ITT: We discuss and compile the traits of a "serious buyer"

LondonLeigh

In another thread, someone mentioned the concept of a "serious buyer". What exactly does this mean?

It would be good if we could agree on 10-15 traits, and then maybe it could become a sticky post so that future buyers can check themselves against the list. Then they could possibly show their seller and confirm that they are indeed "serious buyers".

propertyrental

Pointless.

Whatever your '10-15' traits might be, you'll never  identify them.

lookstraightahead

If my seller didn't think I was serious they can ask me to go away if they like. I don't really need to prove much to them at all, especially now it's not a sellers market

theartfullodger

Loads of cash, nothing to sell, can move in tomorrow, bribes estate agents.  Amongst other characteristics 

housebuyer143

Serious buyer in my opinion is someone who is prompt to get things done when they are asked and are proactive in pushing the purchase through. 
As with non serious sellers, these are people who take ages to reply to solicitor or provide documents even though they have known for months they probably would need them.

lookstraightahead

housebuyer143 said:

Serious buyer in my opinion is someone who is prompt to get things done when they are asked and are proactive in pushing the purchase through. 
As with non serious sellers, these are people who take ages to reply to solicitor or provide documents even though they have known for months they probably would need them.

To me, a non serious seller is one who is happy to hang around for ever 'looking' until a buyer's mortgage offer runs out, costing everyone in the chain money except themselves.

LondonLeigh

My position:

- Mortgage ready
- No chain
- All legals completed
- Buildings insurance ready
- Gently forcing the issue with seller and really respecting their lack of time (i.e. not being too pushy)

Sellers position:
- Awaiting response from solicitor
- Asked EA to call me weekly when waiting for mortgage (i.e. nothing we could do)
- Asked EA to pressurise us into undertaking searches before we'd reached our mortgage decision
- Extremely busy working lives (fair) but want things wrapped up quickly

This is all evidence-able (I know no-one will ask, but I'll post it if there's any doubt)

housebuyer143

lookstraightahead said:

housebuyer143 said:

Serious buyer in my opinion is someone who is prompt to get things done when they are asked and are proactive in pushing the purchase through. 
As with non serious sellers, these are people who take ages to reply to solicitor or provide documents even though they have known for months they probably would need them.

To me, a non serious seller is one who is happy to hang around for ever 'looking' until a buyer's mortgage offer runs out, costing everyone in the chain money except themselves.

It's tricky because I considered myself a serious seller as in I was 100% set on moving and doing it fast, but on the flip side would not have gone into rented and had to find the right house. Wouldn't have gone into rented owing to we lived mortgage free and so refused to pay £1k a month extra to move out a house we liked without having a new place ready.
The market is messed up in that you can't view or offer until you have a buyer, thus this makes them have to wait even longer. 

I don't feel like it made me any less serious though. We found a house within 2 months and were ready to go within 7 weeks.

theoretica

Has looked at practicalities - eg affordability, mortgage eligibility, commute, schools, planning permission...  Everyone involved is on board - not one partner pushing and one reluctant.

LondonLeigh

I started this thread with my tongue ever-so-slightly in my cheek, but some of the suggestions are really good. Seriously mods, let this one live. It will help future buyers.

Ditzy_Mitzy

What on earth has the late, great Fela Kuti got to do with buying houses in the UK in 2022?