First time buyer confused on process

paul82uk

Hi all,
I am a little confused with the estate agent process and hoping someone would help.

I put an offer on a house, the following evening the estate agent finance called me asking me to see their mortgage advisor it was late and just book but they never said if the offer had been accepted.

This morning estate agent called again the person I spoke to a bit more clear. They said I didn’t have to come in if I don’t want to use there broker but need to send ID mortgage in principle and proof of deposit.
I asked if my offer had been accepted and was informed it would never be accepted until clear I could gain a mortgage for the value.

After issuing my documents estate agent emailed informing it is now with the sales negotiator.

Question is this a positive sign and what is the usual turn around to here if offer is accepted and property off the market?
I have good liquidity and 20% deposit no chain made this all clear to EA.

I may be just worrying as it’s all new.
Thanks
Paul

SpiderLegs

They are trying to work out how much extra they can get you to pay, so expect them to tell you your offer is rejected and would you like to increase it.

Falafels

SpiderLegs said:

They are trying to work out how much extra they can get you to pay, so expect them to tell you your offer is rejected and would you like to increase it.

Very likely... when I put my house on the market, I asked the estate agent to put it on at £175,000 in the hope of getting £170,000. When an offer came in at £170,000 I accepted it - that's what I'd wanted - but they phoned me the following day to say they'd got the purchaser to raise it by £2,000 ("I didn't think you'd mind!").

avawat20

It is their job to get the most for their client however, they do need to check you can afford it which is what they are doing. I would take the more optimistic view that that's what they're doing. They can't make you pay more, if they do try then just refuse and stick to what you are willing to pay, they can't tell you how to spend your money especially if you feel there needs to be some work done on the property and you are allowed general savings! As someone selling I have had this and it ended up the person couldn't get a mortgage so couldn't afford it!

avawat20

Even then, I would refuse to send the documents through to them until you know where they stand with the offer. It can be conditional on you being able to afford it. It won't take them 5 minutes to check!

Semple

avawat20 said:

Even then, I would refuse to send the documents through to them until you know where they stand with the offer. It can be conditional on you being able to afford it. It won't take them 5 minutes to check!

Whilst true, the risk is dependent on your local market. As in if there's lots of buyers, then your faffing around could make you lose out to another buyer, all because you can't be bothered to forward on an AIB which frankly doesn't mean a great deal. 

Mnoee

I used a broker for my mortgage not affiliated with the estate agent. The estate agent wanted to check with my broker that we were able to get the required mortgage before taking it off the market. That's all standard as far as I'm aware. I'm surprised you even got a viewing at the moment without a mortgage in principle from a bank or similar - it seems like every other thread here is complaining about that! 

paul82uk

I sent them all the basic details they asked for passport copy AIP and my bank statement 

fortunately I have a separate bank account I’ve been using for deposit saving basically paying in what a mortgage payment would be to get use to it (recommend)

I didn’t send them through wage slips all bank statements P60 etc.. which first caller asked for and the second just said don’t need if you are not using us a broker.

I would imagine they just want to see to save the seller any headaches.

My offer was asking price.
Mortgage is pretty determined by what the lender thinks the value is.

Thrugelmir

paul82uk said:

Question is this a positive sign and what is the usual turn around to here if offer is accepted and property off the market?

A step in the right direction. How much have you offered beneath the asking price?  Vendor may well respond with a counter offer. Likewise other interested parties may view and make their own offers. 

paul82uk

Thrugelmir said:

paul82uk said:

Question is this a positive sign and what is the usual turn around to here if offer is accepted and property off the market?

A step in the right direction. How much have you offered beneath the asking price?  Vendor may well respond with a counter offer. Likewise other interested parties may view and make their own offers. 

Asking price is what I offer.

hazyjo

paul82uk said:

Thrugelmir said:

paul82uk said:

Question is this a positive sign and what is the usual turn around to here if offer is accepted and property off the market?

A step in the right direction. How much have you offered beneath the asking price?  Vendor may well respond with a counter offer. Likewise other interested parties may view and make their own offers. 

Asking price is what I offer.

How long had it been on the market?