Should i tell an EA the upper limit of my budget?

VKay

I'm a FTB. EAs ask me for my budget. I understand that they need to know where to start in terms of properties to dhow me but is it a mistake to tell them my top limit? After all they're not working for me! They are trying to get money FROM me. Am i right to be a bit vague about my upper limit?

poppysarah

You could give them a figure you're comfortable with - but then it you want to look at something above your budget then they might not think you can afford it.
What sort of figures are you aiming for?

theartfullodger

In my experience you talk to EAs, explain what you are after (type, state of property..), your personal circumstances and what range you are looking in (e.g. £150k-£220k).

Most EAs then give you details of properties, of all sorts & all conditions, priced a bit above your top price (i.e. £225-250k). Sigh!

So... you go back (if looking I try to physically visit each EA in the area every week) and explain, again, what you are after...

Sometimes, after a couple of goes, the message finally gets through..

Some EAs are excellent: When I find one that is I'll post the name..

Cheers and good luck with your hunt!

Artful

geordiepaul2001

The agent has a duty to the seller to obtain the best price for the property.
They are unlikely to suggest that the seller accepts your offer if they feel youhave more money to offer.
Personally I would keep the maximum budget to myself to avoid overpaying

princessamy86

I would rather know your absolute top budget as I then won't waste your time by sending you things you can't afford. We keep quite detailed records of who's looking for what, and a lot of people say they are looking up to £150k (for argument's sake) but that is only for perfect house that they could move straight into. I would put a note on then saying looking up to £140,00 may go higher but prefer not to. At the end of the day, if I just constantly bombard you with emails and brochures for properties you don't like/can't afford you will eventually start ignoring me! Does depend on the EA though, see how you feel when you go in-do you think they'll mess you around or can you sit and have a good chat about your needs with someone who you feel might help you? I've got a hot buyers box with all the FTBs and Investors who are currently looking, it means if a new one comes on I let them know straight away. Easier to know your top budget then-if it's out of your price range then I won't bother you! Bit long winded but hth

VKay

Our top budget at the moment is £160k but don't really want to borrow that much. I worry as gpaul said that they will try to squeeze the max out of us if i am explicit about my figures!

princessamy86

It really does depend on the agent! Depends how comfortable you feel with them. Why not say that you are looking up to £145k but you would like info on properties up to £160k

themanbearpig

Your budget is irrelevent to the EA in todays market, as their asking prices are based on fantasty.
Only a complete donut would pay asking, as they nearly all based on peak prices.
If your budget is 160k, look at houses for 200k, and offer 140k. You need to realise that its a buyers market. If a vendor doesnt except, walk away.
You will end up in negative equity by the end of this year if you buy now, so try and make it as little as possible and negotiate hard.

Robert_Sterling_3

Always be aware that the Estate Agent is working for:-

A) Themselves
The Seller
Z) You.

Debt_Free_Chick

VKay wrote: »

Our top budget at the moment is £160k but don't really want to borrow that much. I worry as gpaul said that they will try to squeeze the max out of us if i am explicit about my figures!

They can squeeze all they like - doesn't mean that you will give in though, does it?

No different to buying something at your local market. The trader will try to talk the price up, but that doesn't mean that you will pay it.

devilot

themanbearpig wrote: »

Your budget is irrelevent to the EA in todays market, as their asking prices are based on fantasty.
Only a complete donut would pay asking, as they nearly all based on peak prices.
If your budget is 160k, look at houses for 200k, and offer 140k. You need to realise that its a buyers market. If a vendor doesnt except, walk away.
You will end up in negative equity by the end of this year if you buy now, so try and make it as little as possible and negotiate hard.

And being in negative equity by the end of the year doesn't matter a jot if she plans to stay there....sometimes people buy HOMES not investments.:rolleyes:

Offering 140k on a 200k house....good luck with that!:D