I'm getting a few quotes from local solicitors and using the Money Supermarket conveyancing comparison tool.

Reue

Make an offer subject to survey.

While waiting for the survey you can find and appoint a solicitor.


My only advice (if you think your offer is a reasonable one) would be to put a time limit on it. Otherwise you risk them taking ages to 'consider' it while they continue showing others round the house and hoping to hold out for a higher offer or bidding war.

Our offer expired at midnight on the day we offered

[Deleted User]

We always asked for the house to be taken off the market on the day the offer was accepted.. even then we got gazumped!