Andrew Winter, estate agent supreme answers your queries on buying and selling houses – on everything from getting a good deal to getting the most out of your estate agent.
A: There are a number of ways of getting the best deal, but you are totally reliant on the seller’s position. If a vendor is in no rush, you have no chance. If they need to move for work or other commitments you have a much better chance.
A few main rules apply. Always be in a position to buy - cash in the bank or mortgage arranged and deposit ready. All other situations will give you no negotiation power. Do not go down the route of showing vendors the costs of putting things right, they are not really interested. They usually know that if you do put things right, the house value will increase! It will be down to the agent to convince them your offer is a good one, so if you know, for example, a house in the road sold for a certain figure, quote that.
Buying way below true market value is very hard to do; and in recent years has almost never occurred – although things are obviously changing at the moment, and house prices are dropping in some regions. If you are looking to retain the purchase for a number of years, stop worrying that you haven’t got a bargain and enjoy the property. If you have chosen wisely it will be a good bet.
A: How to choose an agent? Ideally use one recommended to you, or one you have had good dealings with in the past. Choose an active agent selling properties in your value range and type. Go for one who answers your emails/phone messages quickly and expect that level of service always!
Ensure their Internet presence is strong and that the actual agent you are dealing with is someone you can work with. Remember, work together; expect to liaise every week, no matter what! If they do not provide the right service, change agents.
A: Firstly get your mortgage in place and check the lender you choose doesn’t have any rules. For example some lenders do not like blocks over five storeys high. With that in place, find a solicitor you can work with because it is his or her responsibility to ensure you buy safely. They check it all out for you. So with those bits in place, know your budget and get looking.
My only tip for a first time buyerbuying a flat: avoid blocks or buildings where other flats or communal areas are in a poor state of repair - these can be more complicated and are best left to the investor.
A: I hate to say it but the only way to deal with this, after 7 months and hardly any viewings, is to DROP THE PRICE You could even invite an ‘offers over’ figure. Ask your agent would help the buyers make offers and then ask for offers over this bottom line. Get the property description and ad to state it is a ‘bargain’.
If your property is well presented, but you’ve hardly had any viewings, you need to sit your agent down and get talking! Is he or she just rubbish or are you asking too much? Is your décor fantastic to you, but too over the top for buyers? The market may be quiet but have properties close to you sold recently? If they have, find out why they have and you haven’t. If your agent doesn’t seem to be being frank with you, CHANGE AGENTS immediately, get three new valuations, tell your new agent you want it sold and even offer a negotiators bonus to the negotiator who actually sells the property on top of the fees. You need to sell, so you need to phone your agent two or three times a week. Keep the pressure up and make sure you get the most out of your estate agent.
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