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  • FIRST POST
    • Pepperoni
    • By Pepperoni 10th Mar 17, 1:17 PM
    • 448Posts
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    Pepperoni
    Should you tell an estate agent your budget?
    • #1
    • 10th Mar 17, 1:17 PM
    Should you tell an estate agent your budget? 10th Mar 17 at 1:17 PM
    We are in the process of signing up with estate agents in the hope they'll help us find a property. Obviously one of the questions they ask is our budget.

    Should we just be honest and tell them outright? Or just give them a ballpark, i.e. we would consider houses upto the value of XX (how much extra would you add on, ie as you may try bidding below asking price!).

    Our actual spend budget is 300K.

Page 1
    • Carmk2008
    • By Carmk2008 10th Mar 17, 1:23 PM
    • 136 Posts
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    Carmk2008
    • #2
    • 10th Mar 17, 1:23 PM
    • #2
    • 10th Mar 17, 1:23 PM
    I don't see the point in looking houses over your budget it will only dishearten you if you see one like but can't afford.
    • Hoploz
    • By Hoploz 10th Mar 17, 1:23 PM
    • 3,529 Posts
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    Hoploz
    • #3
    • 10th Mar 17, 1:23 PM
    • #3
    • 10th Mar 17, 1:23 PM
    Tell them budget 300k but say it's flexible, that's what I've always done. Try not to get into specifics. If you can get an independent broker to sort out a mip then the ea doesn't need chapter and verse.
    • Guest101
    • By Guest101 10th Mar 17, 1:24 PM
    • 14,478 Posts
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    Guest101
    • #4
    • 10th Mar 17, 1:24 PM
    • #4
    • 10th Mar 17, 1:24 PM
    Well obviously you need to tell them something, otherwise they wont be able to find you a suitable property.


    But no, don't tell them your maximum amount. IE by showing them your AIP
    • Hoploz
    • By Hoploz 10th Mar 17, 1:24 PM
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    Hoploz
    • #5
    • 10th Mar 17, 1:24 PM
    • #5
    • 10th Mar 17, 1:24 PM
    I don't see the point in looking houses over your budget it will only dishearten you if you see one like but can't afford.
    Originally posted by Carmk2008
    Agreed. It always seems pretty easy to get the perfect house if only you had another £x!
    • GoldenShadow
    • By GoldenShadow 10th Mar 17, 1:52 PM
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    GoldenShadow
    • #6
    • 10th Mar 17, 1:52 PM
    • #6
    • 10th Mar 17, 1:52 PM
    I tell them outright. They won't want to waste time sending you stuff you can't afford. Ours knewnour budget was up to 325 and we viewed a house of 315 and agreed a price of 308. I would never borrow the max I could, we offer what a house is worth. It was 'we won't go up because it's not worth more to us' not we can't go up. I'd be worried if we were paying 325 because that would be a very tight margin re mortgages...I would rather a buyer with some flex than needing every penny.
    Last edited by GoldenShadow; 10-03-2017 at 1:54 PM.
    Mortgage in 2015: £189,229.51 £188,835.58 £188,460.14 £188,083.21 £188,857.06 £187,286.99
    £186,887.30 £186,505.39 ££186,103.10 £185,718.70
    £185,185.73
    Mortgage Free: October 2040
    • ringo_24601
    • By ringo_24601 10th Mar 17, 1:57 PM
    • 16,793 Posts
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    ringo_24601
    • #7
    • 10th Mar 17, 1:57 PM
    • #7
    • 10th Mar 17, 1:57 PM
    You should tell them a budget, but it doesn't have to be your actual budget. Remember - an estate agent works in the sellers interests.
    • Surrey_EA
    • By Surrey_EA 10th Mar 17, 2:02 PM
    • 994 Posts
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    Surrey_EA
    • #8
    • 10th Mar 17, 2:02 PM
    • #8
    • 10th Mar 17, 2:02 PM
    Agreed. It always seems pretty easy to get the perfect house if only you had another £x!
    Originally posted by Hoploz
    Whatever budget you're working with, another 10% is always needed!
    • firebird082
    • By firebird082 10th Mar 17, 2:04 PM
    • 528 Posts
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    firebird082
    • #9
    • 10th Mar 17, 2:04 PM
    • #9
    • 10th Mar 17, 2:04 PM
    It's worth checking whether they will automatically add 10-15% above your 'top level' - some will, some won't, and if you have an absolutely max, factor this in.

    Obviously if you don't give them a budget, how are they going to alert you to suitable houses?
    • 3mph
    • By 3mph 10th Mar 17, 2:05 PM
    • 157 Posts
    • 176 Thanks
    3mph
    Depends where you are. In our area houses often go for below price so I always say up to £550K but knowing our maximum is £535k. The flat we are nearly ready to exchange on the final price we agreed was 2% below the "offers over figure" the EA asked for.

    I have always assumed that "offers over" was an expression of hope, not an instruction.
    • Hedgehog99
    • By Hedgehog99 10th Mar 17, 3:44 PM
    • 1,255 Posts
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    Hedgehog99
    No, but you'll have to tell them a range so that they send you relevant properties. You can always ask to view properties you see online that they hadn't individually emailed you about.
    You could say you're looking at £250k - £280k for example, but research whether that leaves you just on the borderline of local prices for detached/semi/terrace or with/without garage or extra bedroom etc. It would be annoying if they didn't offer you the better properties you can actually afford.
    • Mickygg
    • By Mickygg 10th Mar 17, 8:10 PM
    • 1,279 Posts
    • 994 Thanks
    Mickygg
    I'm truthful. It's always worked for me and I've bought and sold several times.

    At the end of the day a house is worth what you are prepared to payirrespective of what your max budget is.
    • kinger101
    • By kinger101 11th Mar 17, 1:16 PM
    • 3,739 Posts
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    kinger101
    I always gave them a vague number but said it depended on location and condition. I don't see why people are expecting agents to find them properties. Everything pretty much appears on rightmove now.

    If you don't want to tell them a figure, tell them you'll only ask to look at ones you can afford. And you don't want any notifications from them as you have auto-alerts set up from rightmove anyway.
    • amibovvered
    • By amibovvered 11th Mar 17, 2:04 PM
    • 443 Posts
    • 615 Thanks
    amibovvered
    I don't see why people are expecting agents to find them properties. Everything pretty much appears on rightmove now.
    Originally posted by kinger101
    Erm, because the nicest properties get snapped up before they ever make it to Rightmove - they do round here anyway. I'm not looking seriously at the moment but when I'm ready I'll certainly sign up with the local estate agents.
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    • kinger101
    • By kinger101 11th Mar 17, 2:33 PM
    • 3,739 Posts
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    kinger101
    Erm, because the nicest properties get snapped up before they ever make it to Rightmove - they do round here anyway. I'm not looking seriously at the moment but when I'm ready I'll certainly sign up with the local estate agents.
    Originally posted by amibovvered
    I'd never use any agent that didn't market my property to everyone. Why sell it today it one price if someone might offer you £10K more in a week.

    In fact, if properties sold as quickly as you'd suggested, I'd just pop my own for sale sign in the garden and pop a sign in the local post office.
    • trailingspouse
    • By trailingspouse 11th Mar 17, 7:45 PM
    • 2,044 Posts
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    trailingspouse
    I've always told them what my budget is - why ever not? It doesn't mean that's what you'll spend. They always send you properties that are above your budget anyway. Last time we bought, our top figure was £230k, they sent us a house at £240k and we bought it for £225k.
    • sparky130a
    • By sparky130a 11th Mar 17, 7:58 PM
    • 638 Posts
    • 772 Thanks
    sparky130a
    I've always told them what my budget is - why ever not? It doesn't mean that's what you'll spend. They always send you properties that are above your budget anyway. Last time we bought, our top figure was £230k, they sent us a house at £240k and we bought it for £225k.
    Originally posted by trailingspouse
    Because you don't enter a poker game divulging your hand.

    And that's what buying in England and Wales is.
    • Thrugelmir
    • By Thrugelmir 11th Mar 17, 11:51 PM
    • 54,402 Posts
    • 47,230 Thanks
    Thrugelmir
    Because you don't enter a poker game divulging your hand.
    Originally posted by sparky130a
    To enter the game to play you need to put the money on the table though. How much to stake is a totally unrelated matter. As you can always fold your hand and walk away.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • hazyjo
    • By hazyjo 12th Mar 17, 12:29 AM
    • 9,177 Posts
    • 11,542 Thanks
    hazyjo
    I always gave them a vague number but said it depended on location and condition. I don't see why people are expecting agents to find them properties. Everything pretty much appears on rightmove now.

    If you don't want to tell them a figure, tell them you'll only ask to look at ones you can afford. And you don't want any notifications from them as you have auto-alerts set up from rightmove anyway.
    Originally posted by kinger101
    Agree. I give a vague bracket and always say it's totally dependent on the property and what I get for mine.

    I do advise getting to know the EAs and hoping they'll ring you if anything comes in - but in reality, they never ever listen to exactly what you want and they drive you insane with calls or emails.

    I viewed three with different agents. They all signed me to their mailing lists without my permission. Bairstow Eves must have signed me for every bloody agent in a 50 mile radius and I got all sorts of totally unsuitable properties through from offices (looking in Leigh-on-Sea and was getting Stratford in London, Sudbury and God knows where else). I replied to them all saying they were driving me crazy and they all ignored me. I had to block them each one in the end. If I remember, I'll always say not to add me now. They always put it on RM anyway. I'm not that desperate and, as above, most sellers will want others to see it, not just one client on their books.

    I suppose if you're looking in one specific road they'll bear you in mind and ring just you, but if you give them your requirements, they won't take a blind bit of notice. I suppose they had to once upon a time. Different now with the internet.

    Jx
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies)
    • AdrianC
    • By AdrianC 12th Mar 17, 8:37 AM
    • 14,710 Posts
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    AdrianC
    The only reason NOT to give a budget is paranoia over your inability to actually walk away from a property within that budget but which you feel is overpriced for what/where it is. The only person in control of what you spend is you.
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