Open day and making an offer

marc58

Hi all,

I'm viewing a shared ownership house on Thursday on an open day which is likely to be quite popular, I already know someone at work is viewing it a few hours before me! If all is looking good and I like the property can I make an offer immediately? Trouble is my viewing is in the evening with the tenant and the Housing Association is likely to be closed before I can contact them? I have been accepted for a mortgage and am a first time buyer which should put me in a more favorable position. I have copies of my bank statements, payslips and deposit ready too but I'm worried if I try and contact them the next day it might be too late!

Would be grateful for any advice!

dimbo61

Why does a FTB put you in a better position?
If I had owned several properties and was 75 if I had the money to buy CASH would I not be in a better position!
If you offer the vendor full asking price and have a GOOD deposit say 20/25% you are then in a strong position

bunnybunnyrabbit

Has it been advertised through the Housing Association or through an Estate Agent?

If it's the HA, it is likely they will have a set period in which to market the property and nominate a buyer. In which case they usually have to assess all applications and pick the most suitable buyer according to government criteria (rather than whoever applies first).

If it's advertised through an EA, it will be similar to a non-SO sale but the HA will still need to approve you as the buyer. You will still need to be eligible for SO.

My advice would be to contact the HA prior to viewing and ask what the procedure is if you want to buy it. Also ask if there is a closing date for applications.

Road_Hog

If you don't offer the full price, you will be (and other people who bid) asked for your best and final offer in a day or two.


Even then, the EA might advise the buyer to go with someone else, if their deposit is higher, because the sale is much more likely to go through.


If you really want the house, then treat it like a job interview, make an effort and try to impress.


This may sound a bit harsh, but having sold a bog standard house in London, that I instructed on 1st June last year and only completed on the 18th Feb (no chain), I get very hard nosed about it having been mucked about.

pcgtron

If it's shared ownership in London the housing association will not sell below the asking price.
This was my experience when my wife sold her shared ownership property a few years ago

marc58

Thanks for the replies guys. The property is being advertised direct from the HA, it's in London yes but I'm prepared to pay the full asking price of £55000 which includes a £6000 deposit. If the decision to choose a buyer boils down to government criteria, should I mention to them I'm currently having to share a 2 bedroom house with my parents, brother and sister so there is quite an urgent need to move out due to overcrowding?

thequant

marc58 wrote: »

Hi all,

I have been accepted for a mortgage and am a first time buyer which should put me in a more favorable position.

Yes it should, all those owner occupiers in their non shared ownership properties will be queuing up to compete with you