Nosy estate agent questions (buying)

MINI_MINNI

What should I answer to estate agent who wants to know (before viewing) what kind of finance we have and if it's cash, how much cash have we got?

I honestly don't think how much cash I have is any of there business until I actually make an offer.

How to put it nicely?

Caroline73_2

I actually said that I'd give them the information they needed once I'd made an offer. I did tell them that I had accepted an offer on my current home and had an AIP, which was true.

angrypirate

Tell them its none of their business. I did. Ultimately if they sell you a property they get paid. Right now they are chasing buyers left right and centre - telling them that your finances is none of their business wont put them off selling to you. However if you put in an offer they may wish to know a little in order to give the seller an idea how long it will take to complete

pararct

They do have a semi quasi responsibility to ensure you are not a time waster who goes around letching at other peoples houses.

Simply tell them you are looking for houses in the range of and that you have a Mortgage agreement in principle and cash (or a property to sell/already sold) to make up the rest. Once you make an offer (and have it accepted) they will press quite hard to make sure you are in a position to proceed. At this point it may be prudent to let them see the letter from your lender agreeing the MIP. Resist all efforts for them to try and get you to see 'their in house' mortgage advisor. If you were to do so they would know your 'top limit' and might try and play you to pay it, although this is mainly a tactic they use in boom times. Whilst it is ethically wrong for their in house advisor to appraise the salesmen of your exact financial position it has happened in the past and no doubt will do so in the future.

Procrastinator333

MINI_MINNI wrote: »

What should I answer to estate agent who wants to know (before viewing) what kind of finance we have and if it's cash, how much cash have we got?

I honestly don't think how much cash I have is any of there business until I actually make an offer.

How to put it nicely?

Personaly, I think people worry about this too much. As long as you have confidence in yourself to decide what you are willing to pay, what does it matter if they know or not?

Imo, when it comes to negotiation, the statement of "Yes I could pay more, but I'm not going to, £x is all it is worth" is a stronger one than "£x is all I have, I couldn't possibly offer any more". So I just don't understand why people care if the EA knows they could actually pay more or not.

But hey, each to their own. Good luck with the house hunting.

Doozergirl

It's a perfectly normal and legitimate question to ask. If people are going to let you into their homes, they want to know you're serious about buying and how you plan to fund a purchase.

If an EA phones me with a viewing the first thing I ask is their position. Likewise, when I call for a viewing of another house, the EA always asks me and I tell them.

flora48

Agree with Doozergirl, who wants to waste time doing viewings with people who are not in a position to proceed, or worse still to provide entertainment value to those wiling away a Sunday afternoon!

theartfullodger

I think you're coming at this the wrong way..

When I'm buying property I go round and see the relevant estate agents (all in that area, at least once a week in person..) and tell them what a great prospective buyer I am (choose from cash buyer/loads of cash/mortgage lined up in principle/no chain can buy tomorrow/flexible of properties/offerring magnum of champagne to agent finding a property etc etc etc..). (PS I'm serious about the last one, it really get's their attention. and it's cheap compared to what you'll be spending.)..

I see the game as trying to ensure they remember me (rather than you or anyone else..) and, as in most jobs, having to be nice & friendly to people I normally wouldn't help if I saw them lying in the gutter..

So, spin 'em a good yarn, get them on your side, they just might do more for you than they probably are doing now....

Mind you, they'll be dead suspicious about why you've changed all of a sudden...

Cheers!!

Artful

PS Tell 'em you'd be interested in their mortgage deals also... that really grabs their interest... (but I'd never take their deals..)

myhouse_2

Funny how people see things differently. I went to EAs recently and they didn't bother asking me basic questions like "are you a cash buyer?". Because I am a cash buyer (probably) I was keen that they knew it, as it puts me at an advantage. Even if I wasn't a cash buyer, I still think it's not an unreasonable question...of course you don't need to answer it

G_M

You will get more attention, faster contact with suitable properties etc if you convince them you are a 'good' prospect ie a buyer with no financial constraints/issues/potential delays.

However the counter-arguement is that if the EA know the full extent of your resources then when you come to negotiate price, they will be able to tell the vendor (who is their client) "he can afford more than that".

You can always just politely but firmly say " Oh finance isn't an issue - I've got it all arranged. I'm looking for properties up to £XX" and then refuse to elaborate.

devotee

They normally ask, at least, I was asked so they know my budget. And I was always nice to them, but also straightforward. I did offer x amount on the property and they knew I had more to spend, but I decide what I think a certain property is worth to me and how much I'd pay for it. Plus I'd always ask the agent how much does the vendor want for the property, you'd be surprised how many actually say "it's on the market for £330 but vendor is looking to achieve £300k. I even got an agent to say "I'm not that bothered how much I sell the property for, as long as I sell, otherwise I don't get commission." As much as they work for the vendor, they also work for the buyer.