Making an offer - advice pls!

always_sunny

I haven't done this before as FHB, so apologies if it seems obvious to more seasoned buyers.

I am ready to make an offer for a place (after seeing) though I would like some advice on what I should be doing... is it enough for me to walk in to the EA and make an oral offer and are they obliged to pass it on the owner?
Do I need to state any conditions (orally) and/or present any proof I am financially sound (Mortgage in Principle) to make the oral offer?

What else should I be doing?

Thank you!

chib

When we bought, I called the EA and said we wanted to offer X based on an effective date of Y. They called the seller and an hour later I got a call to say the seller accepted the date but declined the offer - I offered a little higher and an hour later again got a call to say accepted.

The EA supported us by putting it in writing, then kicked off the process with the conveyancers.

always_sunny

Thanks Chib - (apologies) what do you mean by an affective date?
"Hi, I would like to offer £1 by 30-Jan-16?"

The EA is cornering me to see their mortgage broker, but I am going to have another look at the flat and if still certain I was planning to walk by the EA right there and then to make the offer...
legally, I can do that right?

Sagz_2

Verbal offer to EA first, with any conditions. Verbal acceptance from seller. Then EA follows up with a letter.

AnotherJoe

always_sunny wrote: »

I haven't done this before as FHB, so apologies if it seems obvious to more seasoned buyers.

I am ready to make an offer for a place (after seeing) though I would like some advice on what I should be doing... is it enough for me to walk in to the EA and make an oral offer and are they obliged to pass it on the owner?
Do I need to state any conditions (orally) and/or present any proof I am financially sound (Mortgage in Principle) to make the oral offer?

What else should I be doing?

Thank you!

FHB? I know FTB .. First Time Buyer.

You dont need anything at all to make a bid, you dont need to physically go to EA, you can phone. You should let the agent know any conditions that you want to apply ("must leave dog and 55" TV", or "must fix garden fence" or "we cant move until August", or whatever. You may have none.)

The requirement to prove it will come afterwards. Plus a shed load more paperwork than you ever thought possible.:D

The EA is legally obliged to pass all bids on (unless perhaps the seller has made a stipulation, say, "reject out of hand any bids £X under the asking price" in which case they will tell you.)

-taff

They may ask to see proof you can afford what you're offering, don't give them the MIP letter otherwise they'll probably keep pushing you to offer more, just show them you can afford wha you're offering. If you have a broker, tell them to call the broker.
Do not use their mortgage broker.

chib

Sorry, my effective date I meant the agreement date - I can't remember the correct terminology, maybe "closing date"?

always_sunny

-taff wrote: »

They may ask to see proof you can afford what you're offering, don't give them the MIP letter otherwise they'll probably keep pushing you to offer more, just show them you can afford wha you're offering. If you have a broker, tell them to call the broker.
Do not use their mortgage broker.

Thank you - I actually don't want to give the broker the MIP because it has my personal information like salary, etc ... so giving the details of my existing broker should be enough?

matchboxfull

Make a verbal offer. An oral offer could get you into all sorts of trouble.

alchemist.1

Phone the estate agent and make the offer. Follow up with an email with confirmation of the offer and terms i.e making it clear you're chain free, you have a MIP, and that you want the property off the market if the offer is accepted (subject to contract).

Some will ask for sight of Mortgage in Principle/Decision in Principle. The ones i have had dont mention anything about your salary so unsure whether you are confusing it with something else. Ususally mention the maximum you can borrow though

Upto you whether you provide it. A lot on here dont agree with releasing to the estate agents as it reduces your negotiation position.
My experience is that if it is a fast market others will be happy to oblige and you may lose out on the house.

MFWannabe

Ring the EA and make your offer
Confirm your strong position: FTB and have a MIP (But don't tell them how much it states)
That is all they need to know when you make an offer
If your offer gets accepted then they will ask for your solicitors name and the name of your mortgage broker.
Also another word of advice: Use independent broker and solicitor; none that are linked to the EA (which they will try and push you to do straight away)