Another first time buyer needing help!

Rachel*

So I’ve read quite a few threads on here, and I know no one can predict the future but just wanted some advice/help. 

I’m a first time buyer and I have just found a property (a maisonette) I really like, that I do want to make an offer on. I’m living at home so I’m not in any rush to move out. I already have my agreement in principle for my mortgage, and I would be putting down at least 25% deposit so I’m not too concerned about negative equity in the future. But with everything going on with coronavirus, I’m unsure whether to go ahead and make an offer? The sellers did tell me no one else has viewed the property (it’s been on the market for a month) so I think that puts me in a stronger position as I doubt there will be many viewings in the next few weeks?

The sellers also haven’t actually viewed any properties yet (due to coronavirus/waiting for a buyer first) so if I did get an offer accepted, I’m concerned that I could be waiting for months for them to find somewhere. I’m also unsure what actually happens in that situation, do I just hold off with mortgage application/solicitors until they have found somewhere? 

Any advice is appreciated! 

KPyro

No help here really, just empathy. We are in the same boat, we made the decision to make the offer (that was at the weekend, which already feels like it was a very different situation). Our mortgage broker advised us to go ahead and get the mortgage application rolling, but we could also potentially be waiting a long time as our vendor is in the same situation as yours. I'm a little unsure whether to actually get a conveyancer on board yet just because it still feels like we're going to be waiting a long old time.

Rachel*

KPyro said:

No help here really, just empathy. We are in the same boat, we made the decision to make the offer (that was at the weekend, which already feels like it was a very different situation). Our mortgage broker advised us to go ahead and get the mortgage application rolling, but we could also potentially be waiting a long time as our vendor is in the same situation as yours. I'm a little unsure whether to actually get a conveyancer on board yet just because it still feels like we're going to be waiting a long old time.

Everything is so unknown right now, I don’t know what to do. My concern would be if you start getting surveys etc done and then the seller can’t find somewhere and pulls out, you’ll lose that money.