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hi folks, I've found a property that I want to buy. It has several things that are a must have and I probably won't find anything else this good within my budget. I need to buy this place and cannot afford to over the asking price. I'm told there is one other offer at the asking price. Offers need to be in by 12 noon Tuesday 8th.
So, in the words of the estate agent...
All offers are to be in writing and must clearly state the price being offered as well as your personal circumstances surrounding the purchase ie. house to sell, under offer, cash etc.
It is also important that you confirm the finance arrangements that you will be making in order to facilitate the purchase ie. if you need a mortgage how much mortgage you will be taking out and with whom. It would be useful if you could ensure that you solicitors write to us confirming your financial arrangements.
having never done this before is there a preferred way to format the details?
I have an email from my mortgage lender explaining the amount borrowed, my deposit and the monthly repayments etc.
I have a quote from my solicitor that I have yet to accept. It only came through yesterday afternoon with a couple of others.
I'm a first time buyer currently renting on a rolling contract which makes me the beginning of the chain.
Is this in England, Wales or Scotland, seems a bit OTT. Personally I'd go in with your highest offer state that the mortgage is sorted, giving them details and say you can move within a month or whatever your notice period is and there is no chain attaches. I'd also state that of they need any further detials you'll be happy to facilitate, (within reason).
If the vendor has half a brain they'll go with the person with the money who can move in quickly. No point hanging on for another few grand if that person is tied up in a long chain that is going to take months to complete.
I'm told there is one other offer at the asking price.
Don't believe anything estate agents tell you.
If you have a mortgage offer then you should state it in the letter. No special format, just make it clear that you're ready to move straight away and that there is no chain involved.
Offer the most you are happy with/can offord.
You don't need to state payments, etc - just as the others have said - mortgage there, no chain, etc.
thanks for the reply, yes I'm hoping to get the sale due to being able to move immediately. It's England. Newbury, Berkshire. blimmin' expensive round here and currently a sellers market as prices rising quickly again. I tried to buy last year but twice got gazumped by cash buyers putting in more than the asking price. I can afford to buy less and less as the months go by as the prices are rising quicker than I can save for a 10% deposit. I'll have a look on google to see if there's a common format for the letter.
teef, I'm sure they are bullziting me and I know they're a bunch of greedy !"£ks out to scupper anyone they can without care in the world. But I cannot take the risk of going lower than the asking price because if by chance there is another potential buyer and I do lose the sale on this property I will not find another in this town that is affordable for me and ticks required boxes.
Don't believe anything estate agents tell you.
This ^^^
Also estate agents aren't legally allowed to tell you how much the other bids are for.
+1 on doing believe the agents.
We did this twice in Sheffield.
I sent in my mortgage offer confirmation, including all the figures, a copy of the bank statement with deposit in, a copy of my rental agreement to prove I could get out asap, a copy of my solicitors contact details and a letter stating we were serious, ideally move asap, and basically were not to mess around...
We had this a few years ago, agent called and said there were a few offers, please put in your full and final offer... We offered the most we could afford and started we could move within a month, it wasn't enough and we lost it. 3 months later we got a call from the agent to say the same feel through were we still able to offer the amount we had previously.... No, we'd bought 6 weeks before, fot the same amount!
We didn't have to list mortgage lender or anything, but the solicitor called them to confirm we had things ready to move immediately.
Things must be a bit more causal in Birmingham, I called the estate agent, told them my offer l, informed them I had a pre-arranged mortgage that was it, offer processed and accepted I had 24hrs to produce id, proof of deposit and mortgage pre-approved email that's it.
I changed mortgage after the offer as the one I had was terrible but i haven't told the agent, valuation done and next week my surveyor goes in. All done over the phone.
You hire a solicitor at this stage to make the formal offer for you.
Keva - I've lived the vast majority of my life around Newbury - it's a nice spot with good riding within easy reach.
Make your offer in writing (an email was sufficient when we last moved) but stress you are chain free, with mortgage and solicitor in place. This will make you much more attractive to the vendor - you will be picked over another buyer in a chain any day of the week.
Which part of town are you hoping to move to?
hi Siwhite, yes it is nice round here and I love being able to do most my riding from the doorstep except for the odd trip to Wales and the odd ride starting over at Hungerford common. I've lived here since the mid 70s. The estate agent has said the offer must be in writing so I've draughted it from a format I found on the internet which seems good to me, I'll print it off and deliver it by hand on Monday. I'm hoping to move just up the road from where I'm renting at the moment, on the Westfields side. being the start of chain didn't help last year, cash buyers get first shout and there;s a lot of those moving out from London. Basically there are more people looking to buy than there are available houses for sale.
so, just to bump this up and let you know what happened. I put my offer in for the asking price yesterday. It's a leasehold flat with only 72yrs left so that needed renewing at an extra cost of 7.5k which I was going to foot the bill for as the owner wasn't prepared to negotiate a split of costs. I'm also in a chain free position, currently renting - I thought this would have put me in a good position but it's gone to another buyer because they've offered more than the asking price. That's the third time this has happened to me.
When I put an offer in on my place it was 6 weeks before the stamp duty holiday ended.
Place was empty.
I said I was a ftb with everything in place (solicitors, mortgage, deposit) and I needed to be in within 6 weeks.
Apparently there were 2 other buyers in at the same price as me, but the fact I was chain free and working to a deadline so no messing about swayed it in my favour.