FTB How much do we tell estate agent about our budget

metso

Hello,

I would really like some advice on what we tell estate agents how much our budget is.
My partner and I are FTB's and have 185k in total in cash in UK savings accounts immediately available to us to spend on a property (We have put aside some money to keep living and pay bills etc).

We started viewing properties at the weekend and we originally felt that it was best to be upfront about what we have to spend. However, after spending time with an EA from Foxtons, who was adamant that properties are still selling for the asking price in the current market and who wouldn't show us the properties in the 210k bracket for this reason - we are now considering telling EA's that we have 200k so that we at least have chance to see some of the properties in this range.

I'd love to hear your opinions on whether we should be honest and keep telling EA's that we have 185k but ask to see the higher priced properties in the hope of negotiating the price towards our actual budget ?

Many Thanks,
M

TrickyDicky101

Why do you 'have' to tell them your budget at all? I'd tell them which house(es) you want to see and leave it at that.

Swipe

Tell them you are looking at houses in the £200k range and then put in offers of £185 if you like them

Johnhowell

Remember the Estate Agent works for the seller NOT you, they are NOT your friend. ;-)

You do not have to tell them anything other than what your want in a property, price range and facilities - but then they usually ignore this. I was looking for my first property with a garage - the number of returns I got without a garage from all of the EA I had contact was suprising.

Do not forget all of the other costs involved in property purchase - Stamp Duty, solicitor, etc.

John

PasturesNew

You broke Rule 1: NEVER go into Foxtons. If you can see a branch further up the road, cross over the road to avoid it. Make a note to not walk down that road again.

I'd never heard of them before I came to MSE, but the general rule of thumb is, they're living in cuckoo land and their sole reason for existing is to extract more money than any place is worth. Their clients are only with them because they massaged their egos about their hovels and over-valued them.

flora48

Don't tell them anything. Just book a viewing on the houses you wish to see. I can understand them wanting to know if you are in a position to proceed but remember you hold all the cards. FTB for cash = gold dust!! Why didn't you buy my house last year!LOL

DVardysShadow

Well, if you wanted to learn that the agent might work for the seller or for himself but never for the buyer - and that being any more accurate than vaguely indicative about your budget with an Estate Agent is a bad idea, then Foxtons was the place to go to find out

G_M

The more you tell the agent about your finances, the easier it is for them to manipulate you when 'liaising' between you and the seller over price. If they know exactly how much cash you have available, and what mortgage you can draw on, they can pressure you to increase your offer AND tell the sell not to drop their price 'because the buyer has further funds available'!

Just tell them which specific house you want to see, or if you must, give them a price range of asking prices, but without revealing whether this range is below your reach, or indeed, above it.

patman99

Next time, tell them your budget is £150k, that way they will show you houses closer to your real budget.

Riq

Tell them nothing and just look at the houses you want to look at.