Advice when buying a house

Published ¤ 12/06/2009

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When negotiating with estate agents always remember, they work for the seller, NOT the buyer. They will pretend to be your friend, and seem to be doing you favours, but it is their job to get the best price for the seller!

So, how do you bargain with the estate agents?
Knowledge is all important. You need to have a good knowledge of the local area where you are buying, and of local property prices. More importantly, you need to know what you are willing to pay the porperty, and then design your negotiations to end at that price. Never, NEVER, accept the vendors first offer - this is also true for the vendor of course.
Remember, do not show your emotions, keep straight faced - even if you are negotiating by phone, remember to keep a straight face, as facial changes alter the tone of your voice.
Good negotiators can pick up a real bargain. Some useful questions to ask the estate agent:
  • Why is the vendor selling?
  • Have they bought another property?
  • How long has the porperty been on the market?
  • Have they had any other offers?
  • Have any surveys been done? And, if so, why did the sale fall through?
  • And always remember, they are working for the vendor. Look out for any inconsistencies in what the estate agent is telling you. This may indicate that they are not telling you the whole story.
    Make it clear to the estate agent that this is not the only property you are interested in. Tell them you need to go to another estate agents nearby as soon as you have finished with them. And make sure they know that you have the finance ready. If necessary get a "mortgage certificate" or "agreement in principle" from your mortgage broker or lender before you start negotiations.
    Once you have agreed a price, make sure you put it in writing, and get the estate agent to do the same, stating when they hope to complete.
    Remember, do not get emotional, do your homework, and do not trust the estate agent - he is NOT working for you.
    If you feel that you cannot do all this, there is help available. At PKS we offer a negotiating service, whereby, once you have found a property you are interested in, we will do the homework on the house, and its surrounding area, and then negotiate on your behalf.

    Give us a call on the number above, or click here to send us a message.

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