First time buyer confused on process

paul82uk

@Eilidh1970 well it’s not the only house out there and better to know now then spending only for a seller to withdraw
am sure there be something else that ticks my boxes 

badger09

paul82uk said:

@Eilidh1970 well it’s not the only house out there and better to know now then spending only for a seller to withdraw
am sure there be something else that ticks my boxes 

'Vendor is emotional', house was empty and has now been taken off the market. Do you know the circumstances of the sale? Death of husband/wife/parent? Parent gone into care? Relationship breakdown? Any of these, and probably others, could explain strange behaviour, but would also probably prolong the sale process. EA might not tell you, but if I was really keen, I think I would ask. However, I would definitely look elsewhere!

Eilidh1970

badger09 said:

paul82uk said:

@Eilidh1970 well it’s not the only house out there and better to know now then spending only for a seller to withdraw
am sure there be something else that ticks my boxes 

'Vendor is emotional', house was empty and has now been taken off the market. Do you know the circumstances of the sale? Death of husband/wife/parent? Parent gone into care? Relationship breakdown? Any of these, and probably others, could explain strange behaviour, but would also probably prolong the sale process. EA might not tell you, but if I was really keen, I think I would ask. However, I would definitely look elsewhere!

Agree - plus, I once emptied a flat and put it on the market, and moved into rented accommodation close to where my partner had a new job. The job then fell through and we were having a really hard time making anything work in the new location, so we took the flat back off the market and moved back in (thankfully no-one was interested in buying the flat at the time). These things happen. 

paul82uk

badger09 said:

paul82uk said:

@Eilidh1970 well it’s not the only house out there and better to know now then spending only for a seller to withdraw
am sure there be something else that ticks my boxes 

'Vendor is emotional', house was empty and has now been taken off the market. Do you know the circumstances of the sale? Death of husband/wife/parent? Parent gone into care? Relationship breakdown? Any of these, and probably others, could explain strange behaviour, but would also probably prolong the sale process. EA might not tell you, but if I was really keen, I think I would ask. However, I would definitely look elsewhere!

It was parent, who was having private home care but lived alone. That was back in January when they passed. So if it been in probate that be why it took so long to come to market

And it was the EA doing viewings

Feel the EA has said take it off and it return higher price or they said this because there has been local restrictions preventing viewings.

paul82uk

Hello,

quick update - the property came back to market at the same price and still at OIEO

There has been 2 new bids estate agent told me what these where
1) £2k over asking which was their max and rejected
2) £10k over asking
they asked if I want to put a bid in or match. If I match it goes to final bids.

tim_london

For your next house do the following prep:

• (Preferred) Have a mortgage broker.  When you view a house the EA will want to know that you're not a time waster and will ask for mortgage DIP.  You can response with 'I have a certified mortgage broker that can confirm that any offer from me is affordable'.  This way you don't give away what the maximum you can afford is.
• (Alternative) Have a DIP ready, super easy to get.  Always generate one that is for the amount you are offering, do not be lazy and show the maximum you can borrow.

For now:

• Vendor decliner first offer is very common.  Always counter with 'I will not submit any further bid without a counter offer'.  And be prepared to walk away.
• Always have in mind what the max you want to pay is, and never go above that.  There are always other properties.
• Because you are FTB do not be afraid to go in again even if you are not the highest bidder.  But remember to present yourself properly, for example:  "I am a FTB currently renting and can move at as soon as required, i.e. no chain.  I have my mortgage advisor and solicitor ready to take instructions. ".  If I were seller I'd probably pick you versus someone with 2xchain who is offering few k more. 

ajby3

I've learned more in this thread than from anyone who I've asked advice of. Good luck @paul82uk. I don't want to sound like a paranoid person but as a FTB as well, I'm starting to disbelieve all these offers that appear days later for asking or above. Walked away from a house because I didn't want to meet the other interested party at asking price, only to have the EA call back two weeks later to see if I still wanted to go forward as the other party had pulled out. Did this really happen or was it just made up? I have no idea and will never know.

In total have now walked away from 3 so who knows. Maybe some people are happy to pay over asking. 
@tim_london your advice to not submit any further bids without a counter offer is going to change my life. 

tim_london

It does happen.  Buyer pull out before exchange more often than people realise.  This is why how you present yourself is very important.  
It works both way however - it is not worth losing a dream house over a few thousand which translate to extra tens of pound a month when mortgaging.  The most important thing is to get the seller willing to negotiate because they like you as a buyer and trust that you are not a time waster.  

paul82uk

@tim_london thanks my AIP and deposit info I provided equalled that of the offer but looking back and the few £10’s it makes in the mortgage yes if the EA was quick thinking they could have worked out a max which equalled the amount of this other offer it’s very convenient.

I am not sure if the EA is being overly transparent or putting the squeeze on. No other EA has ever told me the amount others had submitted l. So this is strange.