Finally put an offer in on a house...

Smiley012

So, I'm more posting this, some of you may know I have been looking in specific areas, and have a specific budget.

I've finally put an offer in on a house, it's definitely going to be pushing the edge of our budget.

Couple of interesting points:

EA never asked for confirmation of our AIP (we have it, of course) but he is just taking our word for it. From reading on here, this seems perhaps not too out of the norm. Previous EAs have asked for proof of AIP to accept an offer.

He's also not showing anyone else the house until they come back with a response to our offer - I'm really pumped about this, gives me hope that we may be in with a chance to get this house.

There's a big family involved, so it seems to be taking awhile (a week or more) to come back with a response to our offer (lots of people to agree/disagree with the offer).

Does anyone know, if the house is empty, and no chain, how long could it be until we move in if our offer is accepted?

Also, I just want to keep ringing the EA to find out if there's an update, but I'm trying to be restrained about it, don't want to appear too eager. My OH keeps telling me to wait, but I'm so anxious about it!

The_Conductor

Congratulations on finding a house you're thrilled to try make your home.
Best case scenario- when everything is in order- is that a sale can go through in 4-6 weeks- however, that really is a best case scenario.

More likely scenario- solicitors liaising with clients, paperwork thrundling backards and forwards for a few weeks- suddenly its July/August and people are on holidays- and its September before everything is finally complete.

The fact that there is a large family on the other side who aren't exactly singing off the same hymn sheet- seems to be the potential delay.

If you keep your own solicitor focused- and on the ball- no reason you shouldn't be moved in before Sept.

TENHNY

Smiley012 wrote: »

So, I'm more posting this, some of you may know I have been looking in specific areas, and have a specific budget.

I've finally put an offer in on a house, it's definitely going to be pushing the edge of our budget.

Couple of interesting points:

EA never asked for confirmation of our AIP (we have it, of course) but he is just taking our word for it. From reading on here, this seems perhaps not too out of the norm. Previous EAs have asked for proof of AIP to accept an offer.

He's also not showing anyone else the house until they come back with a response to our offer - I'm really pumped about this, gives me hope that we may be in with a chance to get this house.

There's a big family involved, so it seems to be taking awhile (a week or more) to come back with a response to our offer (lots of people to agree/disagree with the offer).

Does anyone know, if the house is empty, and no chain, how long could it be until we move in if our offer is accepted?

Also, I just want to keep ringing the EA to find out if there's an update, but I'm trying to be restrained about it, don't want to appear too eager. My OH keeps telling me to wait, but I'm so anxious about it!

We too have found our forever home, its higher price than original aimed for but its also got more benefits, detached, in the countryside.

Our house hasn't been advertised online either and only one other couple have viewed it, the estate agent has said he wait 10 days give our bank a chance to come to approve higher amount.

I am so excited i am about to burst i am also so nervous we wont get it.

What was your estate agent reason for not advertising the house.
He said if everything went through, we could be in house in as little as 8 weeks
best of luck fingers crossed it works out for both of us

Balmed Out

A lot may depend on the "big family". Im sale agreed since the beginning of April and should be done and dusted in next week. Vacant house, no issues but a divorced couple with two solicitors both of whom seem to practice part time so every little step took forever.

brinty

We're in the same boat
Ea showed us house at Easter
Their client wanted a quick sale
We'd offer and acceptance on same day
Hope to have it sorted this week
We were due to close two weeks ago but sellers side fcuked up on original purchase so we've to hold on for another day or two
Fingers crossed
But as an OP said you should be in by September all being equal

Smiley012

Unfortunately, we didn't get the house.

We put in offers and were negotiating back and forth with the family. Another family came in late, and put in an offer 10k above us (we had 270k, waiting for a response, they came in at 280k)

EA basically begged me not to put in another offer, saying property "wasn't worth it, no value then". I asked him to wait until Monday, as we would probably put in another offer of 285k - digging deep, but we were passionate.

EA came back this morning and said family "instructed him to close" at 280k. I feel like this is very unfair, the other couple were given a few days to come back with an offer, we weren't even given a working day.

If we also knew the family would have accepted 280k, we would have put that offer in.

I just feel like we were screwed on all angles. Pretty devastated right now! No rules or regulations to this industry. Really felt like we were on to a good thing!

brinty

Really disappointed to hear that OP
Ea could be right RE value

Chin up what's for you won't pass you and you'll get something better and mire value in time

Askthe EA

Smiley012 wrote: »

Unfortunately, we didn't get the house.

We put in offers and were negotiating back and forth with the family. Another family came in late, and put in an offer 10k above us (we had 270k, waiting for a response, they came in at 280k)

EA basically begged me not to put in another offer, saying property "wasn't worth it, no value then". I asked him to wait until Monday, as we would probably put in another offer of 285k - digging deep, but we were passionate.

EA came back this morning and said family "instructed him to close" at 280k. I feel like this is very unfair, the other couple were given a few days to come back with an offer, we weren't even given a working day.

If we also knew the family would have accepted 280k, we would have put that offer in.

I just feel like we were screwed on all angles. Pretty devastated right now! No rules or regulations to this industry. Really felt like we were on to a good thing!

Hi there, working in the industry and thought I might explain a possible reason for this disappointing outcome.

I am assuming that you are a mortgage buyer? Part of the process is that an independent valuer must sign off on the property value in order for the bank to authorise a draw down. If the property price is significantly higher than any of the recent sales they may struggle to be able to state that the property is worth what you are willing to pay for it. (I know that anything is worth whatever somebody is willing to pay - but thats not how the now shy banks look at it)

If the party that the family agreed to go sale agreed with are cash buyers they do not need this valuation and therefore provide a better option for the vendors as there is a higher chance of completion.

Just a thought. But, as Brinty said, keep the chin up, your ideal home is out there.

Smiley012

Thanks for the response. I know they definitely had more disposable income on this property then we did. About 20-ish years older than us, but apparently "first time buyers". So, who knows!

Your advice has helped, I appreciate it.

I hope you're one of the few good EAs out there - are there such thing as EAs who help FIND property, as well as sell it? I'm ready to pay someone to find me a house at this stage!

Askthe EA

Smiley012 wrote: »

Thanks for the response. I know they definitely had more disposable income on this property then we did. About 20-ish years older than us, but apparently "first time buyers". So, who knows!

Your advice has helped, I appreciate it.

I hope you're one of the few good EAs out there - are there such thing as EAs who help FIND property, as well as sell it? I'm ready to pay someone to find me a house at this stage!

Like any other profession there are good and bad. I work for a major national so our reputation is very important to us. Id prefer people to recommend me to their friends (its more sustainable that cutting and running) so honesty is the best policy for me.

Most EAs will provide that service for a fee. But, I would only be doing what you can do yourself. You would still need to view the properties afterall. Not sure its the best use of your money. The only benefit is that EAs would tend to talk straighter to other EAs.

Smiley012

Thank you for your response.

I appreciate it. Would love to reach out privately for a few lines of advice, would that be okay? Or would you rather just respond on the forum?

brinty

Hey smiley

Just an idea and maybe I just got lucky with my estate agent on this who has a <mod snip>

View 4/5 houses with one EA, and explain what you like and dislike about a certain house when viewing. Be open honest and to the point. That way they'll have an idea of what you want and can match what they might get to sell to what you want to buy.

With ours he showed us 2 houses

We bid on first but wasn't accepted and it was sold over the budget we could afford

The second we were first to see and we bid 5k under asking,after two weeks it wasn't accepted or rejected by the seller

We went to view another open viewing to put the idea to accept reject on house two in the EA'S mind. he asked us if we'd a few minutes after the viewing that he'd gotten a house that day he thought we'd love. Showed it to us and we loved it. Offer and accepted the next day.. it never went on the market

Now I know we got lucky but because he knew what we were looking for he was able to match the house to us.

Hope that helps you a little

As I said chin up, your ideal house is out there waiting for you.

Askthe EA

Smiley012 wrote: »

Thank you for your response.

I appreciate it. Would love to reach out privately for a few lines of advice, would that be okay? Or would you rather just respond on the forum?

For some reason, I cant post on Boards at home on my android devices. I'd be glad to chat to you in public or via DM. Whichever you like.