How to convince estate agent I'm a serious buyer?

smallpurplepill

Hi all

Wonder if someone can help with this, it's a bit of a strange situation. I'm a potential first time buyer, had 2nd viewing on the house I am interested in and now want to make an offer.

However I'm afraid the estate agent won't think I am "to be taken seriously" or pass on the offer as I am not sure how to answer as to whether I'm "proceedable" etc.

I had the chat with my bank about deposit, amount I'd want to borrow, salary, credit card balances, etc and based on the information I gave, they indicated they would be happy to lend the amount I would need (subject to credit check etc) and said the next step is to make an offer on the property and then come back to them to do the actual application.

I don't think this is an "Agreement in Principle" though but don't know how to get one in that case... have been advised to see a broker rather than go direct but (other than this admin issue) was happy with the rates etc from the bank I am already with and really I can't see why they offer 'Direct' mortgages if they are no use to anyone as estate agents don't see them as a serious offer?

It doesn't help that I'm under 30 (....just!) and a lot of people think I look younger, and "only" rent at the moment.

I'm thinking of letting this one go anyway though, as there's someone else interested which I think have something to sell already so are more 'serious', but they "need" the house more than I do due to kids schools etc so I think it's only fair to give them first choice, so wanted to make our offer "2nd choice" if those people aren't interested etc.

Any help / advice appreciated!!!

caeler

Has the EA given you the impression he's not taking you seriously? An EA has to pass on an offer and if your indeed proceedable you'll give given the chance to prove it! I was 23 when I bought my first house, it does occasionally happen you know, an under 30 buyer! By having a house to sell doesn't make you more serious, it makes you a risk, selling could take months and months. You are in an ideal situation, no chain and you pretty much have everything in place.

ess0two

An aip puts you in a better position to submit an offer,you may get declined from the bank.

DVardysShadow

smallpurplepill wrote: »

... I'm thinking of letting this one go anyway though, as there's someone else interested which I think have something to sell already so are more 'serious', but they "need" the house more than I do due to kids schools etc so I think it's only fair to give them first choice, so wanted to make our offer "2nd choice" if those people aren't interested etc.

Any help / advice appreciated!!!

Noble this bit may be. But don't ever let an agent know that you think this way. They will get the idea that you think you only deserve a hole of a place and will be all too glad to try and offload rubbish on you, keeping the better stuff for other buyers.

jimpix12

I'm quite a bit younger than you and nobody has ever mentioned my age. In fact nobody has even asked.

I would get an AIP personally, it is the best way to show you are serious. You don't need to go through the broker, but having an AIP in place is the only realistic way you can prove to the EA or vendor that you are legitimate. Or if you are paying cash, a statement from the bank.

smallpurplepill

spunko2010 wrote: »

I would get an AIP personally, it is the best way to show you are serious. You don't need to go through the broker, but having an AIP in place is the only realistic way you can prove to the EA or vendor that you are legitimate. Or if you are paying cash, a statement from the bank.

Sorry if this is a stupid question! I think the "agreement" from the bank that they would lend that, was their agreement as such, though they didn't go through a credit check or anything., they said they don't do a credit check until the full application stage. Is it better to go to another bank / lender (who I have no intention of borrowing from if I can be approved by 'my' bank) get an actual 'Agreement' if this involves a credit check etc?

I do actually have the full asking price (wouldn't offer that initially though!!!) in cash, but want to put a deposit of £50k and offset mortgage the remaining £70k

ruggedtoast

smallpurplepill wrote: »

Hi all

Wonder if someone can help with this, it's a bit of a strange situation. I'm a potential first time buyer, had 2nd viewing on the house I am interested in and now want to make an offer.

However I'm afraid the estate agent won't think I am "to be taken seriously" or pass on the offer as I am not sure how to answer as to whether I'm "proceedable" etc.

I had the chat with my bank about deposit, amount I'd want to borrow, salary, credit card balances, etc and based on the information I gave, they indicated they would be happy to lend the amount I would need (subject to credit check etc) and said the next step is to make an offer on the property and then come back to them to do the actual application.

I don't think this is an "Agreement in Principle" though but don't know how to get one in that case... have been advised to see a broker rather than go direct but (other than this admin issue) was happy with the rates etc from the bank I am already with and really I can't see why they offer 'Direct' mortgages if they are no use to anyone as estate agents don't see them as a serious offer?

It doesn't help that I'm under 30 (....just!) and a lot of people think I look younger, and "only" rent at the moment.

I'm thinking of letting this one go anyway though, as there's someone else interested which I think have something to sell already so are more 'serious', but they "need" the house more than I do due to kids schools etc so I think it's only fair to give them first choice, so wanted to make our offer "2nd choice" if those people aren't interested etc.

Any help / advice appreciated!!!

Do you want to buy it or not? If so and you can afford it then put an offer in. It's the estate agents problem to figure out if you are proceedable.

They have to put all offers forward that are received in writing, by law.

katejo

smallpurplepill wrote: »

Hi all

Wonder if someone can help with this, it's a bit of a strange situation. I'm a potential first time buyer, had 2nd viewing on the house I am interested in and now want to make an offer.

However I'm afraid the estate agent won't think I am "to be taken seriously" or pass on the offer as I am not sure how to answer as to whether I'm "proceedable" etc.

I had the chat with my bank about deposit, amount I'd want to borrow, salary, credit card balances, etc and based on the information I gave, they indicated they would be happy to lend the amount I would need (subject to credit check etc) and said the next step is to make an offer on the property and then come back to them to do the actual application.

I don't think this is an "Agreement in Principle" though but don't know how to get one in that case... have been advised to see a broker rather than go direct but (other than this admin issue) was happy with the rates etc from the bank I am already with and really I can't see why they offer 'Direct' mortgages if they are no use to anyone as estate agents don't see them as a serious offer?

It doesn't help that I'm under 30 (....just!) and a lot of people think I look younger, and "only" rent at the moment.

I'm thinking of letting this one go anyway though, as there's someone else interested which I think have something to sell already so are more 'serious', but they "need" the house more than I do due to kids schools etc so I think it's only fair to give them first choice, so wanted to make our offer "2nd choice" if those people aren't interested etc.

Any help / advice appreciated!!!

1. Go and see a broker and get yourself an offer in writing. Don't assume that your bank's offer is the best for you. At least look at the different mortgage deals available (eg. in The Guardian money supplement available online) You will then be able to show any seller/estate agent that you are serious

2. An estate agent is legally required to pass any offer which you make to a seller

3. With a definite mortgage offer, you would be in a stronger position than a family which has not found a buyer.

4. Don't feel the need to be kind to the other family! Housebuying is not a kind process. If you like the house, go for it.

phoebe1989seb

Our son (age 22) just bought his first flat in London with his GF, also 22. They were lucky enough to be cash buyers but despite this and their ages the estate agents they dealt with on the purchase treated them with all seriousness. However, immediately prior to this they had an offer accepted on a different property and the (independent) agent treated them very differently - appearing to assume that because of their ages they were not to be taken seriously as purchasers........DH and I were surprised at this as we assumed (perhaps naively) that particularly in London there were a considerable number of 'younger' people with cash to spend on getting onto the property ladder even in this economic climate and in any case surely any potential purchaser should be treated with respect until such a time as it can be shown that they are time wasters

Good luck OP !

smallpurplepill

caeler wrote: »

Has the EA given you the impression he's not taking you seriously?

I haven't spoken to the agent since arranging the viewing but want to make sure when I do it looks in the best possilible light...

Based on history - where we lived before (rented) the LL decided to sell and got a valuation etc from the same agents we were renting through (They do both rentals and sales) and offered it to us before being put generally on sale. When I went to discuss it with the agent they were very dismissive and said I'd have to go in there with evidence of my offer and the deposit (?!) I wasn't willing to show them my bank statements etc and had had the talk with the bank then but they refused to discuss it... The landlord didn't get us to buy needless to say, so it was put on the general market and we were thrown out - at the same time my OH was made redundant - I got the impression at the time we were "of no further use" as tenants - he didn't manage to sell though and I'm sure the agents didn't pass on that information... he just thought we hadn't expressed an interest...

FireWyrm

smallpurplepill wrote: »

I haven't spoken to the agent since arranging the viewing but want to make sure when I do it looks in the best possilible light...

Based on history - where we lived before (rented) the LL decided to sell and got a valuation etc from the same agents we were renting through (They do both rentals and sales) and offered it to us before being put generally on sale. When I went to discuss it with the agent they were very dismissive and said I'd have to go in there with evidence of my offer and the deposit (?!) I wasn't willing to show them my bank statements etc and had had the talk with the bank then but they refused to discuss it... The landlord didn't get us to buy needless to say, so it was put on the general market and we were thrown out - at the same time my OH was made redundant - I got the impression at the time we were "of no further use" as tenants - he didn't manage to sell though and I'm sure the agents didn't pass on that information... he just thought we hadn't expressed an interest...

No no, you're going about this all wrong. I don't know you, it's true but your posts are coming across to me as being from someone who doesn't think s/he deserves the house. This isn't a cap in hand type scenario, you are beginning a process and you have every right to expect to be treated as a serious person. Stop wringing your hands in dismay and start acting like a grown adult who is interested in doing a piece of serious business. You may be nervous and you should be, there is a,lot of money potentially riding on this, you're not trading bubble gum cards, but you are presumably an adult and have every right to be treated like one. You don't need to throw yur weight around, but if the estate agent is ever so stupid as to give you the impression that they arnt going to take you seriously, you step on it...decisively.