How do offers work
Discussion
Possibly expecting an offer in the next couple of days from a viewing.
Only thing is im clueless how this works and the estate agent im with is fecking useless.
My main concern is the people who are interested, i do not understand how they are planning on buying a house, (part time students), so if they make an offer how can i get some kind of confirmation they can actually afford it and have finances in place?
Does the estate agent get them to prove their financial situation when they make an offer? Or do i have to trust they are in the position to buy it and start legal process with my solicitor.
Only thing is im clueless how this works and the estate agent im with is fecking useless.
My main concern is the people who are interested, i do not understand how they are planning on buying a house, (part time students), so if they make an offer how can i get some kind of confirmation they can actually afford it and have finances in place?
Does the estate agent get them to prove their financial situation when they make an offer? Or do i have to trust they are in the position to buy it and start legal process with my solicitor.
As above the EA will check the buyer can actually follow through on their offer. Sometimes, until all paperwork is actually forthcoming they might suggest you accept the offer and list the property as "under offer" rather than Sold Subject to Contract.
The next thing is to decide if you accept the offer, then counter if you are going to counter. If you accept the offer the EA will normally want your solicitors details at the time you accept the offer so make sure you have one lined up. Get a few quotes.. imho (some people disagree) its always better to go with a local solicitor who knows the estate agent and has a physical local office.
After that you will know if they are serious because the valuation will take place usually within a couple of weeks. After that they will get their formal mortgage offer which is normally valid for 6 months. Then they will need to complete searches (usually their solicitor will start this process right away but some solicitors wait till the mortgage offer comes through) and then after that you can set an exchange date. Only after you have actually exchanged contracts is the sale legally binding for both parties. It normally takes 10-12 weeks to get to that point.
Also bear in mind you are starting this process right at the start of the school holidays and again IME this can add quite a few weeks on as you can be sure their solicitor and your solicitor will be away for at least 2 weeks. Maybe the buyer too. Its just a slow time of year to do property transactions. I found this out the hard way once.
You will need to provide ID to your solicitor, possibly a current mortgage statement if applies, signed transfer forms, paticulars of the sale which is usually about a 30 page form you have to fill in and then you just wait... and wait....
Good luck!
The next thing is to decide if you accept the offer, then counter if you are going to counter. If you accept the offer the EA will normally want your solicitors details at the time you accept the offer so make sure you have one lined up. Get a few quotes.. imho (some people disagree) its always better to go with a local solicitor who knows the estate agent and has a physical local office.
After that you will know if they are serious because the valuation will take place usually within a couple of weeks. After that they will get their formal mortgage offer which is normally valid for 6 months. Then they will need to complete searches (usually their solicitor will start this process right away but some solicitors wait till the mortgage offer comes through) and then after that you can set an exchange date. Only after you have actually exchanged contracts is the sale legally binding for both parties. It normally takes 10-12 weeks to get to that point.
Also bear in mind you are starting this process right at the start of the school holidays and again IME this can add quite a few weeks on as you can be sure their solicitor and your solicitor will be away for at least 2 weeks. Maybe the buyer too. Its just a slow time of year to do property transactions. I found this out the hard way once.
You will need to provide ID to your solicitor, possibly a current mortgage statement if applies, signed transfer forms, paticulars of the sale which is usually about a 30 page form you have to fill in and then you just wait... and wait....
Good luck!
Petrolsmasher said:
GT03ROB said:
By the way what makes you think you'll get an offer??
I might not, just preparing myself but they were here a while and seemed quite interested they werent rushing to get out straight away, you never know. 
If you’re in an area where there is or are good universities then it’s not uncommon for bank of mum and dad to be the investors. More than one student does make that seem less likely though.
However, when you do eventually get an offer from anyone just make sure you ask the agent to obtain proof of funds for you before you begin the process of contemplating the offer.
That happens a lot, we bought our first flat as it was close to uni for the mrs and then when we came to sell a few years later a student bought it via BOMAD. I think the way they were looking at it was over a 3 year degree they might spend £20k on accommodation but if they buy they might actually make money.
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