No mortgage (yet). Is it pointless viewing properties until I have one?

King Ian

Hi I haven't been approved for a mortgage yet. (I haven't even applied for one.) I've been viewing a handful of places over the last year, just keeping an eye out - but I've been taking it a bit more seriously over the last 2 months or so.

Is it pointless viewing places until I've been approved for a mortgage? Ie. You really can't put in an offer or show genuine interest in a place until you have the mortgage approval to back it up?

Sorry if this sounds like a stupid question

Shambo

King Ian wrote: »

Hi I haven't been approved for a mortgage yet. (I haven't even applied for one.) I've been viewing a handful of places over the last year, just keeping an eye out - but I've been taking it a bit more seriously over the last 2 months or so.

Is it pointless viewing places until I've been approved for a mortgage? Ie. You really can't put in an offer or show genuine interest in a place until you have the mortgage approval to back it up?

Sorry if this sounds like a stupid question

Yes it is

mathie

There's no such thing as a stupid question.

I know some Estate Agents require that you have mortgage approval before you place a bid. They're the good EAs. Most however won't require it.

It will obviously delay the sale if you put in a bid and it's accepted. And that delay may lead to other problems like the seller accepting someone elses offer if they think you're dragging you heals.

May I ask what has you 'taking it a bit more seriously over the last two months'?

D3PO

mathie wrote: »

I know some Estate Agents require that you have mortgage approval before you place a bid. They're the good EAs.

Eh how do you figure that out ? How will the EAs know if you have approval before making a bid ?

Please god tell me your not one of these people who actually tells an EA what your approved for backed with paperwork before making a bit. Prime candidate for phantom bids right up to your max.

If an EA asks you for proof of approval or how much your approved for tell them to go jump.

How you get that there "good" is beyond me

messrs

no harm in looking - i didnt actually go to view houses b4 i got approved, but i was constantly on house websites looking up houses - and picking ones i liked, would drive over and check out area ect -
when are you thinking of applying for mortgage? or do you know who your going to apply tru?

King Ian

messrs wrote: »

when are you thinking of applying for mortgage? or do you know who your going to apply tru?

Soon, I suppose. No idea who to apply through - wouldn't even know where to start, to be honest

messrs

i applied for mortgage on my own and the guy i had was really good and helpful - would defo reccomend him - got me my mortgage all sorted in matter of few weeks
pm me if you want his name and number

mathie

D3PO wrote: »

Eh how do you figure that out ? How will the EAs know if you have approval before making a bid ?

Please god tell me your not one of these people who actually tells an EA what your approved for backed with paperwork before making a bit. Prime candidate for phantom bids right up to your max.

If an EA asks you for proof of approval or how much your approved for tell them to go jump.

How you get that there "good" is beyond me

They're 'good' in the fact that they're just allowing genuine buyers to make bids on properties.
They cut out the time wasters who have no (or no intention of getting) mortgage approval.
Anyone can walk in off the street and put a bid on a place.
It means nothing unless they have the mortgage approval to back it up.

I certainly wouldn't tell an EA how much I'd been approved for and I wasn't advocating that.
Simply get a letter from the bank to state you have mortgage approval - not how much that approval is for.

Alright

We had mortgage approval before we started to look. That way, at least, you know how much the bank will lend you and what you can bid. As soon as we had the approval we started looking. We looked all over Dublin sometimes 10 house viewings a day. The best bit of advice I was given was 'the more you look the luckier you will be' It worked for us anyway.

The property websites are a great help too.

A friend of mine is a mortgage broker and he said that it seems the market is turning. He has a client that is looking at a property asking 330k so they offered 300k but were told by the EA that the asking price will be met. The 300k offer was refused.

D3PO

having mortgage approval and making a bid also means nothing. Sale agreed isnt worth the paper its written on.

having a letter form the bank saying your approved doesnt make you a genuine buyer.

D3PO

Alright wrote: »

A friend of mine is a mortgage broker and he said that it seems the market is turning. He has a client that is looking at a property asking 330k so they offered 300k but were told by the EA that the asking price will be met. The 300k offer was refused.

The seller being in denial doesnt mean the market is turning

quozl

Alright wrote: »

A friend of mine is a mortgage broker and he said that it seems the market is turning.

To be frank, I'd be more inclined to believe that your friend is foolish rather than that the market is truly turning.

stepbar

Alright wrote: »

A friend of mine is a mortgage broker and he said that it seems the market is turning. He has a client that is looking at a property asking 330k so they offered 300k but were told by the EA that the asking price will be met. The 300k offer was refused.

How many times does a "dead cat" bounce?

mathie

D3PO wrote: »

having mortgage approval and making a bid also means nothing. Sale agreed isnt worth the paper its written on.

having a letter form the bank saying your approved doesnt make you a genuine buyer.

No but it makes you more of a genuine buyer than someone without.

ricman

yOU,LL get around 3/4 times your income ,on a 90 per cent mortgage so theres no pint in looking at houses over x amount, meanwhile save as much as you can.Say house is 200k save at least 20k.

JuliusCaesar

D3PO wrote: »

Please god tell me your not one of these people who actually tells an EA what your approved for backed with paperwork before making a bit. Prime candidate for phantom bids right up to your max.

If an EA asks you for proof of approval or how much your approved for tell them to go jump.

NEVER tell an EA what your maximum amount is....If you were buying a secondhand car from me, and told me the most you could spend - I'd be delighted! I'd sell it to you for the max you could pay!

ricman

Use daft.ie ,look what are other houses ,same spec,no of rooms,new kitchen etc in the area going for.
Make up your mind how much will i pay ,say you are approved for 200k, that does,nt mean you can,t buy a house 4 160k.
Say you are willing to pay 150k, and the ea says i was offered 180,you can still offer 150 and say thats my final offer.
At some point the other bidder may drop out, and your offer could be accepted.
OR the other bidder may be delayed in signing the contract ,cos hes waiting for his sale to go through.
There should be no reason to overpay ,its a buyers market.