Telling EA our budget?

owen5

We are cash buyers looking for our first family home, we have recieved a large cmpensation package that has enabled us to be in this position. EA's keep pressurising us to tell them our budget should they know or will this give them scope to push their sellers to reject offers?
I already own one property which i purchased last year but this was a New Build and I got over 40% off this purchase as it was near xmas and their end of year. The saleswoman didn't push for my budget then.
Will telling them aid our search or should we keep quiet?

Owen5

SonjaLiK

How will they know what to show/offer you if they don't know how high you can go or what you are looking for?
There are not asking for your bank statements, they just want to know what to offer you.

theartfullodger

Tell them anyway.. In my experience they never take any notice and just send you stuff that is way over the number you told them.

They probably have a computer wot sends stuff out based of various criteria (where, house/flat, no beds, price...) and if you don't tell 'em the info you'll get nowt.

Your choice!

Accountant_Kerry

I would tell them a budget about 10% under your actual budget, they will sen dyou higher stuff anyway and this way you have more flexibilty on ofers.

DVardysShadow

I would say "we will look at anything with an asking price of up to X, but you can have no expectation whatsoever of an offer anywhere near that - and we would also consider properties well under that as asking price" and stick to it as a formula - don't get drawn to reveal more.

Plus if you wish to keep your business to yourself, refuse to have an interview or take services from the Agent's mortgage advisor.

Landlord-Certificates

If they dont know your budget there will be alot of time wasting. They will need a number to input into their systems. If you dont want to tell them an exact figure then give them a price band. For example, you could say: over £200,000 with a minimum of two bedrooms. If you then give them the area you want the property in you'll know the average price there. If they are around £240,000 then your £200,000 is spot on. Better to go lower than higher obviously.

Its all a game

casper_g

DVardysShadow wrote: »

Plus if you wish to keep your business to yourself, refuse to have an interview or take services from the Agent's mortgage advisor.

Good advice in general, and even better in this case -- as the OP's a cash buyer I doubt the mortgage advisor would be any use at all!

owen5

Thanks all. I think they roughly know our budget as the details we've been requesting details for are between £300k and £400k. Our max budget for the perfect property would be £485k-but it would have to be perfect in every respect or come with land. Ideally we want to stay below £400k in order to leave a fund for improvements and possible purchase of another property for rental. Think I'll tell them this as our top budget and that leaves scope for them to send us others around that price then.

Thankyou ever soo much for the advice, will probably be back a lot over the next few months!!

owen5

DVardysShadow

As you have a perfect property in mind and a budget for it, you could consider asking agents for properties as you are asking now and doing rightmove searches for the perfect property

Gwhiz

I don't get this! You say you would go up to £485 for a perfect property but have told the EA to show you stuff between £300 and £400K. WHY?????

Just tell them what you've told us .... they're not mind readers.

missile

I would suggest you are worrying needlessly.