FTB, advice on next move please

Competsoph

hazyjo said:

They are allowed, they just mainly choose not to (to the best of my knowledge, unless something has changed).

A EA recently told me that they were ‘not allowed’ to divulge the exact figure of alternative offers as this encourages gazumping. For instance you could offer 351k over someone’s 350k. Obviously it plays in their favour as this is unlikely to happen and people are more likely to raise their offer by 3/5or 10k even. It’s unfair and frustrating but that’s house buying!

hazyjo

Competsoph said:

hazyjo said:

They are allowed, they just mainly choose not to (to the best of my knowledge, unless something has changed).

A EA recently told me that they were ‘not allowed’ to divulge the exact figure of alternative offers as this encourages gazumping. For instance you could offer 351k over someone’s 350k. Obviously it plays in their favour as this is unlikely to happen and people are more likely to raise their offer by 3/5or 10k even. It’s unfair and frustrating but that’s house buying!

It may be why they chose not to tell you, but I think they were possibly stretching the truth as to it being "not allowed". Unless it's in their own guidelines maybe. Just trying to say there's no law saying they can't (best of my knowledge, as mentioned).

Competsoph

hazyjo said:

It may be why they chose not to tell you, but I think they were possibly stretching the truth as to it being "not allowed". Unless it's in their own guidelines maybe. Just trying to say there's no law saying they can't (best of my knowledge, as mentioned).

Fair enough. I was under the assumption there was with the way he put it across. You live and learn!

BinaryMind

Thanks for the advices. We aren't desperate to move but we probably got a bit too excited when we saw a place that could work for us. We've more or less calmed down now decide to wait for few weeks. 

Is it a common practice asking the EA to keep us in the loop if there are other offers coming in? Do people normally leave offers on the table to show they are still interested?

beckymac93

Hi All,

First time poster here just after some advice. My partner and I are first time buyers we have a healthy deposit saved up of approx £16,000. we are thinking of starting look around September time when hopefully things are a bit calmer.

We are just wondering whether the current global crisis going on in the world is going to make getting our first home even harder or whether it will offer us more opportunities mortgage rates wise. 

Any advice would be great

Thank you
Becky 

UnderOffer

Yes you can leave the offer on the table, I’d make one more call with the EA reiterating your offer and your position, are you first time buyers? Plus anything else you think may help with the vendors decision, mortgage in principle, solicitor ready etc. I’d continue to look at other properties. Good luck. 

[Deleted User]

UnderOffer said:

Yes you can leave the offer on the table, I’d make one more call with the EA reiterating your offer and your position, are you first time buyers? Plus anything else you think may help with the vendors decision, mortgage in principle, solicitor ready etc. I’d continue to look at other properties. Good luck. 

I agree. Be firm and business like. State that is your offer and you are both FTB, have a mortgage in principle ( if not see a broker to get one ) and you are very keen to purchase but you wont pay silly money or get into a bidding war and that is your final offer. Can they advise soon as and vendor takes off market or else you will continue to look elsewhere.