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

DVardysShadow

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...

Did you actually intend to make an offer? Did you have a figure in mind? Or did you just want to discuss it? Why, if the agent was being obstructive, did you not contact the Landlord direct?

smallpurplepill

DVardysShadow wrote: »

Did you actually intend to make an offer? Did you have a figure in mind? Or did you just want to discuss it? Why, if the agent was being obstructive, did you not contact the Landlord direct?

I was intending to make an offer but when I popped in that day it was more to discuss really. I'd spoken to the LL about it some time before as he mentioned that he would be selling after a certain time and we'd either have left by then (having bought somewhere ourselves) or could buy that house from him.

To be honest I'm not sure why I didn't go back directly, probably was afraid of being given notice to leave (which we got in the end anyway) if we made the "wrong" offer etc. I didn't want to be in the position of saying oh please Mr Landlord sir, we really want somewhere to live and would you please consider? :cool:

DVardysShadow

smallpurplepill wrote: »

I was intending to make an offer but when I popped in that day it was more to discuss really. I'd spoken to the LL about it some time before as he mentioned that he would be selling after a certain time and we'd either have left by then (having bought somewhere ourselves) or could buy that house from him.

To be honest I'm not sure why I didn't go back directly, probably was afraid of being given notice to leave (which we got in the end anyway) if we made the "wrong" offer etc. I didn't want to be in the position of saying oh please Mr Landlord sir, we really want somewhere to live and would you please consider? :cool:

I would say that you need to be more clearcut in your own mind about whether you want a particular house. Not directly relevant to your present situation, but if being afraid of getting notice made you upssyfoot around the topic, youmay have come across to the Estate Agent as too vague to be worth developing into a deal.

You really need to be a little bullish [not over the top] in proceeding forward with an offer. You need to do your homework and decide whether you really will buy the place or not before you offer [subject of course to offer being agreed, survey and legals not turning up nasties]. And you need to decide the top price you will pay before you make your first offer.

Don't discuss with the agent, because I think your disposition will make you come across as vague. Ask questions and expect answers about the property, about the sellers' position, but don't upssyfoot with discussion around whether you will or should offer or not. Remember that the agent is NOT a middleman, he is employed by the seller and owes his allegiance to them.

And if you do offer, it will be rejected. Don't up your offer on the spot and don't decline on the spot. Tell them you will think on it and get back. And do get back within 24 hours with a clearcut 'yes', no' or 'yes if XYZ'. Don't do anything on the hoof. And don't ask 'pretty please' for time to think. Tell them you are taking time to think.

smallpurplepill

DVardysShadow wrote: »

if being afraid of getting notice made you upssyfoot around the topic, youmay have come across to the Estate Agent as too vague to be worth developing into a deal.

I think you're right, even though were a 'captive' buyer they didn't hassle us for an offer or even discuss it really. I got the feeling it was considered 'good practice' to give the tenant first dibs but really they were just waiting to get us out of the way. They were very vague about the whole thing, the letter we received was that "they had valued the house at X" and if interested please contact them to discuss etc. I asked "so just to clarify, X is the asking price" as it wasn't stated and the house wasn't generally advertised. Their response was something like "that's the amount he would definitely accept and it's up to you to negotiate" etc. (Which I took to be 'code' for we should offer lower)

I wasn't willing to put forward guesses as to what 'might' be satisfactory to the landlord and be rejected and given notice to leave, I also didn't really want to go into my personal financial business with the agent that were also our letting agent (not to mention they already had the details of my job etc from when we'd applied to rent the place). I intended to make one offer of a price I thought was fair and then walk away but didn't get the opportunity... as we then had to leave to make way for "real" buyers to view as I had the mistake of saying we didn't want viewers while we were living there (but I think we would have got the notice anyway).

DVardysShadow wrote: »

Don't discuss with the agent, because I think your disposition will make you come across as vague.

Yeah, the trouble is as a first time buyer (or as a tenant) they have you on the "back foot" and can easily take advantage! They have all the power...

DVardysShadow wrote: »

And if you do offer, it will be rejected. Don't up your offer on the spot and don't decline on the spot. Tell them you will think on it and get back. And do get back within 24 hours with a clearcut 'yes', no' or 'yes if XYZ'. Don't do anything on the hoof. And don't ask 'pretty please' for time to think. Tell them you are taking time to think.

Thanks, the offer was rejected anyway (as I expected - the family will have offered alot more) but was thinking of letting them sweat over it for a few weeks... as a tenant of 10 years I'm used to playing the long game !

motherofstudents

No, they don't have all the power....you have the money, you decide whether you want to offer, you decide whether to increase your offer, you decide whether to walk away. Sounds pretty powerful to me !

DevilsAdvocate1

I would say that you have the power - you have the money, can afford to buy now and most importantly, you don't have a property to sell. This puts you in a very strong position. Don't do yourself down.

Soundgirlrocks

Hi just wanted to add to what every one else has said, I was advices by my broker that they wouldn't do an agreement in principal until I had found somewhere as the best deals constantly change, but it didn't affect how we were treated by agents, I was very clear we were in a good position and was firm with what I would and wouldn't see. As long as you have a idea of what you can borrow you should be fine.