How to Become the Best Buyer

With the property market being as strong as ever I can remember (I have been in the business for over 30 years) presenting yourself the best buyer you can be has never been more important. Many estate agents are not even allowing potential buyers view property until they are in a proceedable position. If you are in a good position make sure you tell the estate agent you register with as then you will go into the preferred section of their database and will be told about properties before others.

We look at who are considered the best buyers by agents and sellers alike

Cash Buyer

This is the Holy Grail of buyers and it means that there is no chain of related sales which always complicates and delays the purchase process. As a buyer you are able to give flexibility to the seller whether they want a quick purchase or need to have a buyer under contract to secure the home they are buying with a slightly longer completion.  When you have found the property you want to buy you are able to negotiate as you are in a better position than the majority of buyers out there. When a price is agreed do not be surprised if the agents ask you to prove that you have the money available. We are often send details of bank accounts showing the appropriate balances but we do also accept confirmation from buyers solicitors or accountant.

Nothing to sell and mortgage approved

Again as a buyer you are in a fantastic position and will be treated very seriously by the agent and property owner. Make sure that you have gone through all the paperwork you can with your mortgage broker and have a Mortgage Agreed in Principle letter so that you can prove your position. You are also able to give flexibility to the seller and although you will be slightly delayed as your mortgage company will have to arrange a survey on the property (don’t forget to pay for survey immediately you have agreed a sale) you are able to move quickly. Another thing to consider is that a mortgage offer at the rate you have agreed only lasts for a set period of time and if this runs out you will have to do the majority of paperwork again.

Under Offer and Mortgage Approved

You are in a  good position and are proceedable.  However any estate agent when you offer on a property will ask for your estate agents details and will talk to them to confirm that you have a completed chain. This means your buyer is selling to a buyer  that can proceed who is selling to a buyer that can proceed etc.…………. The more the links in the chain the probability that the chain will collapse increases exponentially. When agreeing a sale of your own house make sure to ask your agent details of the whole chain and how far advanced it is, for instance are solictors instructed/have searches been applied for/mortgage offers received on each link.

On the Market with no offers

As a buyer you are taken seriously but it still may be the case that some agents will not allow you to view properties. Please be aware do not blame the agents for this as this may be a direct instruction from their client. If your property has been for sale in this current market for say 6 weeks, something is wrong. Your asking price is too much or the marketing is not reaching the right kind of buyers. Liaise with your agent to see what they can do and if this does not work it may be the time to switch agents.

Not yet on market

As a potential buyer and you cannot buy in cash you will not be taken seriously as you cannot proceed with a purchase. These buyers come in two types ones who have had their property valued by and estate agent and those who have not even done this. If you have not had your property valued how can you possibly know how much your are able to purchase your new property. In this current market you may be pleasantly surprised and you may be able to afford to purchase your dream home that you thought was out of your price bracket.

What all buyers should do whatever your position

It is very simple, choose your solicitor and get signed up with them. This does take time due to the Money Laundering procedures and it is always good to tell your agent that you already have a solicitor on board.

At Chartsedge at the moment we have a record number of buyers who are in very good position ready to pounce on properties that come to the market, many of which are cash and living in rented property. As a buyer it is a good idea to tell the estate agent that you are flexible in your timings as many sellers are having trouble finding their next property. This will give you the best chance of securing your next home.

If we can help you with your purchase or sale of your home please do not hesitate to contact us 01803 505115