FTB Advice

Luma123

Hi,

This is my first post on here, just after some advice.
Myself and my boyfriend have put in an offer on a house £124950.
We have a 5% deposit and some money set aside for costs. Our joint earnings are currently around £30,000. We'll be looking to lend £118,000.
I've spoke to a mortgage broker as our EA said there were 2 "very similar" offers on the table yesterday morning and the vendor was thinking about which to accept! She suggested an agreement in principal may help! We should be able to get hold of this by early next week-once bank statements etc have come through!
We don't have a chain, both have good credit history.
The house is on the market for £129950-our original offer was £124500-which we both thought was a really good opening offer-possibly too good. The EA said the vendor wanted £125,000, so we thought £124,950 (under stamp duty and £50 under his asking would be enough!)
We're just really confused as i personally feel the vendor is waiting for a better offer (which i don't blame him for). We've made it clear to the EA that this is our highest offer (i don't think we could afford any higher!).
How long would any of you advise us to wait to see whether it's accepted/rejected? We don't really know what else we can do except to get an A.I.P, but then i guess we still could be told offer not accepted.

Any advice as to what we could do to get this house and get the seller to accept our offer? We've told him we'd be interested in some furniture he's left in the property. We thought he'd be after a quick sale as he's moved out/into another property, but it doesn't appear to be that way...

The house has been on the market for 5 weeks. Our offer is the first offer he has received, along with this "other offer".

Any advice?

homer_j_3

Why do you need bank statements to get an AIP?

Is the advisor you are seeing the EA one?

Luma123

homer_j wrote: »

Why do you need bank statements to get an AIP?

Is the advisor you are seeing the EA one?

No-not EA.
He just said he would need bank statements to confirm all details. Is that not correct?He did all the salary, costs etc and got us a mortgage suggestion up

elsien

Has the agent made it clear to them that you are first time buyers - not being in a chain should definitely give you an advantage, especially if he's keen to move.
They probably don't believe it's your highest offer, so give it enough time for it to sink in that you're not going to offer more.
Good luck.

homer_j_3

I cant see why I would need a bank statement to do an AIP thats the reason why I questioned. They may have their reasons but not something I would ask for at this stage (but we all work differently).

The EA will have put your offer forward and suggested that they consider the offer until they can financially qualify you. This will be when the AIP comes in. You may find that upon receipt, your offer is accepted straight away.

It is a frustration but the EA has a responsibility to the seller not the buyer and will want to make sure the offer is one that is likely to result in a sale.

Luma123

Yeah we have made it clear that this is our final offer on the property. I suppose it's a case of sitting and waiting now!

Luma123

homer_j wrote: »

I cant see why I would need a bank statement to do an AIP thats the reason why I questioned. They may have their reasons but not something I would ask for at this stage (but we all work differently).

The EA will have put your offer forward and suggested that they consider the offer until they can financially qualify you. This will be when the AIP comes in. You may find that upon receipt, your offer is accepted straight away.

It is a frustration but the EA has a responsibility to the seller not the buyer and will want to make sure the offer is one that is likely to result in a sale.

Could you recommend anywhere we could get an AIP from relatively quickly without the need to provide bank statements?

homer_j_3

You have 2 issues - you need to get the right lender and product for you personally. A broker will do this for you.

I would probably try the following and see how you get on:

- Call the EA and ask if the vendor has come to a decision.

- If not ask whether the AIP is the only thing stopping the vendor accepting your offer. If it is then ask whether they could ask the vendor to accept on the basis that you understand that the property will be fully marketed.

- Add a caveat that once AIP has been given, they will not allow any further viewings until you have had reasonable time to get a survey instructed and once survey has been done - it is sale agreed.

If they try and pass you off, just explain that you dont want to waste a credit check if the offer has been refused and see what is said.

Otherwise, find a broker who can do an AIP more speedily