Buying: 'Do I need a broker' and 'Tipping off an estate agent'

LandOfConfusion

kingstreet wrote: »

We're about ensuring your and your property's circumstances match lender criteria and you get not only the best possible financial deal, but the smoothest and most hassle-free transaction.

I see. Thanks!

£500? That's double what we charge...!

I might be out on that figure. It's what my mother paid during her divorce; obviously I don't have all that mess around my ankles! But good to know it can be a lot cheaper.

davidmcn wrote: »

Obviously, you don't reveal your price ceiling for a particular property to the vendor or their agent.

AnotherJoe wrote: »

Who told you that? Did they mean the max you'd pay for that property? Yes, thats a good tactic.

I'm currently looking at properties with similar characteristics (condition, size, parking, road / motorway access) and with similar prices in the same region and have been told by friends & relatives to keep knowledge of my pricing power from the EA.

But keeping my max bid secret for a particular property is probably a good idea.

LandOfConfusion

AnotherJoe wrote: »

Ive still missed how the EA appears to magically know your expenditure price ceiling.

If I'm looking at and making offers on houses at a particular price point then that's going to give them at least a pretty big hint of what I can afford. And I could quite believe the EA telling the vendor that "He can afford a bit more".

But you're probably right, set a safe limit and stay with it. From what I've read it seems some others have had success by biding their time and hoping the AIP doesn't run out before then.

AndyTails

AnotherJoe wrote: »

Ive still missed how the EA appears to magically know your expenditure price ceiling.

Presumably OP is considering a broker located in an EA's office, and assuming that any info he gives the broker would be passed on to the EA.

In theory this shouldn't happen. In practice I'm sure it does some times. If the OP wants a broker but is worried about this, simply pick a broker located in the office of a different EA, or one who isn't located at an EA at all.

AnotherJoe

LandOfConfusion wrote: »

If I'm looking at and making offers on houses at a particular price point then that's going to give them at least a pretty big hint of what I can afford. And I could quite believe the EA telling the vendor that "He can afford a bit more".

But you're probably right, set a safe limit and stay with it. From what I've read it seems some others have had success by biding their time and hoping the AIP doesn't run out before then.

I cant, unless the vendor isn't going to accept that offer anyway. Why jeopardize a sale if the vendor will take it?


You've got to fix in your mind, its not about what you can afford its about what you are willing to pay.




Make your bids, make your best and final, and stick to it.