Making an offer without approval?

Roselm · 18-10-2013 10:08pm #1

Hi,
Have applied for mortgage approval in principle and am waiting for a response.
Earlier in the year I met with a mortgage provider and was given an amount they would loan me-this was March so I need to reapply.
My question is: while Im waiting is it possible to make an offer on a house (knowing the mortgage amount I am likely to get). I am thinking of starting with a v. low offer to get my foot in the door-am just afraid a particular property I have my eye on will be under offer by the time the mortgage approval actually comes through-the whole process has already become drawn out ...
Any thoughts?

ABajaninCork · 18-10-2013 10:31pm

I would strongly suggest that you don't make an offer until your approval comes through. Any number of things could happen which will leave you with egg on your face and have you marked down as a time waster.

Think about:

What if you make an offer, it's accepted but your approval falls below the offer? What will you do then?
Even if you make an offer and it's accepted, it won't go down at all well if the vendor/EA finds out you're still awaiting approval. If you do get approval (which I hope you will!), don't pin your hopes on the house. Anything could happen between acceptance and exchange.

Plenty of other houses out there. You will find something nice, that will fit in your timescale and budget. Just be patient!

Bigcheeze · 19-10-2013 6:27am

Two options

1. Make an offer. If you're confident about approval I think this is fine.

2. Tell the EA you intend making an offer in the next 7 days and you are waiting on approval before doing so. He'll wait.

handlemaster · 19-10-2013 7:06am

The waiting game is over in Dublin. Outside of Dublin yes lots of time to wait for the perfect house.

The_Conductor · 19-10-2013 7:57am

handlemaster wrote: »

The waiting game is over in Dublin. Outside of Dublin yes lots of time to wait for the perfect house.

Yes- supply and demand.
There is an inherent lack of supply in Dublin- versus a marked oversupply in most other places. If you play mind games in Dublin- forget it- you'll get beaten to the post, and you'll have your cards marked as a time waster with the local estate agents.

Even areas like Lucan/Celbridge/Leixlip/Maynooth- that far west- are in demand and constraint. Line up your ducks and go shooting- but line up your ducks first.

handlemaster · 19-10-2013 8:16am

I don't think agents want to deal with the low ballers anymore. With the low priced houses their not getting much commission an the higher priced ones ; well there high for a reason and that's usually demand. If u want to make an offer there's no point in making stupid offers by all means go lower than asking if no other offers but be realistic. I think most agents are asking for proof of funds

Roselm · 19-10-2013 11:32am

Thanks for all the comments. I'm looking in Dublin.
Think they want a quick sale on the house-the EA is going to ring all the viewers "early next week" to see what we thought of the house.

ted1 · 19-10-2013 11:40am

Roselm wrote: »

Thanks for all the comments. I'm looking in Dublin.
Think they want a quick sale on the house-the EA is going to ring all the viewers "early next week" to see what we thought of the house.

Every house looks for a quick sale, good practice is to ring around and drum up sales to start a bidding war

wirelessdude01 · 19-10-2013 1:35pm

handlemaster wrote: »

The waiting game is over in Dublin.

In certain parts of Dublin.

wirelessdude01 · 19-10-2013 1:37pm

The_Conductor wrote: »

Even areas like Lucan/Celbridge/Leixlip/Maynooth- that far west- are in demand and constraint. Line up your ducks and go shooting- but line up your ducks first.

Definitely the rental market is like that. The supply of what would be considered housing in 'good' estates especially in Maynnoth/Leixlip is in short supply an this is showing in increased sales prices for them.

m5ex9oqjawdg2i · 19-10-2013 11:52pm

ted1 wrote: »

Every house looks for a quick sale, good practice is to ring around and drum up sales to start a bidding war

No they don't...

handlemaster · 20-10-2013 8:14am

My experience is if you are interested youhave to chase the agent. Most never call back

Woodville56 · 20-10-2013 1:31pm

handlemaster wrote: »

My experience is if you are interested youhave to chase the agent. Most never call back

Does chasing an EA not give the impression of being over enthusiastic about a property ?.
Had a recent experience where I called to an EA's office expressing an interest in viewing a property. Was told that agent was away for a week, office assistant suggested I call or phone on EA's return. A week later I emailed EA along looking to arrange viewing of the named property indicating days I would be available to view, got a reply from EA saying neither days suited him, with no mention of alternative days or follow up I sent a further email asking when was he available to show property - no reply at all - appears not to be very interested in selling the property it seems !! So turned off the idea of approaching him again, but we would like to view the house. No one locally seems to know the owner of the property ( we think it may be bank) otherwise we would go to the seller directly !!

handlemaster · 20-10-2013 2:24pm

I had similar experiences myself I don't understand it myself. Maybe he had a friend lined up for it. I was going I view an apartment long story short agent eventually says that its gone sale agreed I see its still up as for sale. Were talking approx month later.

Paddy Fields · 20-10-2013 2:41pm

I've lost count of the amount of houses that I wanted to see, told EA is out of the office and they'll ring back. It's like they couldn't be ar5ed either way. Again last Monday; "He's out at a viewing, if he is free on Saturday I'll ring you back before 5pm." I'm still waiting. I was thinking of writing letters to drop in the letterbox to try and deal with the owner directly. I wonder what the owners would think if they knew there were potential buyers that couldn't even get to view their house in the first place.

handlemaster · 20-10-2013 2:42pm

If its a bank sale they could hunt you down :-)

wirelessdude01 · 20-10-2013 2:43pm

As has been said on boards before a lot of house that are on the market aren't really actually for sale. They are up there to keep the bank happy that they are trying to sell them. All this is facilitated by estate agents.

handlemaster · 20-10-2013 2:47pm

wirelessdude01 wrote: »

As has been said on boards before a lot of house that are on the market aren't really actually for sale. They are up there to keep the bank happy that they are trying to sell them. All this is facilitated by estate agents.

Also it has to be excepted there seems to be increased confidence by buyers and EA could actually be busy. But still how hard can it be to call a interested party back. Like that I their job to be an intermediary between buyers and sellers

elle19 · 21-10-2013 6:59pm

I was tempted to report a few agents I have been dealing with. One guy didn't greet me and just walked ahead of me expecting me to follow, I had to drag information out of him, and he was not forthcoming. It may not be the most interesting job in the word but the sellers deserve a better service, as it really turns me off considering a property when an agent is unhelpful. Last week, I had an excellent agent, older gentleman and was so helpful, great communication...makes a big difference!

Roselm · 21-10-2013 10:17pm

Paddy Fields wrote: »

I've lost count of the amount of houses that I wanted to see, told EA is out of the office and they'll ring back. It's like they couldn't be ar5ed either way. Again last Monday; "He's out at a viewing, if he is free on Saturday I'll ring you back before 5pm." I'm still waiting. I was thinking of writing letters to drop in the letterbox to try and deal with the owner directly. I wonder what the owners would think if they knew there were potential buyers that couldn't even get to view their house in the first place.

I've had this problem. It's SO frustrating.
On the house I'm currently looking at I sent umpteen emails and rang trying to arrange a viewing. Kept getting a different person replying and no-one had any notion of my previous correspondence so then kept suggesting times that didn't suit.
I don't think the EA even knows I'm seriously interested in the property although I HAVE emailed and told them so (prior to second viewing).
When I arrived at the house (it was an open viewing which I was booked in for) and said my name she didn't cop she had been emailing me/left me voice messages previously in response to my calls?!
I'm going to ring them tomorrow and request my interest be logged somewhere on the file or this one is just going to pass me by!!

The_Conductor · 22-10-2013 5:34am

Roselm wrote: »

I'm going to ring them tomorrow and request my interest be logged somewhere on the file or this one is just going to pass me by!!

If you're interested- make an offer.
Ringing them to register your interest- equates with telling them- "I have developed an emotional attachment to the property, please take me for every penny I can get my hands on".

I don't understand this "I have to register my interest" thing.

Roselm · 22-10-2013 6:57am

The_Conductor wrote: »

If you're interested- make an offer.
Ringing them to register your interest- equates with telling them- "I have developed an emotional attachment to the property, please take me for every penny I can get my hands on".

I don't understand this "I have to register my interest" thing.

I'm the OP.I don't have approval yet.

The_Conductor · 22-10-2013 8:05am

Roselm wrote: »

I'm the OP.I don't have approval yet.

Yes, I understand.
What I don't get is- you want to ring them and tell them you're interested?
Make and offer or don't make an offer.
Making an offer, without approval- is tyre kicking, no-matter how much you like the property. Its a waste of their time- and your time.
Registering an interest- and then going off to seek approval- is a green flag to the agent that you're game for whatever they can shake out of you.

Paddy Fields · 22-10-2013 12:21pm

elle19 wrote: »

I was tempted to report a few agents I have been dealing with. One guy didn't greet me and just walked ahead of me expecting me to follow, I had to drag information out of him, and he was not forthcoming. It may not be the most interesting job in the word but the sellers deserve a better service, as it really turns me off considering a property when an agent is unhelpful. Last week, I had an excellent agent, older gentleman and was so helpful, great communication...makes a big difference!

I've just had one that I avoid as he was a total dog, or maybe that is an insult to dogs. His secretary rang me one Friday to say my viewings should be okay but ehhh, Dick would ring me back to confirm that day. Nothing... I headed for X on Saturday and as I was near my phone rang and my daughter answered. She said he was very rude and he hung up on her. I rang him as I just couldn't find the place and he was now totally pi55ed off barking directions at me. I was only about 15-20 minutes late not an hour. He assumes that we all must know the Dun Na Ris of this world. I lost the plot then and rang him and told him to forget it as I couldn't find the place.

Now when I see a house for sale with his name as EA I don't want to know, which is a pity.

Making an offer without approval?

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