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

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  • Slithery
    Slithery Posts: 6,046 Forumite
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    edited 11 June 2022 at 12:26AM
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    maton91 said:
    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
    As I stated earlier in the thread, I wouldn't let them know that you're a FTB.
    Some sellers will immediately discard offers from FTB's even if they are higher than anyone else's due to previous bad experiences.
    Instead just saying that you are currently in rented with no chain has all of the positives without any of the negative connotations.
  • Richiem1987
    Richiem1987 Posts: 88 Forumite
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    edited 11 June 2022 at 12:12AM
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    Like you have said, if you offer over asking, make sure you can cover the difference if the Mortgage lender down values. That's why I always recommend 15-20% deposit, so you can absorb a down valuation down to a 10% deposit (on paper). Doing this worked in my favour. 
  • maton91
    maton91 Posts: 111 Forumite
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    Thanks all for your feedback

    In my position I like the house and I want to give it my best shot on getting onto the ladder. So I've increased my offer by £10k and reaffirmed my position to the EA that I have a mortgage AIP and have conveyencers ready to instruct should the vendor accept my offer

    Should find out in a few days!
  • Megaross
    Megaross Posts: 183 Forumite
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    Turn up as many leads as possible. More seen, more chance of finding the right one.

    Make sure you phone round agents to ensure you get fresh to market stuff before it hits Rightmove.

    Even asking friends or mates down the pub if they know of houses going can turn up leads.
  • maton91
    maton91 Posts: 111 Forumite
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    edited 17 June 2022 at 10:00AM
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    Megaross said:
    Turn up as many leads as possible. More seen, more chance of finding the right one.

    Make sure you phone round agents to ensure you get fresh to market stuff before it hits Rightmove.

    Even asking friends or mates down the pub if they know of houses going can turn up leads.

    Thanks for this, luckily enough I found a property and had an offer accepted earlier in the week. Useful info for those that are in the process of looking though!
  • maton91
    maton91 Posts: 111 Forumite
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    As I was anxious about, the lendor has down valued my offer by £10k

    I have now gone back to the EA and asked if the vendor would be willing to proceed at the down valued number. This is actually the same value as the original listing ('asking price'), so I'm hoping they will agree and things can get moving again.

    If not, well I guess it's renegotiation time, hoepfully we can compromise at a half way point and I'll stup up the £5k delta in cash
  • jenni_fer
    jenni_fer Posts: 529 Forumite
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    maton91 said:
    As I was anxious about, the lendor has down valued my offer by £10k

    I have now gone back to the EA and asked if the vendor would be willing to proceed at the down valued number. This is actually the same value as the original listing ('asking price'), so I'm hoping they will agree and things can get moving again.

    If not, well I guess it's renegotiation time, hoepfully we can compromise at a half way point and I'll stup up the £5k delta in cash
    Our original buyer tried this...if it was valued at asking, you knowingly offered £10k over so shouldn't be surprised it's not worth that to the bank.
    We said no.
  • Zoe02
    Zoe02 Posts: 507 Forumite
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    My brother has been telling me to tell the EA I am happy to use their in house broker.

    I was reluctant because with a straightforward case thought would go directly and save fees.

    This seem to have helped with my offer and to my surprise broker said I did not need to pay any fees. (the lender pays him commission).

    My tip would be also have your AIP and proof of deposit to show you are a serious buyer. 
  • Zerforax
    Zerforax Posts: 362 Forumite
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    maton91 said:
    As I was anxious about, the lendor has down valued my offer by £10k

    I have now gone back to the EA and asked if the vendor would be willing to proceed at the down valued number. This is actually the same value as the original listing ('asking price'), so I'm hoping they will agree and things can get moving again.

    If not, well I guess it's renegotiation time, hoepfully we can compromise at a half way point and I'll stup up the £5k delta in cash

    Good luck! Keep us updated.
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