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FTB - How do I give myself the best chance in this competitive market?

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  • twoLou
    twoLou Posts: 459 Forumite
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    maton91 said:
    Thanks all for your replies

    I've got a few days off in a couple of weeks so plan to use that time to visit most (if not all) estate agents covering the area introducing myself and putting myself out there with my budget. Will come armed with deposit proof, AIP and conveyencing quote to provde I'm serious and ready to hit the ground running!
    The very best of luck - I'm sure you will find somewhere.
    Do let us know how you get on.
  • maton91
    maton91 Posts: 111 Forumite
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    eidand said:
    maton91 said:
    Slithery said:
    C1996 said:
    Register with EA’s to receive alerts, check RM daily, when registering with EA/making an offer make sure you stress to the EA your position i.e, ftb, no chain etc.

    Personally I wouldn't let anyone know that I was a FTB...

    There are plenty of experienced sellers on these forums that would either completely ignore a FTB or put them at the bottom of their list even with a higher offer due to the fact that FTB's usually have no idea about how to buy a property and come up with unrealistic demands...


    When you say unrealistic demands what do you mean by that?
    I'll give you examples of some FTBs I had trying to buy my property ...

    One of them wanted me to replace all the windows in the house at my expense because they said the existing ones were not decent enough. 

    Another one said my property is not worth the price so I have to drop 20% so she can afford to buy it because really that's all the house is worth to her.

    2 more FTBs put offers in and then withdrew them as soon as we accepted them.

    Granted, not all FTBs are like that, but we got to the point where we had an allergic reaction when we heard FTB ...



    Absolutely riddiculous, I'm sorry to hear that.

    That certainly isn't in my blood, I would have the same reaction as you if it happened to me!
  • maton91
    maton91 Posts: 111 Forumite
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    edited 30 May 2022 at 4:47PM
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    Today was the day I visited the Estate Agents with my Mortgate in Pinciple document, proof of deposit and conveyencing quote. After the first 3 or 4 it becausme clear they are all advising the same thing; sign up for alerts on OTM, RM, Zoopla and book in as soon as you see a property you like. Not what I hoped for, would've wanted something a big more personal to offer sellers but perhaps in this current market the EAs have to do very little work; perhaps it was a bit naive of me

    Tried to book some viewings of houses that have been on for a couple of weeks or so, all sold, just hasn't been updated yet. One sold for £250k when listed at a reduced figure of £235k! So it's likely my property will be up for sale from tomorrow onwards; I might as well forget the properties that have been listed already

    Just got to keep looking every few hours I guess! I only see prices going one way so may have to lower my standards a bit...
  • AFF8879
    AFF8879 Posts: 652 Forumite
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    Interesting. I think so many people were saying “visit in person and build a relationship with the EAs”, that the agents must have gotten sick of people constantly turning up in person hence are just shooing them away to the online portals… 
  • maton91
    maton91 Posts: 111 Forumite
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    AFF8879 said:
    Interesting. I think so many people were saying “visit in person and build a relationship with the EAs”, that the agents must have gotten sick of people constantly turning up in person hence are just shooing them away to the online portals… 
    My takeaway was becasue it's a sellers market they don't need to work hard to generate interest. Probably almost every property wil get 10+ viewings booked within an hour of the property being listed , then about 20% will likely offer.

    I've calmed down a bit from earlier, I think my best hope is following suit and offering as soon as the viewing is complete I think. And pester (within reason!)  the EAs, even if houses are 'under offer' and not 'sold STC', I'm going to try and get in. Always worth an ask
  • maton91
    maton91 Posts: 111 Forumite
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    edited 10 June 2022 at 3:18PM
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    Ok so an update:

    I've found a property I like and the 'asking price' on the EA's website is £220,000. So I offered that 1 hour after viewing. The next day I receive an email saying the seller wants 'all best and final offers to be made' with a deadline of Tuesday

    What is the point of this if I have met the asking price? What do I do?
  • movilogo
    movilogo Posts: 3,191 Forumite
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    Decide what the property is worth to you. Then offer that price. 
    There may be offer over asking price or EA just playing tricks with you - unfortunately you don't know what is true.
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
  • maton91
    maton91 Posts: 111 Forumite
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    movilogo said:
    Decide what the property is worth to you. Then offer that price. 
    There may be offer over asking price or EA just playing tricks with you - unfortunately you don't know what is true.

    Thanks for your reply

    I've got no real issue offering more but anxious mortage valuation will come back less. What are the chances of this happening?
  • p00hsticks
    p00hsticks Posts: 13,198 Forumite
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    maton91 said:
    Ok so an update:

    I've found a property I like and the 'asking price' on the EA's website is £220,000. So I offered that 1 hour after viewing. The next day I receive an email saying the seller wants 'all best and final offers to be made' with a deadline of Tuesday

    What is the point of this if I have met the asking price? What do I do?

    The point is that the seller may well have had several offers in already - some might have initially been lower than the asking price, but asked to be informed if anyone esle offers higher to give them the opportunity to match or better it.
    Or, as movilogo says ,the estate agent coudl be bluffing to see if you'll increase your offer.
    All you can do is offer how much you think you can afford / what the property is worth, emphasise any positives in your case (e.g. no chain, conveyancer and mortgage in position) and see how it goes.
  • maton91
    maton91 Posts: 111 Forumite
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    maton91 said:
    Ok so an update:

    I've found a property I like and the 'asking price' on the EA's website is £220,000. So I offered that 1 hour after viewing. The next day I receive an email saying the seller wants 'all best and final offers to be made' with a deadline of Tuesday

    What is the point of this if I have met the asking price? What do I do?

    The point is that the seller may well have had several offers in already - some might have initially been lower than the asking price, but asked to be informed if anyone esle offers higher to give them the opportunity to match or better it.
    Or, as movilogo says ,the estate agent coudl be bluffing to see if you'll increase your offer.
    All you can do is offer how much you think you can afford / what the property is worth, emphasise any positives in your case (e.g. no chain, conveyancer and mortgage in position) and see how it goes.

    Thats for your advice

    I think I'm willing to offer £230k, it's such a difficult market at the moment and I know it won't be a forever home but I need to get my own place now

    All I can do is try and as you say re-emphasise your points above (FTB, MIP, conveyencer quote etc...), if the mortage valuation is down valued I guess I'll have to go with a 90% LTV
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