First time buyer problems

L.gibbons

Hi, we're FTB's and saw a property we liked and put an offer down. The tenant rejected our first offer and we was told by the estate agent that if we're serious about this property then we should offer what she wants or a little over as she has numerous other offers on the table! So over a discussion with the wife we offered just over and the very next day later she accepted our renewed offer. We was delighted! Two days later we was told that she's off to the coast to look at properties for two weeks. It's been a month now she hasnt foumd anywhere and have been told she'll be heading back in a couple of weeks to have a another look! We feel were no closer to where we left off. As first time buyers, chain free and offering over the asking price I feel we being taken on a bit of a ride! HELP!!

csgohan4

with the same EA, look elsewhere as she doesn't seem to be serious. But bare in mind finding a property is not easy and they may want to find the right one.

Lioness_Twinkletoes

I would contact the EA and advise that you will continue to look for other properties unless the vendor can confirm that she's started the conveyancing process. Then start looking for somewhere else. I'd make sure that I'm looking properties through the same EA so they know I'm serious.

Davesnave

It doesn't matter what you have offered for a property, if the vendor can't find something she wants, then nothing can happen.

All the same, as others have said, keep looking and make sure the agent knows you are actively seeking alternatives, just in case.

pinkshoes

L.gibbons wrote: »

Hi, we're FTB's and saw a property we liked and put an offer down. The tenant rejected our first offer and we was told by the estate agent that if we're serious about this property then we should offer what she wants or a little over as she has numerous other offers on the table! So over a discussion with the wife we offered just over and the very next day later she accepted our renewed offer. We was delighted! Two days later we was told that she's off to the coast to look at properties for two weeks. It's been a month now she hasnt foumd anywhere and have been told she'll be heading back in a couple of weeks to have a another look! We feel were no closer to where we left off. As first time buyers, chain free and offering over the asking price I feel we being taken on a bit of a ride! HELP!!

A month?? Hardly that long! It can take AGES to find the right property, particularly if you are looking somewhere not local to where you are selling.

How long were you looking for a property?

I think you either need to be more patient, or start looking for something else. Or offer more money for them to move out and rent somewhere?

Ps - it's we WERE (not we was)

sulphate

It's common practice for vendors to wait until their house is sold before finding another.

Don't spend any money on this (don't instruct solicitors or surveyors) until the chain is complete.

You may want to consider giving them a deadline (i.e. If the vendor hasn't found a house in x weeks then you will look at other properties), but note that a vendor who hasn't sold their house is not viewed as a proceedable buyer so you may get this with any other house.

We accepted an offer from a FTB 3 weeks ago and if she had stipulated that she wanted to move in x amount of time I would probably have suggested she find another property. FTB-ers are chain-free and ready to go and therefore they are the ones who should be being flexible.

GoldenShadow

Our vendors have been looking for nearly 4 weeks and have had an offer declined in favour of someone else due to the fact there is a chain behind them. We are at a point of asking if they will break the chain but then we already own and have new jobs in the new area and are doing stinking great commutes every day. I'm not sure how committed our vendors are to move and think they're likely looking for something rather specific. We had offer accepted in a week of selling ours, but our concern is that they could take weeks more and then their vendor may take similar weeks which we dont fancy when there are properties with no onward chain coming up.

Equally my buyer stipulated to be out in 6 weeks and we said do one. Our house got a lot of viewings and sold very quickly and I would easily replace her with another buyer so she doesn't have a huge amount of power. She backed down very quickly when we said no deal to asking price + out in six weeks. Our vendors on the their hand had been up 5 weeks with only a smattering of viewings and no offers so I think they'll find it harder to replace us, but I know they love the house and my gut feel has been 'how much do they reallyyyyy want to sell' the whole way. So I guess now I'm trying to flush them out, but I'm entirely prepared to go with another property I wouldn't be applying pressure otherwise.

L.gibbons

Thanks for all the advice. Good to read different situations from different people. I've come to the conclusion that patience is a virtue. Really helpful thanks

L.gibbons

Long story short. She accepted our offer for 345,000 firatly, then we was shafted into a bidding war by the estate agents "off the radar" infomation and told to go for asking price and just above to guarantee for it to be ours. Then a week after easter she approaches another estate agents or vice versa and they put it up for 379,000 so therefor our estate agents say they have to do the same. What a circus. We have moved on ������