Frustrated first time buyers

pip10

So we’ve been looking for a house for around 4 or 5 months now and have found it all a nightmare so far and really frustrating.

We’re first time buyers. Have a mortgage in principle and deposit ready. We’re ready to go but...

Some houses we’re not even getting in for a viewing before they sell immediately even though we ring within a couple of hours of them appearing on right move. At least 3 or 4 occasions we have had viewings cancelled on the day, or the day before because a house has sold.

We have realised recently that people must have had the heads up early on a couple of properties before they were even listed on right move. We managed to get an early viewing on one last week for the first time, but that wasn’t for us. Have registered directly with estate agents and told them our position, but apart from that one house, it’s not made much difference yet.

Today was our worst experience so far. We saw a fab house on Friday o.i.e.o 190k. We put an offer in of 190k before viewing as we really liked it and wondered whether it would help us to secure a viewing too (this was the first time we had offered before viewing). We were given a viewing within 48 hours! After viewing we confirmed our offer stood and were told we were only the second to view with more viewings set for this week, but that the vendor wanted to consider our offer over the weekend. Today, we were contacted by the e a - She had been so friendly when we viewed. She was now cold and abrupt on the phone and told us the vendor had gone with another offer. We were given no chance to up our offer and she wouldn’t give any further info. So feel quite bitter about it and it just seems really strange.

I’m here hoping we might get a few words of wisdom, or some thoughts as to why we might not have been asked about increasing our offer? As far as I know, the vendor who was relocating, hasn’t found a house themselves yet, so surprised at the quick sale and literally within a couple of hours of the phone call, it’s already listed as sold on right move.

I knew it wouldn’t be easy buying a house, but I’m surprised how difficult it is. It’s so cut throat. Thanks for reading.

Gwendo40

I'm not aware there are any parts of the UK where the market is currently quite as 'hot' as what you're describing, just out of curiosity where about are you?

As for your latest disappointment I wouldn't dwell on it. It's quite possible the EA had a friend/relative/associate who was interested in the property (which may or may not have involved the exchange of a plane brown envelope)
I've had exactly the same happen to me in the past, the only difference being the houses I'd offered on had been sat unsold for a considerable length of time and yet as soon as I submitted my offer another offer from a 'preferred buyer' suddenly materialised and, like you, I wasn't even invited to up my offer. I was just abruptly informed that a higher offer had been received and the property was immediately removed from the market.

Bass_9

I feel for you, as we had a very similar problem and I even posted a similar thread to you: https://forums.moneysavingexpert.com/discussion/5811613/buying-proving-impossible.

In the end we didn't look as long as you but we were probably looking throughout more of a 'peak' time for house buying earlier in the year. I'd say we looked at 30 houses over a 3 month period, but most of those were viewed within a 1.5 month period. Initially we had an offer accepted on a house that wasn't on rightmove etc. Essentially I received a phone call from an EA about it and I viewed the house (without partner as he couldn't come) 2 hours later. 1 hour later - offer accepted and off the market. However, on our second viewing (partner in tow this time), the vendors explained they were looking for a very specific property themselves and they really insisted we should continue looking for a house (with our offer remaining on the table). They were really lovely about it and just didn't want us to hang around forever, I think they were surprised how quickly it had sold tbh.

It was a bit of a downer as we both loved the house however it gave us a bit of a rest from viewing (you get sick of it eventually!). We decided to continue viewing at a slower rate, and prioritised houses that really had potential, i.e. as good or better than that house. Having asked the EA how the vendors were getting on with their house hunting after a month, they were getting no-where and a few months later, we viewed the house we are going to buy, touch wood. This one made it online, but ironically after all the contact with numerous EAs in the area, this EA was not local and we hadn't even viewed a house with them before. We got in there first and offered over asking - if we didn't, there would be a chance others may, and I don't regret it. We're almost there on the sale, fingers crossed...

Essentially I realised that if we wanted to get a house we really liked it was going to have to become our number 1 priority. I'm sure you are, but we too were surprised how cut throat it was and we soon learnt that the decent houses go fast. Basically we sat down with all the local EAs and saved all their numbers (including direct numbers to some of the more helpful individual agents) in my phone so I could call them quickly, and 'got to know them', not really of course but so they could put a name to a face at least. I had to move past my quiet nature and really start becoming very forward. I had to jump with no hesitating and that is not my character at all.

My advice to any FTB is to view as many properties as you can to begin with and don't assume that something won't work for you. THEN be ruthless and narrow down what you view once you are more informed. For yourselves I know this is probably useless advice now. There were a couple of occasions where I did go along to a viewing I suspected would be no good to be open minded, appease the EAs and show we were serious. That's obviously a hard line to draw as you don't want to be (or appear to be) a time waster, but it definitely helped to get us in their mind and we had many phone calls as a result.

One thing I found frustrating is that some people assumed we were being very picky but we weren't really, we were looking for a typical 3 bed semi. Someone I know asked whether we had considered looking further afield but ironically they only considered a much smaller area when looking for themselves and even a mile up the road was considered too far... Lol. When having a detailed chat with one of the EAs they explained most of the people she was dealing with were much more selective and we were quite open minded. But tbh, why not be picky? You're the ones who will have to live there and it's the most expensive thing you'll probably ever buy!

Eventually you will get there, please don't give up (especially now it's nearly Autumn and should pick up). Eventually you will be able to laugh about some of the strange viewings, weird vendors, and irritating EAs you had to deal with. :A

Sorry for the long read but hopefully this has helped a bit!

Bass_9

RE. The house where they hadn't found a house to purchase, perhaps their 'dream home' came up and they had to secure an offer to prove they were a proceedable buyer? Things can change very fast but hopefully that will happen for you guys. Perhaps you could ask to be reserve buyers?

nyermen

I'm in the same boat - with roughly the same story. Houses aren't quite as "quick to disappear", but there seem to be some interesting expectations on price at the moment. Properties either need a lot of work (roof issues, bathrooms and kitchens that need ripping out). I guess some ex-tenancy properties are flooding the market a bit. They tend to have interesting prices initially (not even worth a cheeky bid), then lots of price reductions along with "OIEO" appearing at the same time as the drop in price.

I'm not aware there are any parts of the UK where the market is currently quite as 'hot' as what you're describing, just out of curiosity where about are you?

Farnborough for me!

As for your latest disappointment I wouldn't dwell on it. It's quite possible the EA had a friend/relative/associate who was interested in the property (which may or may not have involved the exchange of a plane brown envelope)

My money is on this. Likely they never even put your offer to the seller. Also don't underestimate the "type of buyer". A no-chain, true cash buyer has extra value over you and with our DIP's. Never forget we have an advantage over people with chains of course.

Just wish you luck, I'm hopeful (having spoken to some of the better agents - ie. the independents), that september with the holidays over, will see an increase of people who want to move before christmas.

pip10

Interesting! A friend also said something similar about maybe it’s been sold ‘in house’ they called it.

We live in Manchester. There’s a few areas that literally the houses come on right move and they can be gone in a couple of days, so if you’re not on some kind of hot list, it’s hard to get a viewing, or you do get booked in for around 3 or 4 days later because they’ve got no space and it just goes before you view!

Gwendo40 wrote: »

I'm not aware there are any parts of the UK where the market is currently quite as 'hot' as what you're describing, just out of curiosity where about are you?

As for your latest disappointment I wouldn't dwell on it. It's quite possible the EA had a friend/relative/associate who was interested in the property (which may or may not have involved the exchange of a plane brown envelope)
I've had exactly the same happen to me in the past, the only difference being the houses I'd offered on had been sat unsold for a considerable length of time and yet as soon as I submitted my offer another offer from a 'preferred buyer' suddenly materialised and, like you, I wasn't even invited to up my offer. I was just abruptly informed that a higher offer had been received and the property was immediately removed from the market.

Hoploz

You need to go in to all the local agents once a week and ask for any new instructions.

Make sure they know you've got a mortgage agreed in principle, deposit in the bank and are ready to go.

The face to face thing is very important in these situations, as you are then the first people they think of!

Regarding being open minded ... That's fine, but I wonder whether that is how we all begin looking, then when we have viewed a few, it narrows us down and we focus more on exactly what we want and we realise what we don't. So I think this will come, once you've managed to get some viewings under your belt!

Good luck!

P.S. looking further afield isn't such a bad idea you know. Do consider it! Your first time purchase is unlikely to be where you stay forever, so bear in mind you want the best return on your investment, and this comes from buying in the best AREA you can afford.

hazyjo

How big is your deposit? I would favour someone in a chain with a large deposit over a FTB with say a 5% deposit (although I suppose that's not to say there won't be a FTB with a low deposit in the chain somewhere!).

pip10

Thank you for all the replies and taking the time to offer tips and advice. Lots of interestingly ideas and points to take on board..

pip10

hazyjo wrote: »

How big is your deposit? I would favour someone in a chain with a large deposit over a FTB with say a 5% deposit (although I suppose that's not to say there won't be a FTB with a low deposit in the chain somewhere!).

5% and FTB Why would the person with a large deposit in a chain be more favourable to you?

hazyjo

pip10 wrote: »

5% and FTB Why would the person with a large deposit in a chain be more favourable to you?

Banks will be extremely cautious and may value lower - or not lend at all! Plus FTBs often panic after a survey and try to reduce the price or pull out.