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First time buyers help.

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  • First time buyers help.

    Hi,
    I'm hoping we can get a little advice on what to do about buying our first house. I will give you a quick summary of the story so far (Apologies for the length, i didn't want to leave any details out)

    Saw house advertised online the saturday just gone (19-05-2012).

    Rang up estate agents and had a viewing on monday.

    House is up for sale for £119,950, we fell in love with the house on monday and decided to put a cheeky offer of £110k in, needless to say it got declined as we expected it to be.

    Estate agent rings us back and says the buyer has declined your offer of £110k, he wants £115k for it...we decided to take a second look at the house and work out if it was worth an extra £5k to us.

    Thursday night we had our second viewing on the house, took the family round with us and everybody likes it. As we arrived there was another couple leaving the property..and hung around outside which made us feel really uncomfortable. The estate agent said to me " I have the authority to accept £115k on the sellers behalf ".

    We thought about it and discussed it with the family for a few minutes and said OK we will take it at £115k. Estate agent said that's fine, i will need your solicitors details and we can get everything moving.

    Obviously excited we went home and told everybody we had bought our first house, although something seemed off to me because of the people who were leaving as we arrived for our second viewing.

    Today my partner gets a call to say the other interested party has put an offer in and we need to raise our offer, Sorry but I thought our offer was accepted the night before ? At lunch time I get a phone call off my partner in tears because the house we thought we had bought wasn't ours and we needed to up our offer.

    I managed to get out of the estate agents the other couples offer which was £116k, we matched that offer and the estate agent spoke to the vendor and our offer was accepted AGAIN.

    Bear with me folks I'm nearly at the end.

    Given we have no faith in the estate agents or the seller after all this my partner decided to ring the estate agent to make sure the house is actually ours subject to contract/survey etc. We then get told " I will have to let you know, there is a 3rd party confrontational issue ".

    What the hell does that mean ^ ? We love the house but feel we are being taken for a ride, we have "bought" the house twice in less than 24hours.

    What do we do ?

  • #2
    Re: First time buyers help.

    Wow, I really feel for you, but don't give up! My husband and I are also first-time buyers and feel a bit mucked around by agents and vendors, it can be so frustrating! I am certainly no expert but I wonder if the agent's jargon means that there is a question over whether the person selling the house is even authorised to do so? Is it a couple (maybe splitting up?) and one isn't happy with the sale price? Is the third party the bank who are refusing to provide a mortgage for the vendor's onward purchase? The only way you're going to find out is to call the agent and ask exactly what they mean, but be prepared for the fact that the sale might not go ahead. If you're buying in England, you're not home and dry until contracts are exchanged. My advice? Keep looking - there will be other houses out there. Don't forget that you're in a great position as first timers with no chain, make sure you use that to your advantage. If you're faced with being potentially gazumped again (where you've had your offer accepted and someone else comes along with a higher one) I'd stick to your guns. Is the other buyer chain free with a mortgage offer in their hand like you? Just state your great position, leave the offer on the table and wait for them to call. The person we are buying from can't yet proceed with the sale, so we are stuck. She's offered on three houses and been pipped to the post every time by a first-time buyer - says it all. Good luck!

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    • #3
      Re: First time buyers help.

      It is really hard to be a first time buyer! Goodluck.

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      • #4
        Re: First time buyers help.

        its really hard, but it would really help if you have a relative or a trusted friend as an agent.
        need help refinancing my mortgage

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        • #5
          Re: First time buyers help.

          There is a huge variety of schemes to help first-time buyers get onto the property ladder. These government- led initiatives offer discounted mortgages in the hope of kick-starting the housing market.

          The big problem facing first-time buyers is saving up enough for a deposit. Thanks to the credit crunch, lenders have tightened their criteria and many of the very best deals now come with high deposits of around 40%. This has made it much harder for first-time buyers to get on the property ladder and the average age of someone buying their first home is now 35 years old.

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          • #6
            Re: First time buyers help.

            Tell the agent you're going to disinstruct your solicitors and do nothing more until you hear things have been resolved. You could find you'll have to pay abortive solicitors fees otherwise.

            You could always try to speak with the property owners instead - would always recommend direct communication

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