First time buyer - keep being beat

GMB1994

My Partner and I are first time buyers, have our mortgage in principle, 10-12% deposit saved and are actively offering on houses we love. 

Every single time it’s either gone to first and final offers, or we are beaten by someone that has a bigger deposit.

 Most houses going for £20,000 plus above asking price, with people offering way more than the area is worth. 

All our family and friends keep saying how odd that we haven’t been successful yet, and don’t get the market at the moment. 

does anyone have any tips on how we can help ourselves secure a house in this crazy market?  

Deedoodee

I was in this situation a few months ago. I offered between 2-13% over asking on a number of properties and lost everytime. I considered moving to a cheaper area but my partner and I decided we wanted to stay in that area.

Eventually managed to get an offer accepted but I did offer 5% over asking on a property that was already priced at the high end of the Zoopla estimate. 

Also, what makes you say people are offering more than the area is worth? Do you think everyone is offering high in hope/ expecting to reduce in a downvalue? 

ABFG

I recognise this comment - having completed at the end of January. My advice, which you may already be doing, based purely on my own and my friends' recent experiences:

Firstly chin up - it will happen for you, especially if you're not desperately needing to move, don't rush or panic.

Secondly, I found I had no choice but to offer on more than one place at a time. In the end I kept getting rejected until I had 2 offers accepted on the same day. I didn't feel guilty about it, the one I let down had a ridiculous 'no time to think immediate best and final offers' policy, so I did what was best for me. They said they had many bidders so I either caused them no inconvenience or was being lied to.

Thirdly, since having an offer accepted, two that I had originally been rejected for came back and asked me to re-offer. People offering too high can cause things to fall through, you might get lucky, especially if you do the next point.

Fourthly, get in with and be nice to the EAs, good and bad ones alike. They may be able to call you first and get you in to see things before the Rightmove crowd. Especially as you have all your ducks in a row (DIP lined up).

Fifth, be prepared to go quickly after offer acceptance. Mortgage application, surveys, searches etc. Come across as if although you are an FTB, you can 'talk the talk' and know what you need to do the day after the offer.

Sixth, look a bracket above what you can afford on Rightmove/Zoopla etc. Then sort by longest time on market. Some of these will not be selling for good reason and steer clear, some will just be a bit overpriced or badly presented, but the reason you may be able to live with. These are places where a cheeky offer may work - but make sure you really make sure you're happy and there's no legal/survey issues that have caused them to stay on the market.

Ksw3

I wish I had some bright ideas. We've been struggling to buy with a 30% deposit. We're back to the stage of not even being able to book a viewing as we don't always call the EA within 5 minutes of it being listed. 

We don't want to overpay but I can't see any other choice ATM. Everything is going 15% over. 

theoretica

It's a bit like job hunting - if lots of people like each property the numbers say you will probably need to go after quite a few before you are successful.

Basically, you can:

Carry on offering and hope your turn comes

Branch out and offer on less popular properties - can you find ones you like and other people don't?

Increase your offers

MysteryMe

I can only echo what another poster has suggested and try and build up a relationship with the EA's which may mean physically going into their offices regularly. You want to get called before properties are listed on the internet so you get an early chance to view

penners324

Buy a new build. You won't be competing with anyone then.
View it, put the reservation fee down, wait for the builder to complete that style elsewhere on the development.