Making an Offer

chrisp2281

Hi All,

I have approval in principle for a Mortgage. I have already submitted by income statements etc so the approval is now only dependent on submitting the house details.

I am thinking of placing a bid on a house over the next few days.

I was thinking of saying that my offer would be on the table for 1 week as I want to get things moving.

Is this fair?

Secondly, if they accept and ask for a deposit, is this refundable should the bank decide not to proceed with my mortgage?

Thanks,

C

Learpholl

Yes, one week is plenty of time for them to consider your offer. While I was negotiating, the EA generally got back to me within 48 hrs to say whether or not my offer was accepted. Although that did drift out to about 5 days with my final offer.

And yes the booking deposit the EA requires is fully refundable but I had my solicitor to draft up a letter to state this when the booking deposit was given to the EA jsut to be sure so there's no harm in doing something similar.

chrisp2281

Just what I wanted to hear. Thanks a million

killers1

chrisp2281 wrote: »

Hi All,

I have approval in principle for a Mortgage. I have already submitted by income statements etc so the approval is now only dependent on submitting the house details.

I am thinking of placing a bid on a house over the next few days.

I was thinking of saying that my offer would be on the table for 1 week as I want to get things moving.

Is this fair?

Secondly, if they accept and ask for a deposit, is this refundable should the bank decide not to proceed with my mortgage?

Thanks,

C

Putting a 1 week deadline on your offer may or may not work but it will depend on how long the property is on the market, how many viewings are lined up, how close to the asking price you are offering, how desperate the vendor is for a quick sale etc etc. Sometimes they'll try holding off giving you a decision as they want to hold out to see if anything comes from further viewings. The most important thing to stress to the estate agent to make you a good proposition for the seller is that you have mortgage approval, are ready to go and as soon as the valuation & structural survey are in order will be in a position to sign contracts.

chrisp2281

killers1 wrote: »

Putting a 1 week deadline on your offer may or may not work but it will depend on how long the property is on the market, how many viewings are lined up, how close to the asking price you are offering, how desperate the vendor is for a quick sale etc etc. Sometimes they'll try holding off giving you a decision as they want to hold out to see if anything comes from further viewings. The most important thing to stress to the estate agent to make you a good proposition for the seller is that you have mortgage approval, are ready to go and as soon as the valuation & structural survey are in order will be in a position to sign contracts.

Thanks Killers. I was just reading some of your posts on another forum regarding the AIP and how solid that is and I have to say, you are the most helpful poster I have come across

killers1

chrisp2281 wrote: »

Thanks Killers. I was just reading some of your posts on another forum regarding the AIP and how solid that is and I have to say, you are the most helpful poster I have come across

Thanks! I work in the industry so like to think I can be of help to people as I know how daunting the process can be especially for a first time buyer.. If you have any queries at any stage let me know!