Making yourself appealing as a private buyer

sheramber

Are you a cash buyer?

Being able to accommodate their time scale for entry is always a positive.

Thrugelmir

Deleted_User said:

csgohan4 said:

bottom line is money talks, careful about over offering if you need a mortgage, it may well get down valued. Unless you can make up the difference

Yes, you're right. It probably is as simple as that. I am prepared to go 20% over but I need to have somewhere to draw the line.

Like buses. There'll always be another property along shortly. Let others overpay. Bide your time and be patience. 

[Deleted User]

sheramber said:

Are you a cash buyer?

Being able to accommodate their time scale for entry is always a positive.

Unfortunately not a cash buyer, but have a mortgage in principle. As far as timescale, I am very flexible with this, but not sure it is as applicable as they are selling their holiday home as opposed to their main residence.

[Deleted User]

Thrugelmir said:

Like buses. There'll always be another property along shortly. Let others overpay. Bide your time and be patience. 

This is a good reminder, thank you. I had resigned myself to dropping out of looking for a property in 2022 just before this one came along. It's definitely a seller's market!

Slinky

Thrugelmir said:

Deleted_User said:

csgohan4 said:

bottom line is money talks, careful about over offering if you need a mortgage, it may well get down valued. Unless you can make up the difference

Yes, you're right. It probably is as simple as that. I am prepared to go 20% over but I need to have somewhere to draw the line.

Like buses. There'll always be another property along shortly. Let others overpay. Bide your time and be patience. 

It's not always the case; it very much depends on the availability of what you want to buy. Our buyers had been looking for a house in our street for several years. We sold in 2019, the previous sale was in 2014 and nothing has come up for sale since we sold. Nor will it until somebody dies, the more usual route out of the street being in a box.

[Deleted User]

Slinky said:

It's not always the case; it very much depends on the availability of what you want to buy. Our buyers had been looking for a house in our street for several years. We sold in 2019, the previous sale was in 2014 and nothing has come up for sale since we sold. Nor will it until somebody dies, the more usual route out of the street being in a box.

Similar situation to the one I'm in. Looking in a small Scottish village that I've taken a liking to and property is very few and far between. When houses do come on the market, they are often in need of renovation or are too large/ expensive for me. It also appears that one family owns a lot of houses in the village and lets them out as Airbnbs. Being presumptuous but they may well do the same with this one.

Deedoodee

sheramber said:

Are you a cash buyer?

Being able to accommodate their time scale for entry is always a positive.

I told my vendor that I live with my parents and therefore able to move to her timescale. Now I’m at the start of a long and incomplete chain so I regret saying that. I wouldn’t mind waiting/ accommodating if I knew she would sell at some point (this year) at the agreed price, but I’m so afraid that I’ll wait and she’ll change her mind. 

[Deleted User]

Deedoodee said:

sheramber said:

Are you a cash buyer?

Being able to accommodate their time scale for entry is always a positive.

I told my vendor that I live with my parents and therefore able to move to her timescale. Now I’m at the start of a long and incomplete chain so I regret saying that. I wouldn’t mind waiting/ accommodating if I knew she would sell at some point (this year) at the agreed price, but I’m so afraid that I’ll wait and she’ll change her mind. 

I'm sorry to hear this, and you raise a good point. It's a fine balance between making yourself appealing by trying to be accommodating, and just getting taken advantage of. I suppose your seller is going at her own pace and not giving you much consideration since you've been accommodating but it leaves you in a difficult situation. It's a tricky one for buyers in this market as the sellers have the upper hand. I hope you get some clarity soon x

propertyhunter

Let us know how it goes this week, and also sell your position if you are proceedable - so if you have no chain that's a big bonus, as well having a big deposit. These are factors that could put you ahead of everyone else if price is not a differentiating factor. Sometimes people just want no chain buyers so that the process of moving is quicker, even if it means forgoing an alternative higher priced offer (unless the seller has no onward chain in the case of probate, going into a care home, moving in with other family, etc.). 

[Deleted User]

propertyhunter said:

Let us know how it goes this week, and also sell your position if you are proceedable - so if you have no chain that's a big bonus, as well having a big deposit. These are factors that could put you ahead of everyone else if price is not a differentiating factor. Sometimes people just want no chain buyers so that the process of moving is quicker, even if it means forgoing an alternative higher priced offer (unless the seller has no onward chain in the case of probate, going into a care home, moving in with other family, etc.). 

Thank you! I appreciate the support! I have no chain (just have to give 30 days notice on my rental) and my deposit is fairly pretty good (25-30% but not sure if that is considered large these days!) The owners live down South so I'm not sure if selling privately could save them a lot of hassle...possibly not since Yopa will likely handle all the viewings. Just hoping that what I'm offering is good enough for the sellers...