First time homebuyers in GB
Is anyone else having a terrible time trying to buy a home? My fiancé and I are in the process of buying our first home in the GB area - We’ve put in two offers and both were rejected. We’re offering at least 10k over asking with escalation clauses up to 30-40k above asking. We have waived all contingencies (except for Lender appraisal). We’ve written heartfelt letters for both sellers. We are coming from a rental situation so we’re are very flexible with timeline. We’re pre approved and putting over 25% down, plus covering closing costs. It’s been so disheartening getting attached and coming in with strong offers just to get rejected with no counter.
We’re looking into going through a different lender, since the lender we’re looking at has a 30day closing timeline. Hopefully we’re able to find a lender with a quicker turnaround time. Other than changing lenders, what things would you recommend? We are trying to move before snow flies, but the current state of affairs make it seem like we’ll be lucky to even get a place in the next year! Anyone else going through the same?
Update: We just had an offer accepted! There was a home on our radar for a few weeks, they just lowered their price yesterday (8/15), and it fell within our price range. We saw it, loved it, and put an offer in. We offered less than the new price and they accepted that night. There were no other bids, but likely would have been a frenzy if we waited a day. I think it came down to right timing and being patient. Thank you to everyone who gave us helpful tips, it really made the experience less miserable. Hopefully all goes well with closing and we are in our new home come October!