Best type of buyer?

movilogo

I don't understand why cash buyers believe that they deserve a cheaper price! To a seller, how much he gets is all that matters. For majority of people, getting mortgage is not a big deal.

As a seller, I'd be more interested if buyer is not in chain.

Jabberwk

So here's a question, from the other side, for those wary of FTBs. I'm a first time buyer. What should I avoid accidentally doing that might frustrate you as a seller?

So far I've had an earful from the estate agent for causing a delay because I hadn't told him I hadn't received the document that he hadn't told me he had sent.

hazyjo

Jabberwk wrote: »

So here's a question, from the other side, for those wary of FTBs. I'm a first time buyer. What should I avoid accidentally doing that might frustrate you as a seller?

So far I've had an earful from the estate agent for causing a delay because I hadn't told him I hadn't received the document that he hadn't told me he had sent.

With me, it's just that some are (understandably) cautious. Something might come up re the roof or windows (for example), or have a few things with a 3 on a survey, and they'll pull out. Or they're unaware of the process and will sit there twiddling their thumbs not realising there could be something for them to do or chase. Also, it's extremely tough committing to a future of house-owning, often with a partner, and it scares the bejesus out of most actually making that decision and going through with it 'til the end!

Anyway, we can all generalise (I have plenty of my own on certain buyers!), but obviously not everyone falls into the same box!

Jx
PS Ognum, my investor buyer was also well known to the EA and they pretty much knew he'd not mess us around. He came in with a one off offer, and that was that.

moneyistooshorttomention

Fond memories (not!) of the investor buyer who made a one-off offer on my last house and that was that when I rejected it as too low. I felt a bit "burnt-fingered" after them personally and hence worked out what price an investor would consider "reasonable" to pay for my house and it was less than it was worth.

Hence I tended to agree with my EA that there was a good chance an investor would try not to stick to the price they agreed with me.

In actual fact, the investor offer I rejected at the outset (and they never came back with a better one) was more than my calculations revealed as an "investor price" to pay for my house as it was.

In the event not far off the "proper price" was paid for my house by the FTB that bought it, at a price some £7,000 or so more than the first investor had offered for it:)

EDIT: I cant remember what the exact figures are now but, I had worked out what an investor would consider a "good" rental return on my last house and then "backpedaled" from that to work out what price that meant they needed to pay for it to get that "good" level of return. The result of which showed me quite clearly that they couldn't pay the proper price to me on the one hand and get a "good" level of rental return on the other hand...so my chances of an investor gazunder were high. I wouldn't have bought my house myself unless I was prepared to put up with a "low" level of rental return, hence doubting they would.

ognum

moneyistooshorttomention wrote: »

Fond memories (not!) of the investor buyer who made a one-off offer on my last house and that was that when I rejected it as too low. I felt a bit "burnt-fingered" after them personally and hence worked out what price an investor would consider "reasonable" to pay for my house and it was less than it was worth.

Hence I tended to agree with my EA that there was a good chance an investor would try not to stick to the price they agreed with me.

In actual fact, the investor offer I rejected at the outset (and they never came back with a better one) was more than my calculations revealed as an "investor price" to pay for my house as it was.

In the event not far off the "proper price" was paid for my house by the FTB that bought it, at a price some £7,000 or so more than the first investor had offered for it:)

EDIT: I cant remember what the exact figures are now but, I had worked out what an investor would consider a "good" rental return on my last house and then "backpedaled" from that to work out what price that meant they needed to pay for it to get that "good" level of return. The result of which showed me quite clearly that they couldn't pay the proper price to me on the one hand and get a "good" level of rental return on the other hand...so my chances of an investor gazunder were high. I wouldn't have bought my house myself unless I was prepared to put up with a "low" level of rental return, hence doubting they would.

Investor return is not all about rental yield though is it, you need to factor in capital return.

Gwhiz

The best buyer is the one with integrity who does not mess you around.

Slinky

Beware the buyer in rented though, who has a fair amount of time left on his rental contract. My friend sold to somebody she thought was perfect 'as they are in rented and can move quickly'. The sale dragged on and on until the rental contract finished as obviously they didn't want to pay both rent and a mortgage.

moneyistooshorttomention

Slinky wrote: »

Beware the buyer in rented though, who has a fair amount of time left on his rental contract. My friend sold to somebody she thought was perfect 'as they are in rented and can move quickly'. The sale dragged on and on until the rental contract finished as obviously they didn't want to pay both rent and a mortgage.

I've only recently been told of a buyer trying to drag their feet because they wanted to get the last two months' worth out of their rental contract. They were told "Tough luck...it aint gonna happen...stop delaying and get on with it or forget it". They got on with it...:rotfl:

On a similar tack, a good buyer in that respect would be one who was living in their parents' home and it was quite clear the parents had had more than enough of Adult Child still living with them and would be helping them to move out asap...(my EA had gleefully told me how my buyer was still living in parental home and their parents hadn't been able to conceal their frustration about it....).