Put in an offer for a house

strenkt

Hi all,

I'm a first time buyer and I am after some advice. I put an offer in for a 2 bedroom house yesterday evening. But I was told by the estate agent that whilst the seller accepted my offer there was someone else that had put an offer in and this was also accepted. So I was told that as soon as the bank arranges a call with them for the surveyor that the house will be taken off the market and put as sold STC.

As a first time buyer I have done a bit of reading. Looked around for a solicitor and have my final mortgage appointment on Monday.

The estate agent informed me that I should let the bank know and subject to them approving the mortgage they should be able to contact their office letting them know they are proceeding with this.

I have been looking for a solicitor as well but can't really instruct them to do anything until I sort out the mortgage on Monday. Has anyone been involved in a similar situation and would you have any advice for a newbie?

Many thanks
S

eddddy

So essentially, you're in a "mortgage race" with another buyer.

The risk is that you could pay mortgage application fees etc, and then lose the race, and so perhaps lose your fees.

It's up to you whether you want to take this risk. (Many people would find this unacceptable, and tell the EA where to shove it, but I guess if you really want the house...)

However, there is no problem with selecting/instructing a solicitor, but telling them not to proceed with anything until you instruct them further.

strenkt

Thanks eddddy.

Your advice is much appreciated. I would indeed love to tell the EA that but it was one of the only properties that I liked out of the many that I viewed.

So hopefully on Monday I can get this sorted. Fingers Toes and everything else crossed!

eddddy

Just re-reading your posts, it sounds like you may be expecting the survey date to be booked on Monday.

Before that happens, the lender will want to do all their financial checks on you - review your bank statements, pay slips, credit references etc.

So the "race" is how quickly you can get all that info, how quickly the mortgage co will assess it, how quickly you answer any questions that come back, and how quickly they instruct their valuer etc.

On Monday, you can ask your broker how long this is likely to take (I guess it varies by lender).

Keep calling the EA to give updates - e.g. "I've just had a meeting with the mortgage advisor, and my application is in and being processed."