Am I in a good position FTB?

COYI123

julicorn said:

COYI123 said:

Slithery said:

How much deposit do you have?

Just the fact that you are a FtB doesn't mean that you're in a better position than anyone else, with most properties going for over asking at the moment I wouldn't think you stand a chance of getting a £300k property for £285k.

Many people consider FtB's a worse option than an experienced buyer with a property to sell.

Can’t see how that is when every estate agents has been admitting to us we are better than people that are not FTB due to the risk of chains falling through and then your back to step 1. So no your wrong In that part tbh with you , and yes your right about them selling over the AP but their is a lot of places listed for around 300 and not selling instantly , and we have £30k deposit 

If you think you're so much 'better' than people in a chain, then why even ask the question here?

To give an answer anyway: If you and a buyer in a long chain both offer £285k and it's the best offer the seller can get, then sure, you might have an advantage over the other interested party. But no seller in their right mind is going to give you some sort of deal/discount, i.e. accept a substantially lower offer from you simply for being a first-time buyer. (There are actually a fair few people on here who'd prefer not to sell to FTBs, but that's a different story)

Not true , we know people that have offered 5k lower than asking price on a property and got it given to them over people that were offering 10k over asking price , down to the fact they were FTB , no one can say it’s not a much difference when you have a whole chance of a chain falling through which can make you even more frustrated , if the person isn’t necessarily pathetically tight financially and see sense , then most of the time people would just take the FTB offer . When people sell a house it’s not for fun , they are selling it because they need it gone 

Justonemorecupoftea

If we had two offers the same, we'd go with the FTB. I'm not sure where the financial tipping point would be but I think the situation you describe would be stretching it £15k is a lot.

COYI123

Justonemorecupoftea said:

If we had two offers the same, we'd go with the FTB. I'm not sure where the financial tipping point would be but I think the situation you describe would be stretching it £15k is a lot.

Thank you at least I’ve heard some positivity, I’d give you one more cup of tea for that 

RelievedSheff

Being a first time buyer is not an advantage. 

For us it would be a disadvantage. First time buyers are known to be indecisive, prone to changes of mind and generally a bit skittish around house purchases.

COYI123

RelievedSheff said:

Being a first time buyer is not an advantage. 

For us it would be a disadvantage. First time buyers are known to be indecisive, prone to changes of mind and generally a bit skittish around house purchases.

Everything you have just stated is down to anyone due to how they are as a person , if I see a property , and I like it , and I know I can get it , I would put an offer in, I’m not going to stand their and be worried that their may be a better property somewhere else , because doing will get you no where , of course there would be other places that are nice but at the end of the day you can only have one sodding property , I’m old school , if I see somewhere else in the future I would just remortgage , simple . You can’t say that FTB are like that , if anything people with a chain are the picky ones with the old time classic “ just waiting for my house to sell” .

RelievedSheff

COYI123 said:

RelievedSheff said:

Being a first time buyer is not an advantage. 

For us it would be a disadvantage. First time buyers are known to be indecisive, prone to changes of mind and generally a bit skittish around house purchases.

Everything you have just stated is down to anyone due to how they are as a person , if I see a property , and I like it , and I know I can get it , I would put an offer in, I’m not going to stand their and be worried that their may be a better property somewhere else , because doing will get you no where , of course there would be other places that are nice but at the end of the day you can only have one sodding property , I’m old school , if I see somewhere else in the future I would just remortgage , simple . You can’t say that FTB are like that , if anything people with a chain are the picky ones with the old time classic “ just waiting for my house to sell” .

You might be all of those things. Trouble is the vast majority of first time buyers are not.

The days of being a first time buyer being an advantage are long gone I'm afraid.

You are a bit behind the times. Offers from people with a property to seller are not even accepted unless they are proceedable, ie they have an offer on their house.

Times have changed. You need to catch up.

Slithery

COYI123 said:

You can’t say that FTB are like that , if anything people with a chain are the picky ones with the old time classic “ just waiting for my house to sell” .

The people here who are saying that they don't like selling to FTB's are usually speaking from personal experience. A few reasons off the top of my head...

• More likely to have a minimal deposit so unable to handle a down valuation.
• No experience of the house buying process.
• More likely to panic at a perfectly normal survey.
• Unrealistic expectations of the vendor with regards to work that needs doing.

Given the choice I'd sell to an experienced buyer over a FTB every time, even if the offer from the FTB was slightly higher.

tink_1983

First time buyers are great as they have no chain and if I had two offers the same I'd go for a Ftb. But.. ftbs often (not always) lack knowledge of the process and having not been through it before are easier scared off by potential issues of a house.. whereas someone on their 3rd or 4th house will know there are always issues and more likely to roll with the punches.
Just my opinion 🤷

Flugelhorn

can't see how being FTB helps, no-one is going to accept 15K off. I was cash buyer at that level and didn't get much benefit from that 

Justonemorecupoftea

COYI123 said:

Justonemorecupoftea said:

If we had two offers the same, we'd go with the FTB. I'm not sure where the financial tipping point would be but I think the situation you describe would be stretching it £15k is a lot.

Thank you at least I’ve heard some positivity, I’d give you one more cup of tea for that 

No worries! We were screwed around by a ftb, but it was actually her parents in the background. Obviously FTB are likely to be younger and less certain so may involve third parties that make them doubt themselves, but not all of them. You can make yourself even more attractive by getting the decision in principle, having a solicitor lined up (at least chosen) for when you put your offer in as you'll look clued up.

If it helps our onward purchase is happy that we are going with a FTB as they see a chain of 3 as better than a longer chain.