Desperate wannabe FTBs- any advice?

propertyhunter

It's definitely worth building that relationship with EAs, which starts with going to see properties in person that you don't necessarily like from a Google Streetview check. Over time, it helps both you and them to get an idea of which properties fit the bill when new instructions emerge - so you're the buyer they call first. Plus going to see properties shows you're serious and committed. Some of the best properties aren't even listed online because they're sold to people on the EAs high priority list of buyers who are proceedable, serious and put the hard graft in to see properties and develop a relationship. 

EAs have also told me that putting an offer in, but not getting the property because of being outbid also makes you a high priority buyer, as you're essentially at a point where you know what you want and know what you need to pay to get it.

ACG

When I first started out as a broker and did not have an office, I used to go to a local pub to do some work. 
It was quiet during the day until around 3pm, so I could go in at 11-3ish. 2-3 brews and it got me out of the house and it also helped me to get more work done as I knew I needed to get x done before 3pm. Just a thought on helping you to get out of the house, although I appreciate times are different at the minute so you may not be up for that. 

All you can do is just keep doing what you are doing. If you get viewings, try to talk to the vendors. When we were selling our home, we had 2 people make offers. We actually wanted to sell to a couple of first time buyers despite them only having a 5% deposit. In the end one of them brought their dad around and he was picking problems over anything and everything trying to be the big man. We ended up selling to another bloke who had a 40% deposit. 

[Deleted User]

It's definitely worth considering a new build and riding out this period of chaos with a view to potentially moving somewhere else later if necessary. Interest rate rises are on the horizon so mortgages are likely to get more expensive over the next year (possibly a lot more expensive). Eventually the housing market might cool off but nobody knows when that's going to happen.

The advantage of a new build is you can bypass all the insanity and just get something for a fixed price. You might have to wait six months for it to be ready but you can still lock in a mortgage offer at today's prices (e.g. you should be able to find a bank that will do a six month mortgage offer that can be extended a further six months at the same rate for free). If everyone's fighting over the bacon then eat sausage, as my Gran used to say.

enjoyyourshoes

Have you identified the most suitable mortgage at the best rate for your circumstances, if so obtain an agreement in principle from mortgage company. This will clearly show to estate agents and sellers that you have your ducks in a row. Also identify solicitor that offers best deal for your circumstances, again identifying you're serious.

caprikid1

"We've put 10 offers so far, all of them rejected for different reasons; 15% deposit not good enough, cash buyer, marginally higher offer etc"

It would be interesting to understand your offers, my Ex wife always wanted a bargain and if left to her own devices would dig her heals in and never close the deal.

Sometimes if you are buying a £300K property going all out and paying an extra £10K is nothing on the whole scheme of things as long as you have a deposit to cover it.

My first house was purchased for £40K now worth £250K if I looked back and had paid £42K to get it would I really lose any sleep 25 years down the line ? Prices over time go up, chances are if you were willing to pay x to secure a property so will someone else, if you can find your forever home price can be more flexible.

Sometimes it is worth putting a price on moving forward with your life and not getting too hung up on the price today assuming you can have deposit to cover it. When buyers are struggling to buy it is often not down to the market but their negotiating skills / expectations in terms of budget and reality.

efirox

Thank you all for your responses and ideas, we did visit a few EAs as so many of you suggested.

They mostly told us that once they have something they will send us an email, so not sure if it helped but we will keep doing this! If anything, it gives me an excuse to go out.

We have an AIP (most people won't even arrange a viewing without this!) and apart from 1 offer that was at asking price, all others have been £2-10k above.

New builds are VERY expensive here, a typical 3bed would be £400k. They're also built in the middle of nowhere, my SO works at a hospital and needs to be on call sometimes, which doesn't help.

First priority is to make some immediate changes in our everyday life and take care of our mental health for now because this has been very draining.

yksi

Others have made some wonderful suggestions for your mental health. As for your offers, ten offers all rejected says your offers were not good enough (either amount, or circumstance, or the way you presented the offers).

You aren't in a chain and I am assuming you have strong documentary evidence that you can afford this, such as sending the agents proof of funds for the deposit and your AIP. Write yourself the strong email where you imagine that you're a high flyer full of confidence and lay out your situ in black and white. You are highly motivated buyers, with a solicitor arranged, you are not in a chain and you are prepared to move swiftly on the right property. And you are willing to provide proof of deposit and AIP. And you are prepared to view the property this evening (yes, you can be presumptuous, and act like you're the one calling the shots - confidence is valuable). When you do get a viewing, turn up in power suits, possibly with briefcases etc. Perception matters. I would echo others and also go to viewings of places slightly above your price range. It shows you are serious, and you get to know the agents, and you might decide to make a cheeky offer, which who knows, might be accepted.

There is also always a point where a buyer will consider your offer over and above a cash buyer if the amount is right. And the rules of "how much to offer" have clearly changed now that you know how stiff the competition is. You have evidence (ten lots of it) that however you presented your offers wasn't right. So you have the power to change that for the next one. Even if you don't increase the amount, you can make it very clear to the agent that you'd like to be kept in the loop if your offer is not accepted. Any agent with half a brain will know what this means and will come back to you with the invitation to increase your offer.

If your offer is not accepted, ask why not. And ask outright whether the amount was in the ballpark. They might actually tell you the price (even if they shouldn't) and will very likely give you the reason, if it wasn't price. You can even ask what sort of offer the owner might consider. The worst they can do is decline to say.

TallGirl

Sounds like a difficult time for you I live in the Portsmouth area. Sometimes traffic means more than distance but I’m guessing you need to be right on the southern part so not much choice really.  Some of the ten you offered on might fall through have you made sure the agents know you’re still interested should this happen. 

RelievedSheff

TallGirl said:

Sounds like a difficult time for you I live in the Portsmouth area. Sometimes traffic means more than distance but I’m guessing you need to be right on the southern part so not much choice really.  Some of the ten you offered on might fall through have you made sure the agents know you’re still interested should this happen. 

I agree with this. Our last house was 6 miles from where we worked yet it took us the same time to get to work as it does now we live 25 miles from work due to the traffic getting across the city. 

theoretica

How are you deciding how much to offer?  Of course you need to take into account the mortgage and likely down valuations, but rather than spending more by renting somewhere else it might be worth thinking about upping the offers you make, even if it takes you down from 85% mortgage to a 90% one and leaves you paying a bit 'over value' on the property out of your deposit.  It might be worth it to get to move somewhere you like.  Sellers may take other things into account, but the highest offer is generally given decent consideration.