Help on how to look more appealing to vendors.

FTBAngst

So I’ve been trying to buy my first property for about a year. I’m looking at houses priced at £280k. I’ve been gazumped once, had offers over asking rejected (offers up to 300k and had offers rejected in favour of cash buyers. After I was gazumped a few weeks ago, my FA said I could still use my mortgage offer on another house and he’s emailed me a confirmation of that. Today I had another offer rejected, asking 280, offered 287. Im a first time buyer, I can give 2 week notice on my current rental (I lodge and my landlord is very cool with this) and I have a mortgage offer and all the estate agents in the area know I’ve been looking for ages and I’m keen to move. Is there anything else can I do to ‘be chosen’? or is the only solution to look at houses at £260k asking in anticipation of them being sold for 280k? I don’t really want to go into 290-300k

Bossypants

It sounds like you're in a very active market, if you're offering over asking and still getting rejected. The only thing you can really do (outside of G_M's suggestion) is make sure you have all your ducks in a row and have the documents to prove it with you on your first visit to the EA. That means your ID, your AIP and your proof of deposit, the name of your chosen solicitor and surveyor. Also, try to look smartish any time you interact with the EA or the seller. I don't mean top hat and tails, but if you look unkempt, it may be tempting for them to infer that you are also sloppy in other areas of your life, and will prove a difficult buyer to deal with.

FTBAngst

Bossypants wrote: »

It sounds like you're in a very active market, if you're offering over asking and still getting rejected. The only thing you can really do (outside of G_M's suggestion) is make sure you have all your ducks in a row and have the documents to prove it with you on your first visit to the EA. That means your ID, your AIP and your proof of deposit, the name of your chosen solicitor and surveyor. Also, try to look smartish any time you interact with the EA or the seller. I don't mean top hat and tails, but if you look unkempt, it may be tempting for them to infer that you are also sloppy in other areas of your life, and will prove a difficult buyer to deal with.

Thanks. I might think about G_M’s suggestion if this is still happening in a few months!

I’ve always been a bit hesistent to tell the EA what my deposit is. my LTV is low-ish and don’t want them to think they could squeeze more money out of me.

theartfullodger

Tell vendors you can complete tomorrow. 2 weeks rent is neither here nor there in overall costs. You'll sound keener and more flexible.

FTBAngst

theartfullodger wrote: »

Tell vendors you can complete tomorrow. 2 weeks rent is neither here nor there in overall costs. You'll sound keener and more flexible.

I’ve said to the EAs I want to move as soon as possible and can move out of my rental with very little notice. Which I I guess is a bit vague. I’ve said I can book a survey and give the solicitor details etc today, but then never seem that interested

FTBAngst

If properties are all being sold for overasking are all the EAs undervaluing them?

Tlc11

When you say properties are selling for over the asking price, are you based in Scotland where this is the norm?

If not agree with what PP said - look smart like you mean business. Have all your paperwork ready and with you. Lay it on thick how good a buyer you are - ie, not stuck in any chain and happy to move as quickly as the seller would like. Sell yourself as the ideal buyer (and truly believe that too!)

When you view be complementary on the house and ask relevant questions to show your interest. For example, what is the position of the seller, have they found a new home etc. Don't be too enthusiastic or they may think you are desperate and will try to fleece more money out of you.

And the golden thing to bear in mind is - the agent is working on behalf of the seller, not you. The seller is paying them, not you. As such you will only manage to glean a small version of the whole story from them!

FTBAngst

Tlc11 wrote: »

When you say properties are selling for over the asking price, are you based in Scotland where this is the norm?

If not agree with what PP said - look smart like you mean business. Have all your paperwork ready and with you. Lay it on thick how good a buyer you are - ie, not stuck in any chain and happy to move as quickly as the seller would like. Sell yourself as the ideal buyer (and truly believe that too!)

When you view be complementary on the house and ask relevant questions to show your interest. For example, what is the position of the seller, have they found a new home etc. Don't be too enthusiastic or they may think you are desperate and will try to fleece more money out of you.

And the golden thing to bear in mind is - the agent is working on behalf of the seller, not you. The seller is paying them, not you. As such you will only manage to glean a small version of the whole story from them!

I do ask questions about where the buyers are going and why they’re moving. Could possibly show more interest. Trying to get a balance between too keen and nonchalant. I also mention that I live or have lived nearby so I know the area well (trying to imply I’m less likely to panic about how busy the road is or crime rates). I’ll dress up smarter for the next ones and take my docs.

Does it look too desperate if I phone them as ask why my offer was rejected? In the same way some estate agents phone after viewings to see what you think?Can they give me a ballpark figure of what the agreed sale price

I really do believe I’m the ideal buyer! 😂 just no one else does!

MysteryMe

Well, you sound like an ideal buyer to me so I do hope you are successful soon. Perhaps be more specific, people saying they can move quickly means different things to different people. If you can move in two weeks say so.

Yes, there is no harm in asking the EA if they know why your offer was rejected and to keep you in mind if the original offer falls through. Any sort of feedback is good, even if it's just to say they didn't like the colour of your Ann Summers underwear! :-)

FTBAngst

Thanks for the advice. I’m hoping that more properties will come up in Feb/ March and I’ll have more options. Is it advisable to tell EAs what my deposit is? My FA said I have a higher than average deposit (I’m older than your ‘average’ FTB) and I don’t feel comfortable telling them but I also don’t want to look like I’m being awkward or difficult or that I don’t have a deposit

newbieFTB

The type of house I was looking to buy got snapped up at full asking within a week without fail. I had no intention of using the estate agent recommended solicitor or mortgage broker, as I had a perrsonal recommendation for conveyancing and was going to apply direct to Nationwide on a cashback mortgage deal. It's pointless having these ideals if you can't even get an offer accepted on a house though!


I missed out on a few so when I viewed the house I bought I took my decision in principle (with Halifax, only a soft search so no harm in getting one) to the group viewing. I showed it to the estate agent along with my proof of deposit and told the estate agent I'd be happy to use their recommended solicitor and mortgage broker (for which they no doubt get commision). Obviously it was the seller's decision as to who to sell to but if there are three FTB'ers in a similar position I wonder which one the estate agent would put forward to the seller as the best option I also said I'd be happy to go as quickly or as slowly as the sellers wanted me to.



I lost out on the mortgage cashback and the solicitors were appalling but I've been in my lovely home for over a year now and am incredibly happy :j