If you are looking to buy a house this year don't do any of these things
We put our house on the market 6 months ago and have had 4 buyers let us down.
I will put money on the fact that you are thinking that there must be something wrong with the property. The fact is our 3 year old new build is structurally sound and so i'm told located in one of this years UK hotspots.
The news talks about a lack of property supply to meet demand but I never expected to encounter the problems we have. I know there are now a lot more obstacles with applying for mortgages and can understand buyers frustration that they are facing heavy competition but some of their actions have been downright bizarre.
If you are looking to buy a house this year then here are my views as a seller of things that buyers should avoid doing:
1) Do not look for a house if you have not sold your own yet.
The UK housing market is unpredictable. You could get a buyer in two days or have no viewings for two months. As a seller I am not prepared to wait months and months for you to get a buyer - sorry.
2) Do not expect the seller to remove their property from the market if you have not sold your property. Having paid for my marketing upfront, if you have not sold I could lose months of marketing. Either make an agreement for a timeframe or pay a deposit for exclusivity for a period of time. I am happy to compromise but you cannot have it all your own way.
3) Do not assume a property that has come back onto the market must have problems.
All four of our buyers fell through due to finances none were due to problems with the property. Find out the situation first.
4) Do your research on the area BEFORE you offer.
I had a potential buyer state after I accepted their offer that if my property was more than a 20 minute walk to the station that it would be a deal breaker. I was not impressed.
5) Do not tell the seller if you intend to lie to your mortgage lender.
One buyer stated that they would have no problem with the mortgage as they have been friends with their advisor for years. Then in the next breath said they had no intention of letting him know that his other half was expecting a baby and he was leaving his job. I informed them that this caused me great concern.
6) Do not make an offer you cannot afford.
Obvious one but people still seem to think they can 'get the money'. Similarly do not try and ask the seller to reduce the price of their property so you can afford it. You wont like the answer.
7) If you put in a low offer do not expect all the top spec appliances to be included.
As a seller I would rather include the nice appliances in the sale but if you offer me silly money, then do not be surprised if the appliances are taken away. Similarly, do not expect me to throw in my furniture just because you have increased your offer by a couple of thousand. Check what is and what isn't included.
8) Tell the seller immediately if your situation changes, you are declined a mortgage or are having problems.
One buyer decided to keep this quiet until after the completion date had passed. Causing us to incur unnecessary solicitors fees and to lose out on a property we wished to buy. We had also closed down utility accounts in preparation of completion and put furniture into storage.
9) Gazundering
This is a nasty underhanded estate agent trick to try and get a substantial amount of money off a property. Usually it is done when the vendor has exchanged on the property they wish to buy and is therefore tied into their contract. Their buyer then drops their offer substantially so the vendor has no choice but to accept or they incur charges of breaching their contract. Before you try and tell me its 'legal' I beg to differ. Buyers hate being gazumped when they have spent money having surveys etc. Well, I do not consider the fact that someone chooses to spend more of their own money for a property to be the same as someone purposely deceiving the seller and manipulating the situation for their own financial gain. In other words I consider this to be fraud.
This is people's homes and the largest asset they own that you are playing with. Yes someone did try it and no I did not phone them a week later asking if they were still interested. They lost my property and any chance of EVER purchasing it.
10) If you change your mind have the decency to tell the seller.
Our latest seller pulled out and left it to their solicitor to inform our solicitor. We had been in contact with them direct throughout and just days before she said how excited they were and and starting to pack. Then - nothing. This is just plain rude and not how I like to do business. Similarly if you discover a problem with a property you want to buy, I would definitely inform the seller as this will help them with future sales. We are completely in the dark as to what the reason was but would hope that if this was the case they would have said as it would help with any future sale.
Lastly, not all sellers are out to rip you off, or trying to get you to buy a house with major problems.
I love my house and have many wonderful memories but after thirty odd years it is now time to move on. I just want my home to go to someone who will cherish it as I have, who will pay a fair price and complete in a reasonable timeframe.
I will put money on the fact that you are thinking that there must be something wrong with the property. The fact is our 3 year old new build is structurally sound and so i'm told located in one of this years UK hotspots.
The news talks about a lack of property supply to meet demand but I never expected to encounter the problems we have. I know there are now a lot more obstacles with applying for mortgages and can understand buyers frustration that they are facing heavy competition but some of their actions have been downright bizarre.
If you are looking to buy a house this year then here are my views as a seller of things that buyers should avoid doing:
1) Do not look for a house if you have not sold your own yet.
The UK housing market is unpredictable. You could get a buyer in two days or have no viewings for two months. As a seller I am not prepared to wait months and months for you to get a buyer - sorry.
2) Do not expect the seller to remove their property from the market if you have not sold your property. Having paid for my marketing upfront, if you have not sold I could lose months of marketing. Either make an agreement for a timeframe or pay a deposit for exclusivity for a period of time. I am happy to compromise but you cannot have it all your own way.
3) Do not assume a property that has come back onto the market must have problems.
All four of our buyers fell through due to finances none were due to problems with the property. Find out the situation first.
4) Do your research on the area BEFORE you offer.
I had a potential buyer state after I accepted their offer that if my property was more than a 20 minute walk to the station that it would be a deal breaker. I was not impressed.
5) Do not tell the seller if you intend to lie to your mortgage lender.
One buyer stated that they would have no problem with the mortgage as they have been friends with their advisor for years. Then in the next breath said they had no intention of letting him know that his other half was expecting a baby and he was leaving his job. I informed them that this caused me great concern.
6) Do not make an offer you cannot afford.
Obvious one but people still seem to think they can 'get the money'. Similarly do not try and ask the seller to reduce the price of their property so you can afford it. You wont like the answer.
7) If you put in a low offer do not expect all the top spec appliances to be included.
As a seller I would rather include the nice appliances in the sale but if you offer me silly money, then do not be surprised if the appliances are taken away. Similarly, do not expect me to throw in my furniture just because you have increased your offer by a couple of thousand. Check what is and what isn't included.
8) Tell the seller immediately if your situation changes, you are declined a mortgage or are having problems.
One buyer decided to keep this quiet until after the completion date had passed. Causing us to incur unnecessary solicitors fees and to lose out on a property we wished to buy. We had also closed down utility accounts in preparation of completion and put furniture into storage.
9) Gazundering
This is a nasty underhanded estate agent trick to try and get a substantial amount of money off a property. Usually it is done when the vendor has exchanged on the property they wish to buy and is therefore tied into their contract. Their buyer then drops their offer substantially so the vendor has no choice but to accept or they incur charges of breaching their contract. Before you try and tell me its 'legal' I beg to differ. Buyers hate being gazumped when they have spent money having surveys etc. Well, I do not consider the fact that someone chooses to spend more of their own money for a property to be the same as someone purposely deceiving the seller and manipulating the situation for their own financial gain. In other words I consider this to be fraud.
This is people's homes and the largest asset they own that you are playing with. Yes someone did try it and no I did not phone them a week later asking if they were still interested. They lost my property and any chance of EVER purchasing it.
10) If you change your mind have the decency to tell the seller.
Our latest seller pulled out and left it to their solicitor to inform our solicitor. We had been in contact with them direct throughout and just days before she said how excited they were and and starting to pack. Then - nothing. This is just plain rude and not how I like to do business. Similarly if you discover a problem with a property you want to buy, I would definitely inform the seller as this will help them with future sales. We are completely in the dark as to what the reason was but would hope that if this was the case they would have said as it would help with any future sale.
Lastly, not all sellers are out to rip you off, or trying to get you to buy a house with major problems.
I love my house and have many wonderful memories but after thirty odd years it is now time to move on. I just want my home to go to someone who will cherish it as I have, who will pay a fair price and complete in a reasonable timeframe.
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