FTB & Estate Agents

Coeus

Hi all!

Good news is going to start house hunting within the next month or so! :j

I'm a FTB with a 25% deposit so happy days however I could do with some general advice on dealing with Estate Agents?

Knowledge is power so Id prefer to give them as little information about me and my finances, including the mortgage AIP.

Anyone provide some notes on what I should / shouldn't tell them? Also any tricks to be aware of (I will probably post a negiotation post once I find a house I like - I just don't want to disadvantage myself at the outset!).

Thanks in advance

steeeb

Surely telling them you're in a strong position is a benefit to you? At least them knowing you have a mortgage AIP. Unless the deposit you're giving them is different to the standard 10% it doesn't really matter if you have a 5% deposit with the mortgage provider or 50%.

Just say you have a mortgage agreed in principle and don't mention the deposit %. They probably won't ask or be that bothered either way in my opinion with regard to the %.

Fire_Fox

Tell them you have a mortgage in principle, this shows you are a serious buyer not a clueless FTB just fancying a nosy round a few flats! You don't tell them exactly how much for or the size of your deposit even if they ask. Also indicate how fast you are willing and able to proceed.

Tell them your budget, size, location, any specific wishes (off street parking). What is essential and what is desirable. Don't tell them you love any property, don't get excited when you are being shown around, don't bother asking what they think the vendor will accept because they are not working in your interests. If you don't like something tell them why, that helps them offer you a more suitable property.

When you put an offer in do so in writing: state your strong position as chain free and finances in place, state it is subject to survey and contract, the property should be taken off the market immediately, clarify what is included in the sale or issues related to the management, service charges and length of lease, that the extension does have planning permission. Yes your conveyancer will do this but that costs money, better to get informal clarification initially so you don't waste money finding out something that is a deal breaker.

geoffky

Beware of everything they say as they are pathological liars and will stitch you up like a kipper without any remorse whatsoever.
Phantom bids is a favourite for a house that has been on the market for two years then all of a sudden we have numerous people interested because you are..They really are snakes...a few are part honest..