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How much is 'proceedable' worth?
Comments
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3, no doubt, vendors do what's best for them. FTB with AIP means proceedable.
2 can !!!!!! off and they're welcome to come back with a serious offer.1 -
Never ever first time buyer.2
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We're all first time buyers at some point! I'm only on my third home purchase and feel like a veteran!comeandgo said:Never ever first time buyer.2 -
I was in this position in January and I sold to ‘person 3’. A FTB as I wanted a quick sale, we had no chain. Person 1 hadn't even put their house on the market yet and I wasn’t willing to wait for theirs to sell as I needed a quick sale.I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.1
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Person 1 is a definite no unless they have sold STC. If you go down this route you will probably miss the end of the SDLT holiday and therefore it will cost you 3% more on your house purchase.
Person 2 if you want a quick sale with little mortgage problems.
Person 3 if you don't want to accept a below market value offer. I would just clarify their position too regards to LTV
Person 2 and 3 will complete the downwards chain. If you go with person 1 who knows when the chain will end.1 -
Because, often due to inexperience (obviously as FTBswjr4 said:
Why is this?comeandgo said:Never ever first time buyer.
) they can be very demanding over the tiniest detail, very very impatient, and very nervous. Some vendors avoid them like the plague, although not every FTB is the same - just as not every vendor is the same. 2 -
Nothing to do with banks, I was referencing homebuyers or building survey, not the mortgage valuation. FTBs are pretty flaky buyers and get scared by the surveyors CYA language even if the mortgage valuation is ok.Crashy_Time said:
Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.OldMusicGuy said:It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them. Just read some of the "help with survey" threads on here......2 -
Most purchasers are inexperienced. A lot of people only move house 3-4 times in their lifetime, often 10-20 years between moves.badger09 said:
Because, often due to inexperience (obviously as FTBswjr4 said:
Why is this?comeandgo said:Never ever first time buyer.) they can be very demanding over the tiniest detail, very very impatient, and very nervous. Some vendors avoid them like the plague, although not every FTB is the same - just as not every vendor is the same.
Without FTBs, there would be some seriously long chains out there, taking months, or even years to complete. The longer the chains, the more likely they are to collapse. I'd rather have a FTB buying my house, compared to a downward chain, which would probably start with a FTB anyway. The chain is only as strong as it's weakest link.2
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