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Be 'Buyer Ready'

For applicants looking to purchase, it is a good idea to consider how to be 'buyer ready’ – when you know that you are in a position to make a decision and can execute that decision with confidence.

 

What are your non-negotiables?

Quite often non-negotiable aims can form around location. There are reasons why some locations work for individuals and families, and some good justification why these reasons cannot be conflicted with.

Great locations are expensive! There are reasons why you want the location you want and quite clearly these reasons will be replicated and amplified by other potential buyers. 

Don’t cloud your judgement and compare properties from another location that you cannot consider. There is enough to concentrate on in your localised search area.

 

How many properties have you seen?

If you have viewed 6-8, you are starting to get a real focus over your localised search market.

 

Don’t think every property you go and see has to be on your ‘filtered’ list. Look at different types of options, look at homes developed to a high standard, look at homes needing work.

 

You need to open your mind to different options potentially forming, yes you are not going to countenance changes to your non-negotiables, but these non-negotiables can potentially be fulfilled in a way that you hadn’t previously considered.

 

How much do you want this home?

Every negotiation navigates the vendor’s appetite for moving on and your appetite to take over as custodian of a property for a number of years.

 

If you are buying your ‘forever’ home and the vendor is reluctant to give up their ‘forever’ then you will need to ensure the offer and what your presenting is a match for their expectations over what a sale would look like.

 

Since Lockdown we are dealing with a surge of buyer registrations and have seen a great demand for properties.

For applicants looking to purchase, it is a good idea to consider how to be 'buyer ready’ – when you know that you are in a position to make a decision and can execute that decision with confidence.

If you are purchasing a ‘stop gap’ purchase or investment your standpoint of negotiation is a lot stronger especially if the person you are buying from is owning the property in a similar context.

 

What does success look like to you?

How close to original hit list is your property?

If it’s matching your initial criteria then you are brilliantly well! Most buyers come away from their original list, their requirements squeeze, compromises are made. It’s important that you see your search in this context, if you have found the right property then action on it and know what level you want to go to for it.

In the 15 years plus, I have been working as an agent, I have only every seen on a limited number of occasions where someone has turned around and said that they are 100% happy with their new home, although a lot of people get to 97/98%! That could be because I have only sold in the London market and secondly, it is as much to do with the buyer’s mindset than anything else. 

It is a timely remember though that if you get so caught up in perfection or zero compromise you may walk past the opportunity that in the coming weeks/months would have been the best option for you.

Solicitor in place

It’s really important to get the right solicitor in place for the transaction.  You are looking to execute a major purchase and the right level of communication and service is needed to ensure you know exactly where you stand, and your rights and obligations in owing your chosen property.

 

We are happy to recommend a solicitor – we have worked with hundreds over the years, but have a recommended list that we can put forward a selection for for you to choose.  We take no financial incentive from the solicitors on the panel and they are selected purely for service merit.

Donald Collins, our Sales Director, published a longer version of this article on LinkedIn, the full article is here.

 

 

Be 'Buyer Ready'


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