Desperate wannabe FTBs- any advice?

efirox

Thanks all, our rent is currently less than what our mortgage would be so from a financial point of view it is better to stay put and save than spend more in an overpriced house.

It's hell at the moment, which is why people don't want to sell their houses.

Recent updates:

1. A specific house was on the market again because the current buyer was taking long to organise mortgage, solicitor etc and the seller wanted to sell quickly. We viewed and offered exactly what the current buyer had offered, sent our AIP, showed proof of funds etc. After 5 days of chasing the EA she told us the seller changed their mind and wanted to proceed with their current buyer..

2. A friend of ours has been looking for a house in Portsmouth for about a year. Last week he viewed a 2bed house which was listed for £220k. He offered £230k and his offered was rejected because apparently it was too low.

3. A house was listed on Rightmove on Friday morning, as we were waiting for House 1 we didn't contact them until yesterday. The EA started shouting at my partner how the closing date for viewings was 2 days ago (so Saturday) and he is not organised because he didn't call them the same day. 

Just crazy, never in my life I've seen such things. 

efirox

AFF8879 said:

#2 is bizarre. Anecdotally, I’ve heard of this situation happening more and more frequently- I wonder if England will become a standard “offers over” market as in Scotland….

Not sure if it will stay but if you are offering at asking price at the moment don't bother putting an offer.

PlumLuck

Just here to add to the FTB frustration - just had an offer 15k over asking declined and ready to bash my head against the wall.

Noneforit999

PlumLuck said:

Just here to add to the FTB frustration - just had an offer 15k over asking declined and ready to bash my head against the wall.

The market is crazy at the moment, you may have been 'bidding' against several other buyers who offered more than you. We are in the SE and listed our 3 bed Semi on the Wednesday, by Friday morning we had 13 people scheduled in to view it the following Saturday. The EA kept calling to extend the viewing window as more people wanted to view!

Ours is offers over £350k and Zoopla range is £337k-£373k so I am thinking £360k is where I want to aim for. Have to hope the  valuation comes back ok after that as we are chain free. 

Mahsroh

It is just ridiculous at the moment. I'm thankful we got ours at just £5k over asking (circa 1.3%!) in what we felt (and still do) was a very realistic original asking price but we didn't even bother offering on some properties we viewed because we knew we wouldn't get a look in. One place we viewed was marketed at offers over £375k and the vendors told us we were the last viewing (of 20 all within a week or it going to market!!) and they'd already got 3 offers on the table but were waiting for all the viewings to be done before making a decision. 

I was sure it would go for over £400k (top end of our budget) so we didn't even bother offering.... (as it happens we're now living in a house we viewed the same day anyway so probably wouldn't have offered). I still regularly check sold prices on Rightmove/Zoopla to see how much it actually did go for but hasn't updated yet..... If someone was running a book I'd go for £410k.  

propertyhunter

A house I viewed in September was sold for £35k over asking. The next offer was 20k over, then 15k over, then 11k over then 5k over followed by multiple other offers at or below asking. 

Fun times for buyers right now. 

ReadingTim

• The price you want
• The features you want
• The location you want

Pick 2....

PlumLuck

ReadingTim said:

• The price you want
• The features you want
• The location you want

Pick 2....

I definitely feel like I’m compromising on all 3!

TXC

propertyhunter said:

A house I viewed in September was sold for £35k over asking. The next offer was 20k over, then 15k over, then 11k over then 5k over followed by multiple other offers at or below asking. 

Fun times for buyers right now. 

Land registry sold or offer accepted?

propertyhunter

TXC said:

propertyhunter said:

A house I viewed in September was sold for £35k over asking. The next offer was 20k over, then 15k over, then 11k over then 5k over followed by multiple other offers at or below asking. 

Fun times for buyers right now. 

Land registry sold or offer accepted?

Well this is the EA telling me this once the transaction had completed - I can see they've already moved in 2 months after offer acceptance (no chain buyer, probate property). I don't think the EA would lie - because I could easily check the land registry in due course.