How to Make Yourself More Attractive (as a buyer)
At this time of the year all agents receive lots of enquiries from people wanting to move house. Our team is talking to dozens of new applicants every week and we thought it might be a good idea to advise them how they can make themselves as ‘attractive’ as possible to a seller with regard to their ability to buy. We have rated them from the most unattractive position to the best.
Applicant who needs to sell to buy. Their property is not on the market.
They usually say “they know what it is worth and houses are selling quickly here”
Agent: I know these applicants cannot proceed and making an appointment for them to view could be a waste of time. Agents would never recommend their clients accepting an offer under these circumstances.
Seller: Not worth me tidying my house for the viewing so they ask the agent to tell them to come back when they have a lot of interest in their own property, under offer or sold.
Applicant’s house is on the market and they need to sell to buy.
Agent: He/She checks the property portals to see if their property is, in fact, on the market (it is amazing how many people mislead agents this way) and for how long. If it has been on for a long time, (one applicant had their property on for over 2 years) the agent is not going to take them that seriously.
Seller: Will accept the appointment but if an offer was made by this type of buyer they would not accept it as the buyer would not be able to proceed.
Example The Old Chapel. This is a lovely converted chapel close to the coast in Cornwall. We had a great deal of interest from buyers throughout the UK wanting a change in lifestyle. One of the first viewers wanted to buy the property but as they had not sold the owner would not entertain an offer. Our clients wanted to be in a good position to buy a house in the Cotswolds nearer to their children and they obviously couldn’t put in an offer until they were. Six weeks later we introduced another buyer who could proceed and an offer was accepted. The original unsuccessful party is heartbroken and has now decided to stop looking until they have sold their own.
Applicant doesn’t need to sell but needs a mortgage.
Agent: Will ask if they have got a mortgage approved in principle. If not, the agent does not take them that seriously. These days with stricter mortgage criteria, the buyer can be refused a mortgage which could result in the chain of buyers breaking down and the agent losing the sale. If there is a mortgage approved in principle the agent takes them seriously and will be on the phone immediately (proper estate agents do this, some do not) when a suitable property comes on …. these buyers will get shown the best properties first.
Seller: They will be willing to show their home and if an offer is made they will ask the agent what the buyers’ position is. The agent should advise their seller not to accept until they have confirmation of the mortgage offer in principle.
Applicant under offer and going into rented property.
Agent: Takes these people very seriously as they have “broken” the chain and are able to proceed quickly.
Seller: One of the best types of buyers. Sellers are more open to offers made by this type of buyer.
Applicant buying with cash.
Agent: At Chartsedge we mostly deal with these cash buyers and they are the ‘holy grail’. They get offered the best properties first and are able to negotiate a deal with sellers as they enable them to move quickly to their new home.
Sellers: Just what they are looking for as these buyers enable them to buy the house they want, quickly.
Miles from Chartsedge commented “When we tell potential buyers that they need to put their property on the market first before they start looking they say, I don’t want to become homeless”.
You won’t…. you can negotiate a sale with a long completion date which allows you to find your perfect house and you are in an excellent position to negotiate with a seller”
What happens if you view a property, fall in love with it and your house is not on the market.?
The seller may accept an offer but will not negotiate a good deal as you are not in a good position. Even if you agree the full asking price they will not take their property off the market as you cannot proceed. You then ask estate agents to come and value your house, tell them you want a quick sale and run the risk of having to market at a keen price, perhaps even below market value, to do this.
Therefore you are selling your property for less than you want to, and buying for more than someone else in a good position, and running the risk of losing your dream home. – You could be out of pocket for £10,000’s or even more.
Example: Dunstone Farm Barns: This is a beautiful barn conversion on Dartmoor with lovely open views. We had 12 viewings in 10 days and 3 people wanting to buy it. Two of the interested parties had not put their property on the market but still put offers in. The owners did not accept these as they had already found a house they liked in South Devon and needed to proceed quickly. The successful buyer could proceed without selling so the owner accepted their offer. Both of the other people are disappointed as it was the perfect house for them.
If you would like us to come and value your property for free on a no obligation basis please give us a call 01392 832446 or email us on email@example.com
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