alexkerrmortgage I’ve received a mortgage offer from Leeds Building Society but it is £9000 less than the offer I put in (almost £50,000 less than the agreement in principle). My credit report is excellent and I don’t have any outstanding debts so I think it’s due to the bank being more cautious? My broker is getting an answer from them but I really hope I can proceed with my purchase - I love the flat
1- How long property has been on market 2- interest in property 3- conditions of property there 4- offers on the property 5-How much do you want the property
In our experience, we're having to view properties within days of them being listed, and they're ending up with multiple offers on the first day. Getting the DIP in advance was crucial otherwise we will miss out.
there are two types of property on sale, ones that are priced to sell and in line with the condition and location of property, the others are those who the seller is in dream land and hopes to find a clueless buyer. You want to find a property where the seller is serious about selling.
There is always the idea to put the offer to the seller, even if you know (and he knows) that the asking price is too much and your price is fair. Don't immediately think it's not worth a go. You might get a reasonable counter offer, if you catch them on a good day.
@@lawrencemanning thank you for your informative comment. I've viewed a property which ticked so many boxes and is been listed on the market for £240 000, I think it's a reasonable price in the area so should I try offering slightly lower than the asking price? If so, what if other buyer puts a higher bid than mine. Can I offer a higher price again or is there only one option to offer?
@@taimoorhassan5727 hey I am in the same situation. Did you find out if other buyers offer were higher than yours? Do the state agent tell you about others offer? Did you still get to to bid your second or your third offer? Thanks
Wouldn’t sellers and their agents be tempted to lie about receiving competing offers to generate interest and force a bidding war? Is there a safeguard against this? Or just based on the honor system?
I don't think that happens as this would risk losing the real buyer, if you start making up fake buyers! Also with this market currently you do not have to do that, so 99.9% sure this does not happen.
Hi Alex. Great videos. Having lived in Australia for many years there is usually a set asking price from the seller for a property. In the UK you either get no asking price or a very wide "guide" price. Should I ask for the sellers asking price first, or just go in with my first offer (based on recent local sales and my gut feeling?). I'd rather not have my negotiations "anchored" to the sellers asking price, so feel I should jump in first!?
This is great advice and I’ll try and use it again. I just had a bad experience putting an offer on my first house (maisonette) as the estate agent was stubborn and would only accept one best and final offer. The property has two people interested including myself and has more views booked tomorrow. It’s just put me off going for it but I took a punt at £111,000 on the property that’s listed at £115,000. They said the other party put a close to asking price offer so I figured their offer would have been £110,000. I don’t agree with the scare tactics they’re using on potential buyers
Hi Mark, thanks for watching the video and yes it’s not an easy market at the moment, with so many buyers and not as much property available. Just keep going, it sounds like you are approaching it in the right way.
@@alexkerrmortgage does the lender usually give a commission? The reason i ask is a broker is asking a friend for a fee when they will also get a commission from the lender. She doesnt know if she will get better value elsewhere whrre the broker gets just commission from the lender.
@@pattersonellen that’s completely normal. Lenders always pay a commission. For example we charge a fee and take a commission, but we specialise in a service, and don’t take on volumes of applications, so therefore the service doesn’t get watered down. If someone doesn’t want to pay us a fee (very rare) then we don’t take them on, as there’s plenty who will and want that extra care with the service. Brokers who don’t charge, in my opinion either don’t value their service or just take on anything and everything that walks through the door and this can then means a poor service and even the wrong recommendations. I can’t guarantee the service your friend will get but the fact a broker backs themself by charging in my opinion is a good sign. If your friend doesn’t value this service and wants a broker who purely doesn’t charge a fee then go and find one and don’t waste everyone’s time and don’t complain when it goes horribly wrong… That’s how I see this situation.
I made an offer on a new build flat with help to buy. I had my eye on it for over a year (so clearly there hasn't been a lot of interest as it's still available) but my offer got declined. I offered 16k less than the price it was advertised. The flat has been on the market for a year and a half so surprised they didn't accept my offer.
@@alexkerrmortgage I think I will eventually as it's the most affordable I can find in the location I want but I am going to ask the estate agent if anyone else has made any offers 🤔 seems to me the developers don't want to reduce the price that much
Hi Alex what are your thoughts on approaching a property that states offers over x amount with regards to making an offer? What would be a good starting point?
In this market, it is very difficult as properties are going for the asking and above! Measure your offer by the level of interest. If there is a huge amount of viewings, it is likely gonna go for asking or above... This should hopefully settle down once the stamp duty holiday ends!
Hi Alex. My wife and myself are working in London, and hoping to buy an apartment through Share to Buy. My wife is a School Teacher in a French School in London and she get paid from French Government into her French Bank account. Does her income qualify for joined Share to Buy application? Thanks
Hi, difficult to know without researching the lenders... you would benefit from a broker! If you email me on alex@mortgagechain.co.uk I will find out for you.
Hi, thanks for this informative video. I have a second property that i am interested in viewing but it is listed by the same agents who listed the first property. Should i wait for my offer for the first property to be determined before i arrange a viewing for the second property ?
If the offer hasn’t been accepted then I would carry on viewing. Just make it clear that you’re really keen on the property you have offered on but will carry on viewing until the point an offer is accepted.
Hi Alex, I really want a property that has been on the market for less than a couple of weeks. There is an asking price and a guide price range. There's been 2 second viewings and I'm waiting for confirmation on whether offers have been made. I'm a first time buyer and I don't know where to start with the negotiations. Do Estate Agents usually reveal the amounts of the offers that have been made or do they keep you guessing? Shall I make an offer now (I'm waiting to be booked for a second vowing). I've got everything set up to go ( mortgage broker, finances and paperwork in check). Thank you
You should get feedback from the Agent and they should guide you... Its all about how much interest it has had and how much you want the property! How did the second viewing go ?
@@alexkerrmortgage thanks Alex. It went really well. My first offer was rejected but the second one has been verbally accepted (2 days ago). I've not had a written confirmation of acceptance yet and I'm still waiting for the memorandum of sale. The property is still listed on the market and I'm really worried I might get outbid.
Love your videos thank you. I have one question. 1. How long should I wait to hear if my offer has been accepted? I put my offer submitted all the requirements they asked on Friday lol today is Monday and haven’t heard from them. Absolutely nerve wracking
Yes, these moments are always nerve racking! It can take up to a week in some cases depending on the situation and the sellers circumstances. Have you heard back yet?
Hello, I have a tier 2 visa and a first time buyer. What can you advice me to do first? I’m not really sure what to do but I’m very keen to get on the ladder..
Hi Kelly, this type of thing is not really my forte, as buying with cash means you do not need a mortgage, and the mortgage side is where my experience is. I think this is more an investment type approach, there is some great investment channels out there.
Hi Alex, your videos are pure gold, keep it up 👍 Two questions tho. 1. Is 6 months a long time for a property to be on the market? 2. What if a property is advertised by two agencies? Would that mean the vendor is in a rush or he is just trying to get the best price possible? The asking price is actually a Guide Price. Thanks 👍
Bogdanel Simon hey Bogdanel! 1) it’s a long time, but doesn’t mean the property is “bad”. However there will be a reason. Feel free to send me the link so I can take a look. Up to you. 2) They have chosen another Agency because it didn’t sell with the first. It sounds like they want to sell, but maybe can’t drop the price for some reason. However that is just a guess. Definitely ask the Agent why it hasn’t sold! It would be interesting to know... !
Check this video out which talks about how to approach both a sellers market (what we have now) and a buyers market and bidding wars etc ua-cam.com/video/o4N9Niebgys/v-deo.html
Found a property. It seems to eye that’s it’s in a great condition as mentioned an A1. But we put a low ball offer in a few months back. But the house is still for sale. Others houses for sale on the same street are going 60 k cheaper hence the low offer. Any ideas on how to get it rolling ? The property has been for sale for at least 6 months
If that’s the case, then maybe the seller is not that bothered, maybe they are just trying their luck? Or has the house been renovated to a much higher standard? Difficult to know… I wouldn’t get too hung up on one property, keep looking at others, but if you have not heard from the lowball offer then to get it rolling the next offer would have to be higher!
Hi Tariq, a mortgage broker or lender will only provide you a mortgage quote once they have sight of the SA302 and tax year overview, which shows the tax amount and proves it has been paid. Alex
Thank you very much for watching, this was one of my older videos and yes they are definitely too slow! If you look at the more recent ones, you will find they are much quicker!
I am looking to put an offer on a property but i have been that house prices could fall between 10% - 15% but i am worried about negative equity, can you advise ahould i factor these in my offer?
You can’t factor future negative equity into your offer. Long-term history tells us that Property always delivers, but short-term negative equity is a possibility.
Hi Alex, I have a question. Can I use 5% of deposit and pay for the offer over for a property using my mortgage (since it is bigger and I can't afford to pay the offer?
Hi Alex, how to bid with cash offer? I've put a cash offer below the asking price (only 6% less) but it did not work out. How to negotiate? I have asked at beginning if the seller wants to sell it fast, and they said yes but it looks like he thinks that we have more so he is waiting for more. We have put the offer just after the viewing - is that a mistake? After week and a half there was no more offers, only today, one close to asking price (1k less). I don't know what should be my next step, I could go only as high as asking price - while the property might be worth 5K more.. that I should be looking for something cheaper?I know this depends very on a seller, that some people would choose the mortgage offer even if its only 1k more than cash offer. I am interested in other property as well - please if you could give me some advise how to proceed on the next one. thank you
Hi Alex / I have seen a property that seems to have been listed since 2018 but not sold yet , foxtons say one of the offers fell through due to chain , the property is priced at a certain amount but I don’t know what the right offer should be ? Should I be doing a rics valuation to find out price before making offer ? We like the property very much and it’s a vanilla property , if I emailed you the link would be able to help with likely right value which hopefully would stack with the mortgage valuation thanks
Hi there, property value is something completely separate to a mortgage, and the mortgage side is my specialism. A rics valuation is more to see what the condition of the property is, the mortgage lender will value it at the price they think is right as they are lending the money on the property. So to understand the value the mortgage lenders valuation should be okay but if you want to understand more about the property then a more thorough survey would be recommended. It’s always good to have a more thorough survey whatever property you are buying!
I’ve offered the asking price for a property. Estate agent have asked me if I want to go higher as they have other offers. I increased by £2000 I’m still waiting for a decision. But today they have phoned me to ask if I want to have my mortgage with them instead of my broker
It sounds like they are trying to say that if you use their broker, they will accept your offer. So there's a good chance your offer is the highest. Personally I don't think you should be strong-armed into using their broker if you want to use your own.
Hey Alex, we are looking at a property which we like. It has been on the market with a offers over price. There has been a few interest but not over the offers over price. Looking at the properties around, the last sale of a nearby same condition property has been £5k less than the offers over price. The property is ideal but we really do not want to overpay and keep below the offers over. Also, nobody knows how the market is going to be in a few months time, so we are confised about what offer to make ! Any suggestions?
Shoaib Mahbub Hi Shoaib, Sounds tricky! Can you email me the purchase price how much deposit you are putting down and a link to the property so I can take a look… alex@mortgagechain.co.uk And I will let you know my thoughts!
You need to put down a reservation fee and then have a help to buy application submitted at the same time as the mortgage. As it will be a New Build, see what incentives the developers are offering. You maybe able to get some good ones before the property is built and not so many if it is. Mortgage lender choice is important too, in order to get the correct criteria. Are you looking at help to buy ? Alex
Hey there! I'm at the very start of my property journey and I'm still quite young (22). I have a few questions: 1. What is considered a long time when it comes to a property being listed? 2. If the property is in a nice location and I wanted to put an offer in, would going 5% under the asking price be too low? Or is that dependant on the property price/seller?
Hi Carmen! 1) After 3 months I would wonder why a property hasn't sold... 2) 5% is ok but does depend on demand, history of property, state of repair etc! Try and judge this and also the Agent should help! Any more questions let me know! Alex
Agents won’t tell you how much offer has been put so how to know what price is too low or too high? Interest is super high at the moment in any decent property. How much more you should go above the home report 2k, 3k, 5k,etc.?
Hello Alex, and anyone reading this, how are you? I've been checking properties for a month or so and I need some help or advice. 1)New flat of plans that will be ready end of summer 2)Show room was initially announced May-June 2023 3)From Sales person 40% is sold, 20% is reserved for lower income and the rest is unsold 4)On my first time viewing the show room and floor plan from a plot, the sales person offered a 1 bed priced at 470K for 380K (quite a discount) 5)I am thinking on putting an offer down from the discounted 380K. What price should I make the offer for?, what is you opinion?
Hi Alex, Just sold our house today! Seen the location (village) and a house that is ideal too, alittle small but.. it’s been on the market for 9 months no offer, think because it’s rural.. but unsure what to do with offer? As we could bargain for size and no interest but we don’t want to loose out and it’s perfect location... lower offer or asking price? Please help thank you 😊
lower offer to start with... If anyone else comes in with offers, the Agent will inform you... But start lower 100%! Good luck! Please email me the link so I can check it out... Any idea why its been on the market for 9 months with no offers ? alex@mortgagechain.co.uk
Think the vendor is abit stubborn reading between the lines.. it also has no gas in village so on storage heaters but in time will look to convert. Maybe that’s put off some people? Worried I may offend if too low offer.. roughly how much lower to start is there a rough % or £? Many thanks 😀
@@alexkerrmortgage went to see a property today and ask if there were any offers made… and the agent told me that she’s not able to disclose that information. 😯
Hi alex great video were first time buyers and have everything in place and we have a made an offer on a property we love its offers over 130k and weve offered 138k would you say thats a good solid offer?
Looking at our first house this Saturday 🥳 got our heart set in it lol once we put our offer in if it’s slightly low will the letting agent ring and offer us to raise it or will that be it ?
Yes. I put one in yesterday. Lots of offers so I put in a little over the asking price. I just stumbled on your channel. Super informative. Thank you for all your advice and hard work.
Very informative video thank you ! when emailing an offer do you what do you include e.g. do you include the reason you have put in the offer at that price. Is there somewhere I can find an example of an offer email?
Do you have to place an offer over the price listed if it says offers over? there is a house i have seen that is advertised at £240,000 offers over, I think it is actually worth £227,000 I am guessing the £240,000 is what the vendor has agreed with the estate agent is the minimum they want to accept, is it worth offering under this as you say you only really get one chance with your offer?
I think the offers over approach approach He’s just a way of wording they listing price to encourage higher offers! There is no harm in offering under this, but if there’s lots of interest then this will of course push the price up… Does that make sense? Good luck!
Hi Alex First time buyer here, found an ideal property, a lot bigger than we thought we could afford. It’s listed with 3 separate agents and I think a sale has just fallen through. It’s a the top end of our budget, listed at 235 we want to offer 220, will we stand a chance? It’s a highly sought after location
Hi Shaun, of course you would stand a chance! It's difficult to say what it would go for, but always start lower, then what you are prepared to pay for it. As if you go in at the asking price, the only way after that is up!
This video is so informative, thank you! We are first time buyers and had a seller pull out a few days ago on a property we had an offer on for 3 months! We are back into the viewing and hopefully bidding process soon! Do you have any different advice for putting in offers given the current market?
Doesn't the agent work for the vendor? Isn't it in their best interest to get as high a price as possible? If you ask the agent about a rough idea of what to go in at or how much interest its had or offers surely they'd be "economical" with the truth to get you to pay more?
Hi Andy, the agent works for the vendor and the buyer. The Agent is keen to sell the property at a price both the vendor and buyer is happy with, which is not always necessarily the highest possible price. All depends on the situation of the vendor/buyer/market conditions. The agent is there to find the equilibrium price in order for a successful outcome.
Alex great video thank you for this l really appreciate it. Just one question: if I ask the lender how many viewers, how much have someone offered etc etc what if they do not tell me the truth and just give me an answer for their own benefit meaning to sell it to me as soon as possible?
An estate agent will provide you with information in regards to how many offers have been made, you may not get a specific amount, but you would be told if a higher offer has been made. This would be the normal process.
⚡QUESTION OF THE DAY: Are you preparing to put an offer in on a property ? LMK 👇👇👇
alexkerrmortgage I am 😃
As soon as the market opens again 👍
Mbaku The Maine Coon awesome! Have you viewed anything to date ?
alexkerrmortgage I’ve received a mortgage offer from Leeds Building Society but it is £9000 less than the offer I put in (almost £50,000 less than the agreement in principle). My credit report is excellent and I don’t have any outstanding debts so I think it’s due to the bank being more cautious? My broker is getting an answer from them but I really hope I can proceed with my purchase - I love the flat
@@impamiizgraa Did the property value up ok ? What was the reason given ? Is it a house or flat and is it shared ownership ? Alex
1- How long property has been on market
2- interest in property
3- conditions of property there
4- offers on the property
5-How much do you want the property
Thanks for sharing very useful information 👍
Thank you for watching!
In our experience, we're having to view properties within days of them being listed, and they're ending up with multiple offers on the first day. Getting the DIP in advance was crucial otherwise we will miss out.
thanks for the great insight, much appreciated and congrats!
I agree
In this market there is just one rule for making an offer.. “There is no rule”
Hit the nail on the head.
there are two types of property on sale, ones that are priced to sell and in line with the condition and location of property, the others are those who the seller is in dream land and hopes to find a clueless buyer. You want to find a property where the seller is serious about selling.
There is always the idea to put the offer to the seller, even if you know (and he knows) that the asking price is too much and your price is fair. Don't immediately think it's not worth a go. You might get a reasonable counter offer, if you catch them on a good day.
@@lawrencemanning thank you for your informative comment. I've viewed a property which ticked so many boxes and is been listed on the market for £240 000, I think it's a reasonable price in the area so should I try offering slightly lower than the asking price? If so, what if other buyer puts a higher bid than mine. Can I offer a higher price again or is there only one option to offer?
@@taimoorhassan5727 hey I am in the same situation. Did you find out if other buyers offer were higher than yours? Do the state agent tell you about others offer? Did you still get to to bid your second or your third offer? Thanks
Can I place an offer on a house before I have viewed it? And is the estate agent obligated to pass on an offer to the seller in these circumstances?
Hi Mark, I'm not sure but I would certainly recommend against this procedure. View the property first through a fine tooth comb!
Wouldn’t sellers and their agents be tempted to lie about receiving competing offers to generate interest and force a bidding war? Is there a safeguard against this? Or just based on the honor system?
I don't think that happens as this would risk losing the real buyer, if you start making up fake buyers! Also with this market currently you do not have to do that, so 99.9% sure this does not happen.
Hi Alex. Great videos. Having lived in Australia for many years there is usually a set asking price from the seller for a property. In the UK you either get no asking price or a very wide "guide" price. Should I ask for the sellers asking price first, or just go in with my first offer (based on recent local sales and my gut feeling?). I'd rather not have my negotiations "anchored" to the sellers asking price, so feel I should jump in first!?
Yes you go first and start getting a feel for where the selling price point is... Its then down to how much you want the property!
Thank you bud Asch great information
Hi,
We are looking to put in an offer first time. Feel nervous as we really like the property.
Good luck, just go for it!
This is great advice and I’ll try and use it again. I just had a bad experience putting an offer on my first house (maisonette) as the estate agent was stubborn and would only accept one best and final offer. The property has two people interested including myself and has more views booked tomorrow. It’s just put me off going for it but I took a punt at £111,000 on the property that’s listed at £115,000. They said the other party put a close to asking price offer so I figured their offer would have been £110,000. I don’t agree with the scare tactics they’re using on potential buyers
Hi Mark, thanks for watching the video and yes it’s not an easy market at the moment, with so many buyers and not as much property available. Just keep going, it sounds like you are approaching it in the right way.
What happens if the bank de-values the price of the house you want
You may need to renegotiate a new price ?
how does "offers over" work? is that the asking price or are they expecting something more than that? thanks
Yes its a starting point but they expect the successful offer to be over the price listed... So basically yes it needs to be above the price!
Do the brokers charge both the lender a commission and the buyer a fee?
@@pattersonellen the lender gives a commission and the broker has a choice to charge a fee or not.
@@alexkerrmortgage does the lender usually give a commission? The reason i ask is a broker is asking a friend for a fee when they will also get a commission from the lender. She doesnt know if she will get better value elsewhere whrre the broker gets just commission from the lender.
@@pattersonellen that’s completely normal. Lenders always pay a commission.
For example we charge a fee and take a commission, but we specialise in a service, and don’t take on volumes of applications, so therefore the service doesn’t get watered down.
If someone doesn’t want to pay us a fee (very rare) then we don’t take them on, as there’s plenty who will and want that extra care with the service.
Brokers who don’t charge, in my opinion either don’t value their service or just take on anything and everything that walks through the door and this can then means a poor service and even the wrong recommendations.
I can’t guarantee the service your friend will get but the fact a broker backs themself by charging in my opinion is a good sign.
If your friend doesn’t value this service and wants a broker who purely doesn’t charge a fee then go and find one and don’t waste everyone’s time and don’t complain when it goes horribly wrong…
That’s how I see this situation.
Amazing vedio.very Well explained
Thank you!
I made an offer on a new build flat with help to buy. I had my eye on it for over a year (so clearly there hasn't been a lot of interest as it's still available) but my offer got declined. I offered 16k less than the price it was advertised. The flat has been on the market for a year and a half so surprised they didn't accept my offer.
Oh that’s a shame! Are you going to up the offer ?
@@alexkerrmortgage I think I will eventually as it's the most affordable I can find in the location I want but I am going to ask the estate agent if anyone else has made any offers 🤔 seems to me the developers don't want to reduce the price that much
Hi Alex what are your thoughts on approaching a property that states offers over x amount with regards to making an offer? What would be a good starting point?
In this market, it is very difficult as properties are going for the asking and above! Measure your offer by the level of interest. If there is a huge amount of viewings, it is likely gonna go for asking or above... This should hopefully settle down once the stamp duty holiday ends!
Hi Alex. My wife and myself are working in London, and hoping to buy an apartment through Share to Buy. My wife is a School Teacher in a French School in London and she get paid from French Government into her French Bank account. Does her income qualify for joined Share to Buy application? Thanks
Hi, difficult to know without researching the lenders... you would benefit from a broker! If you email me on alex@mortgagechain.co.uk I will find out for you.
Hi, thanks for this informative video. I have a second property that i am interested in viewing but it is listed by the same agents who listed the first property. Should i wait for my offer for the first property to be determined before i arrange a viewing for the second property ?
If the offer hasn’t been accepted then I would carry on viewing. Just make it clear that you’re really keen on the property you have offered on but will carry on viewing until the point an offer is accepted.
Hi Alex, I really want a property that has been on the market for less than a couple of weeks. There is an asking price and a guide price range. There's been 2 second viewings and I'm waiting for confirmation on whether offers have been made. I'm a first time buyer and I don't know where to start with the negotiations. Do Estate Agents usually reveal the amounts of the offers that have been made or do they keep you guessing? Shall I make an offer now (I'm waiting to be booked for a second vowing). I've got everything set up to go ( mortgage broker, finances and paperwork in check). Thank you
You should get feedback from the Agent and they should guide you... Its all about how much interest it has had and how much you want the property! How did the second viewing go ?
@@alexkerrmortgage thanks Alex. It went really well. My first offer was rejected but the second one has been verbally accepted (2 days ago). I've not had a written confirmation of acceptance yet and I'm still waiting for the memorandum of sale. The property is still listed on the market and I'm really worried I might get outbid.
Let’s, jump, into, the vi de oooo
Skip to 4:48
Love your videos thank you. I have one question. 1. How long should I wait to hear if my offer has been accepted? I put my offer submitted all the requirements they asked on Friday lol today is Monday and haven’t heard from them. Absolutely nerve wracking
Yes, these moments are always nerve racking! It can take up to a week in some cases depending on the situation and the sellers circumstances. Have you heard back yet?
Hello, I have a tier 2 visa and a first time buyer. What can you advice me to do first? I’m not really sure what to do but I’m very keen to get on the ladder..
Are you EU national or non EU national and how long have you been in the UK ?
Can you explain about cash buyer as well
Hi Kelly, this type of thing is not really my forte, as buying with cash means you do not need a mortgage, and the mortgage side is where my experience is. I think this is more an investment type approach, there is some great investment channels out there.
Hi Alex, your videos are pure gold, keep it up 👍
Two questions tho.
1. Is 6 months a long time for a property to be on the market?
2. What if a property is advertised by two agencies? Would that mean the vendor is in a rush or he is just trying to get the best price possible?
The asking price is actually a Guide Price.
Thanks 👍
Bogdanel Simon hey Bogdanel! 1) it’s a long time, but doesn’t mean the property is “bad”. However there will be a reason. Feel free to send me the link so I can take a look. Up to you. 2) They have chosen another Agency because it didn’t sell with the first. It sounds like they want to sell, but maybe can’t drop the price for some reason. However that is just a guess. Definitely ask the Agent why it hasn’t sold! It would be interesting to know... !
Great advice. If you're in a bidding war should you go all in what you want to pay or just keep coming up in eith other bidders
Check this video out which talks about how to approach both a sellers market (what we have now) and a buyers market and bidding wars etc ua-cam.com/video/o4N9Niebgys/v-deo.html
Found a property. It seems to eye that’s it’s in a great condition as mentioned an A1. But we put a low ball offer in a few months back. But the house is still for sale. Others houses for sale on the same street are going 60 k cheaper hence the low offer. Any ideas on how to get it rolling ? The property has been for sale for at least 6 months
If that’s the case, then maybe the seller is not that bothered, maybe they are just trying their luck? Or has the house been renovated to a much higher standard? Difficult to know… I wouldn’t get too hung up on one property, keep looking at others, but if you have not heard from the lowball offer then to get it rolling the next offer would have to be higher!
I got my sa302 last April when I paid my tax can I use that for a morgage or will I need to pay my tax for this year
Hi Tariq, a mortgage broker or lender will only provide you a mortgage quote once they have sight of the SA302 and tax year overview, which shows the tax amount and proves it has been paid. Alex
Hi I got a question is a new build a better investment that something a bit older ?
That is down to personal preference!
had to play it at 1.5x the speed x) great video but verrry slow paced for me
Thank you very much for watching, this was one of my older videos and yes they are definitely too slow! If you look at the more recent ones, you will find they are much quicker!
ua-cam.com/video/XO9WWgpzEBc/v-deo.html
I am looking to put an offer on a property but i have been that house prices could fall between 10% - 15% but i am worried about negative equity, can you advise ahould i factor these in my offer?
You can’t factor future negative equity into your offer. Long-term history tells us that Property always delivers, but short-term negative equity is a possibility.
Hi Alex,
I have a question.
Can I use 5% of deposit and pay for the offer over for a property using my mortgage (since it is bigger and I can't afford to pay the offer?
Hi, I am afraid gifted deposits of this nature, I am not aware of at the moment.
Hi Alex, how to bid with cash offer? I've put a cash offer below the asking price (only 6% less) but it did not work out. How to negotiate? I have asked at beginning if the seller wants to sell it fast, and they said yes but it looks like he thinks that we have more so he is waiting for more. We have put the offer just after the viewing - is that a mistake? After week and a half there was no more offers, only today, one close to asking price (1k less). I don't know what should be my next step, I could go only as high as asking price - while the property might be worth 5K more.. that I should be looking for something cheaper?I know this depends very on a seller, that some people would choose the mortgage offer even if its only 1k more than cash offer.
I am interested in other property as well - please if you could give me some advise how to proceed on the next one. thank you
mmm tricky one! Can you email me the property link and offer you have made so I can take a look.... alex@mortgagechain.co.uk - Thanks! Alex
Hi alex, great content sir, I have just emailed you a personal question I would love you to advice me on please.🙏🏿
Go for it!
It's such a nerve wracking thing. Waiting to hear back from an offer and I can't stand it.
Hang on in there Anna! I can totally understand how you feel. Please let me know if your offer comes out!
@@alexkerrmortgage got it!! Hehe I couldn't take the nerves much more ☺️ thank you for your helpful video 😊 x
Hi Alex / I have seen a property that seems to have been listed since 2018 but not sold yet , foxtons say one of the offers fell through due to chain , the property is priced at a certain amount but I don’t know what the right offer should be ? Should I be doing a rics valuation to find out price before making offer ? We like the property very much and it’s a vanilla property , if I emailed you the link would be able to help with likely right value which hopefully would stack with the mortgage valuation thanks
Hi there, property value is something completely separate to a mortgage, and the mortgage side is my specialism. A rics valuation is more to see what the condition of the property is, the mortgage lender will value it at the price they think is right as they are lending the money on the property.
So to understand the value the mortgage lenders valuation should be okay but if you want to understand more about the property then a more thorough survey would be recommended. It’s always good to have a more thorough survey whatever property you are buying!
I’ve offered the asking price for a property. Estate agent have asked me if I want to go higher as they have other offers. I increased by £2000 I’m still waiting for a decision. But today they have phoned me to ask if I want to have my mortgage with them instead of my broker
It sounds like they are trying to say that if you use their broker, they will accept your offer. So there's a good chance your offer is the highest. Personally I don't think you should be strong-armed into using their broker if you want to use your own.
Hey Alex, we are looking at a property which we like. It has been on the market with a offers over price. There has been a few interest but not over the offers over price. Looking at the properties around, the last sale of a nearby same condition property has been £5k less than the offers over price. The property is ideal but we really do not want to overpay and keep below the offers over. Also, nobody knows how the market is going to be in a few months time, so we are confised about what offer to make ! Any suggestions?
Shoaib Mahbub Hi Shoaib, Sounds tricky! Can you email me the purchase price how much deposit you are putting down and a link to the property so I can take a look… alex@mortgagechain.co.uk And I will let you know my thoughts!
Oh by the way alex what areas do you cover and what are your fees? Can't find that on your website, thanks
In regards to fees it all depends on your circumstances… We specialise in residential mortgages for first time buyers, many thanks! Alex
What is the difference when you make an offer for a help to buy property?
You need to put down a reservation fee and then have a help to buy application submitted at the same time as the mortgage. As it will be a New Build, see what incentives the developers are offering. You maybe able to get some good ones before the property is built and not so many if it is. Mortgage lender choice is important too, in order to get the correct criteria. Are you looking at help to buy ? Alex
Hey there! I'm at the very start of my property journey and I'm still quite young (22). I have a few questions:
1. What is considered a long time when it comes to a property being listed?
2. If the property is in a nice location and I wanted to put an offer in, would going 5% under the asking price be too low? Or is that dependant on the property price/seller?
Love your videos by the way! Been searching for something like this and it really helps me to understand the whole process 😌
Hi Carmen! 1) After 3 months I would wonder why a property hasn't sold...
2) 5% is ok but does depend on demand, history of property, state of repair etc! Try and judge this and also the Agent should help!
Any more questions let me know! Alex
Agents won’t tell you how much offer has been put so how to know what price is too low or too high?
Interest is super high at the moment in any decent property.
How much more you should go above the home report 2k, 3k, 5k,etc.?
Hello Alex, and anyone reading this, how are you? I've been checking properties for a month or so and I need some help or advice.
1)New flat of plans that will be ready end of summer
2)Show room was initially announced May-June 2023
3)From Sales person 40% is sold, 20% is reserved for lower income and the rest is unsold
4)On my first time viewing the show room and floor plan from a plot, the sales person offered a 1 bed priced at 470K for 380K (quite a discount)
5)I am thinking on putting an offer down from the discounted 380K. What price should I make the offer for?, what is you opinion?
Hi, putting in an offer would require me to have much more info… that’s quite a discount. Are they well known developers ?
@@alexkerrmortgage yes
Hi Alex,
Just sold our house today! Seen the location (village) and a house that is ideal too, alittle small but.. it’s been on the market for 9 months no offer, think because it’s rural.. but unsure what to do with offer? As we could bargain for size and no interest but we don’t want to loose out and it’s perfect location... lower offer or asking price? Please help thank you 😊
lower offer to start with... If anyone else comes in with offers, the Agent will inform you... But start lower 100%! Good luck! Please email me the link so I can check it out... Any idea why its been on the market for 9 months with no offers ? alex@mortgagechain.co.uk
Think the vendor is abit stubborn reading between the lines.. it also has no gas in village so on storage heaters but in time will look to convert. Maybe that’s put off some people? Worried I may offend if too low offer.. roughly how much lower to start is there a rough % or £? Many thanks 😀
@@fjhill5207 I need more info to answer this one! Sending the link would be a good start and tell me as much as you can about the property! Thanks
Hi, thanks for the video… really helpful. I have one question. What if the agent said he/she is allow the disclose the offers made?
Hi, thank you for watching! Could you run that past me again, I don’t fully understand. Thank you!
@@alexkerrmortgage went to see a property today and ask if there were any offers made… and the agent told me that she’s not able to disclose that information. 😯
They are not at liberty to tell you what the offer or offer’s is as that is confidential but they should disclose whether any offers have been made
Hi alex great video were first time buyers and have everything in place and we have a made an offer on a property we love its offers over 130k and weve offered 138k would you say thats a good solid offer?
Sorry for the delay Danny, that is a solid offer! How did you get on with it, where are you in the process?
You are fabulous .
Looking at our first house this Saturday 🥳 got our heart set in it lol once we put our offer in if it’s slightly low will the letting agent ring and offer us to raise it or will that be it ?
Yes. I put one in yesterday. Lots of offers so I put in a little over the asking price. I just stumbled on your channel. Super informative. Thank you for all your advice and hard work.
Thanks for the sub!
Very informative video thank you ! when emailing an offer do you what do you include e.g. do you include the reason you have put in the offer at that price. Is there somewhere I can find an example of an offer email?
Here’s a short video which will hopefully help! ua-cam.com/video/yQCaIblqXVU/v-deo.html
Do you have to place an offer over the price listed if it says offers over? there is a house i have seen that is advertised at £240,000 offers over, I think it is actually worth £227,000 I am guessing the £240,000 is what the vendor has agreed with the estate agent is the minimum they want to accept, is it worth offering under this as you say you only really get one chance with your offer?
I think the offers over approach approach He’s just a way of wording they listing price to encourage higher offers! There is no harm in offering under this, but if there’s lots of interest then this will of course push the price up… Does that make sense? Good luck!
how can you trust your estate agent about how much interest is in the property? nanners
It’s difficult but if your in a good position then the agent will sell to you
Hi Alex
First time buyer here, found an ideal property, a lot bigger than we thought we could afford. It’s listed with 3 separate agents and I think a sale has just fallen through. It’s a the top end of our budget, listed at 235 we want to offer 220, will we stand a chance? It’s a highly sought after location
Hi Shaun, of course you would stand a chance! It's difficult to say what it would go for, but always start lower, then what you are prepared to pay for it. As if you go in at the asking price, the only way after that is up!
What a wonderfully informative video! Thank you
Thanks for watching!
This video is so informative, thank you! We are first time buyers and had a seller pull out a few days ago on a property we had an offer on for 3 months! We are back into the viewing and hopefully bidding process soon! Do you have any different advice for putting in offers given the current market?
This one should definitely help and hopefully give you some ideas!
ua-cam.com/users/shortsyQCaIblqXVU?feature=share
Doesn't the agent work for the vendor? Isn't it in their best interest to get as high a price as possible?
If you ask the agent about a rough idea of what to go in at or how much interest its had or offers surely they'd be "economical" with the truth to get you to pay more?
Hi Andy, the agent works for the vendor and the buyer. The Agent is keen to sell the property at a price both the vendor and buyer is happy with, which is not always necessarily the highest possible price. All depends on the situation of the vendor/buyer/market conditions. The agent is there to find the equilibrium price in order for a successful outcome.
Great video again alex 👏
Thanks very much for watching!
Alex great video thank you for this l really appreciate it. Just one question: if I ask the lender how many viewers, how much have someone offered etc etc what if they do not tell me the truth and just give me an answer for their own benefit meaning to sell it to me as soon as possible?
An estate agent will provide you with information in regards to how many offers have been made, you may not get a specific amount, but you would be told if a higher offer has been made. This would be the normal process.