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

Slithery

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

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

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!

maton91

Well, my offer has been accepted which is excellent news!

I've now instructed my solicitor to proceed and I submitted my mortage application yesterday, just in time before the interest rates went up!

Now onto the next stage of the process!

Megaross

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

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

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

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.

[Deleted User]

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

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.