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sallygreen100

Public Notice Advise Needed

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Hi

I'm a first time buyer, looking for a home for a while. seen loads, made some offers but non were accepted (most were just taken off the market).

I've just seen a house we like, its a repo that an EA is selling.

it was on for 110K, I went to make on offer and found someone made a 115k offer. it was on public notice and we made our offer of £117K but were told nothing will happen until the other offer had a chance to go through the mortgage process.

Less then a week later I am told my offer is accepted and I should start the mortgage process and let my solicitor know.

I haven't instructed my solicitor but started an online mortgage application with HSBC.

I have about 36K and will want to borrow the rest.

my husband says that its likely the banks will value it less than what we offered so we will wait for the survey report.

My questions:

How long does a mortgage application take? - we started the form online two days ago and handed the relevant docs today (wage slip, etc)

When will they start the valuation? - we chose the £192 home buyer report.

What is a public notice and can someone make a higher offer whilst we are doing the application?

any advise would be appcriciated.

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Hi

I'm a first time buyer, looking for a home for a while. seen loads, made some offers but non were accepted (most were just taken off the market).

I've just seen a house we like, its a repo that an EA is selling.

it was on for 110K, I went to make on offer and found someone made a 115k offer. it was on public notice and we made our offer of £117K but were told nothing will happen until the other offer had a chance to go through the mortgage process.

Less then a week later I am told my offer is accepted and I should start the mortgage process and let my solicitor know.

I haven't instructed my solicitor but started an online mortgage application with HSBC.

I have about 36K and will want to borrow the rest.

my husband says that its likely the banks will value it less than what we offered so we will wait for the survey report.

My questions:

How long does a mortgage application take? - we started the form online two days ago and handed the relevant docs today (wage slip, etc)

When will they start the valuation? - we chose the £192 home buyer report.

What is a public notice and can someone make a higher offer whilst we are doing the application?

any advise would be appcriciated.

How long does a mortgage application take? - we started the form online two days ago and handed the relevant docs today (wage slip, etc)

This depends entirely on the bank you chose, your credit and the amount you are borrowing. It can take anywhere up to 7 to 14 days from handing over your documentation. They may ask for further information or perform credit history checks that hold matters up. Make sure you are on the electoral roll where you live. Ensure you have taken some credit and paid it back to form a credit history i.e credit card (just pay the whole amount every month never borrow long term). You should continue to ring your bank and find out the latest from your "personalised broker" every few days to chase them up.

When will they start the valuation? - we chose the £192 home buyer report.

Given that George Osbourne has underwritten the entire UK housing market I would imagine that banks and their surveyors are incredibly busy. Again it all depends on your bank and which surveyors are on their panel. Once you know which surveyor they pick you need to chase them to book in an appointment. Always ask to be put on the waiting list for cancellations. It isn't unheard of to wait for an appointment for 2-3 weeks especially in busy spring periods or when surveyors are on holiday.

What is a public notice and can someone make a higher offer whilst we are doing the application?

Not sure on the public notice haven't had much dealings with repossessions. Guzumping is perfectly legal in England so people can offer more although if it is a repo bank's main priority is to get rid of the asset quickly and not lose too much money. 5-10K here or there isn't going to matter in the time value of money but more than that and they may review if you are taking too long or need to go to another mortgage provider.

You should really have already completed a mortgage in principle before you start house hunting. The bank then has an understanding of what you can borrow and at what rate and keeps this offer open to you for up to a year whilst you find a house. As long as they do not perform permanent credit checks (most don't) there is nothing to stop you applying to other banks simultaneously so if one falls through you have already carried out the initial work to gain a mortgage somewhere else.

Take a look at this site for the best rates consolidated http://themortgagemeter.com/#/best_buys

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Hi

I'm a first time buyer, looking for a home for a while. seen loads, made some offers but non were accepted (most were just taken off the market).

I've just seen a house we like, its a repo that an EA is selling.

it was on for 110K, I went to make on offer and found someone made a 115k offer. it was on public notice and we made our offer of £117K but were told nothing will happen until the other offer had a chance to go through the mortgage process.

Less then a week later I am told my offer is accepted and I should start the mortgage process and let my solicitor know.

I haven't instructed my solicitor but started an online mortgage application with HSBC.

I have about 36K and will want to borrow the rest.

my husband says that its likely the banks will value it less than what we offered so we will wait for the survey report.

My questions:

How long does a mortgage application take? - we started the form online two days ago and handed the relevant docs today (wage slip, etc)

When will they start the valuation? - we chose the £192 home buyer report.

What is a public notice and can someone make a higher offer whilst we are doing the application?

any advise would be appcriciated.

Public notice:

we have viewed quite a few repos recently and all agents hae told us, even if your offer is accepted, it is still open for others to make an offer until contracts are signed. Repos are now controlled by asses agencies aand not the banks. In the past banks would have been happy tto cover as much of the debt as possible, not today. The asset agencies are looking for the highest offers and that means gazumping can take place. This could potentially mean 1000's wasted on surveys etc

Lee

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brilliant...ANOTHER id like to buy a house thread...your in the wrong place...we are waiting for the london bubnle to pop next month.

only an idiot would buy right now with all the government props.

if you want a house...dont write here...write to your mp and demand an end to this madness.

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Thank you to the first two replies for the quick and helpful advise.

My husband and I have given up waiting for prices to come down - we've been waiting over 10 years. we are now in our late 30's with 2 kids.

The house is in Bradford and its a 4 bed - cheap compared to the rest of England. The homes in the area were selling for 200k in between 2005-2009 then started to come down. the last couple homes in the area have sold for 130K.

I'm hoping it will come down to around 100K after the survey and they are open to negotiation but not holding my breath (dont mind losing the £192 fee).

our house hold income is 30K (24K on just his salary), and we have a good deposit so we are not really taking a risk.

We worked out that we can live decent even if rates go up to 9% with the extra saving we have stashed away.

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brilliant...ANOTHER id like to buy a house thread...your in the wrong place...we are waiting for the london bubnle to pop next month.

only an idiot would buy right now with all the government props.

if you want a house...dont write here...write to your mp and demand an end to this madness.

To be fair they have made a post in the 'All about buying, selling and mortgages' sub forum. If none of that is of interest to you then don't read this part of the forum and get yourself all worked up.

We don't all live in London, many areas of the country have had a fairly decent real terms crash and if you negotiate properly you can actually purchase a house at a reasonable price.

And no I'm not an estate agent, just a normal fella who waited patiently and finally bought a family home last year. This site was a valuable source of advice both in terms of economics and the practicalities of buying.

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To be fair they have made a post in the 'All about buying, selling and mortgages' sub forum. If none of that is of interest to you then don't read this part of the forum and get yourself all worked up.

We don't all live in London, many areas of the country have had a fairly decent real terms crash and if you negotiate properly you can actually purchase a house at a reasonable price.

And no I'm not an estate agent, just a normal fella who waited patiently and finally bought a family home last year. This site was a valuable source of advice both in terms of economics and the practicalities of buying.

You have to understand people are getting tetchy round here...the real big crash is a long time coming..

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