Dealing with Estate Agents

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Discussion

ln1234

Original Poster:

848 posts

199 months

Thursday 12th March 2009
quotequote all
We have been thinking of contacting some local estate agents and viewing some houses around our area, with a view of keeping an eye out for our dream house/bargain. I wanted to ask for advice on how to deal with estate agents in the current climate. I don't mind giving out my personal details to them, but don't want to get hounded with countless phone calls, and details on properties we're not interested in - we know the kind of property we're after. I've already got a mortgage agreement in principle (in case we do find something we really like), so will pass on speaking to their 'financial advisers', but any tips on how to deal with them appreciated.

Cheers

aussiebruce

452 posts

191 months

Thursday 12th March 2009
quotequote all
where are you looking?

hornetrider

63,161 posts

206 months

Thursday 12th March 2009
quotequote all
Whatever you do, never tell them your budget. Merely tell them what type of house you're looking for.

2something

2,145 posts

209 months

Thursday 12th March 2009
quotequote all
Try to tell them exactly what you want.

Make sure you ask lots of questions about properties before you go and see them.

If they show you something that you didn't want, tell them why.

As long as you manage your relationship with the estate agents (and some of them need managing by you), it shouldn't be too painful.

<note this below part is purely personal experience from the last 2 months, I am not making any UK wide claims, others views and experiences will differ - please feel free to post them, however saying my personal experiences that are unique to me are wrong is pretty pointless>

In the places we've looked - dream house and bargain rarely go together, even in the current climate. There are plenty of bargains, but the houses we have looked at in good locations have had a nasty tendency to go very quickly, twice they went for above the asking price. In the not so good locations (can be just a couple of streets over), there are bargains to be had and properties are sticking.

ln1234

Original Poster:

848 posts

199 months

Thursday 12th March 2009
quotequote all
aussiebruce said:
where are you looking?
SW London!

ln1234

Original Poster:

848 posts

199 months

Thursday 12th March 2009
quotequote all
2something said:
In the places we've looked - dream house and bargain rarely go together, even in the current climate. There are plenty of bargains, but the houses we have looked at in good locations have had a nasty tendency to go very quickly, twice they went for above the asking price. In the not so good locations (can be just a couple of streets over), there are bargains to be had and properties are sticking.
I have a feeling we're going to have the same experiences, but hopefully we're looking with our eyes wide open, and buying a house is definately a nice-to-have for us at the moment. There is always the hope that we'll like a house that someone is desperate to sell, and no one else is interested (fat chance I know).

Coco H

4,237 posts

238 months

Thursday 12th March 2009
quotequote all
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

hornetrider

63,161 posts

206 months

Thursday 12th March 2009
quotequote all
Coco H said:
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?
The problem with this is - they will then know how much you have to spend, and will most likely advise their clients accordingly.

2something

2,145 posts

209 months

Thursday 12th March 2009
quotequote all
ln1234 said:
2something said:
In the places we've looked - dream house and bargain rarely go together, even in the current climate. There are plenty of bargains, but the houses we have looked at in good locations have had a nasty tendency to go very quickly, twice they went for above the asking price. In the not so good locations (can be just a couple of streets over), there are bargains to be had and properties are sticking.
I have a feeling we're going to have the same experiences, but hopefully we're looking with our eyes wide open, and buying a house is definately a nice-to-have for us at the moment. There is always the hope that we'll like a house that someone is desperate to sell, and no one else is interested (fat chance I know).
Nah, there is always a chance, especially if you're patient. You are doing it the best way by keeping an eye out, but not putting yourself in a position where you have to buy.

I am just trying to say don't be dissapointed *if* (and that's an if) you find stuff in good locations defying the doom mongers.

Back to estate agents, make sure you provide feedback and do it promptly whether you liked the property or not. Ideally you need to build a relationship, so when they have something good come onto the market, they think of you. But also so that when they have something that you're not interested in, they don't bother you with it.





Coco H

4,237 posts

238 months

Thursday 12th March 2009
quotequote all
hornetrider said:
Coco H said:
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?
The problem with this is - they will then know how much you have to spend, and will most likely advise their clients accordingly.
Eaxctly what the agent told me. Surely this would put some buyers off ???

rah1888

1,547 posts

188 months

Thursday 12th March 2009
quotequote all
hornetrider said:
Whatever you do, never tell them your budget. Merely tell them what type of house you're looking for.
This is not a good plan.

ln1234

Original Poster:

848 posts

199 months

Thursday 12th March 2009
quotequote all
hornetrider said:
Coco H said:
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?
The problem with this is - they will then know how much you have to spend, and will most likely advise their clients accordingly.
So if I tell them I already have a mortgage agreed in principle, can they still have a requirement for me to speak to their fincial advisor before I view a house?

Rags

3,642 posts

237 months

Thursday 12th March 2009
quotequote all
hornetrider said:
Whatever you do, never tell them your budget. Merely tell them what type of house you're looking for.
What so they waste your time sending you houses that you may like, but will in no way, shape or form be able to afford.

Fantastic Plan!

2something

2,145 posts

209 months

Thursday 12th March 2009
quotequote all
hornetrider said:
Coco H said:
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?
The problem with this is - they will then know how much you have to spend, and will most likely advise their clients accordingly.
A lot of agents are doing this, as many people are putting in offers and then can't get finance. I definitely would never tell them what you could afford, and only tell them what are genuinely happy telling them. But people's financial position is now a very strong consideration when offers are being made, so if you're in a strong position, make it work for you.

Coco H

4,237 posts

238 months

Thursday 12th March 2009
quotequote all
ln1234 said:
hornetrider said:
Coco H said:
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?
The problem with this is - they will then know how much you have to spend, and will most likely advise their clients accordingly.
So if I tell them I already have a mortgage agreed in principle, can they still have a requirement for me to speak to their fincial advisor before I view a house?
No I think you can view but if you put an offer in - you had to prove your finances. Great from a seller's pofv not so good for a buyer.

n1ckm

187 posts

229 months

Thursday 12th March 2009
quotequote all
ln1234 said:
hornetrider said:
Coco H said:
I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?
The problem with this is - they will then know how much you have to spend, and will most likely advise their clients accordingly.
So if I tell them I already have a mortgage agreed in principle, can they still have a requirement for me to speak to their fincial advisor before I view a house?
You have to look at this from the sellers perspective. If you were a seller, wouldn't you want to know that the person making the offer was in a financial position to proceed ? Speaking to the agent's financial advisor shouldn't obligate you to arrange your mortgage with them.

GreatGranny

9,161 posts

227 months

Thursday 12th March 2009
quotequote all
Why do you need to contact the EAs?

Can't you just get updates from rightmove, globrix etc and if a house comes up then contact the EA.


ln1234

Original Poster:

848 posts

199 months

Thursday 12th March 2009
quotequote all
GreatGranny said:
Why do you need to contact the EAs?

Can't you just get updates from rightmove, globrix etc and if a house comes up then contact the EA.
Thats exactly what we're doing. There is a house we like the sound of, and am considering calling the EA, but I want to approach it all the right way, and don't want any 'spam mail' from them hence me asking for advice.

I've heard you need to give them your current address as well?

hornetrider

63,161 posts

206 months

Thursday 12th March 2009
quotequote all
Rags said:
hornetrider said:
Whatever you do, never tell them your budget. Merely tell them what type of house you're looking for.
What so they waste your time sending you houses that you may like, but will in no way, shape or form be able to afford.

Fantastic Plan!
Um, forgive me if this is rocket science.

Price is dictated (generally) by size, square footage, bedrooms, location. If having done your research on rightmove, you know that in your desired area you can only afford a 3 bed semi, say, tell them that's what you're looking for.

If you say that your maximum budget is X, you'd better believe they will be telling the vendors what your max budget is when you put in a pisstake offer.

okgo

38,193 posts

199 months

Thursday 12th March 2009
quotequote all
Be straight. You will find (if you find a decent one) that if you build a decent relationship, you will find he calls you when he hears about something that could really fit the bill.

And ffs don't be one of those people that won look at anything without seeing the pictures first hehe