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2 min read

June 2023 | Buying , Investment 

Buying a home is a psychological game of poker, with very high stakes. Estate agents are legally bound in the UK to provide factually accurate information, so you need to make sure you ask the right questions. We have prepared some tips to help you conduct successful negotiations.

“Find out the real reasons behind the sale? Why are they selling?”

 When someone sells something big like their home, they have a good reason for it. Sometimes it’s harmless, but it could also be a warning sign for buyers.

Maybe they’re moving because they need to relocate for a job or need more space, which is fine and says nothing wrong about the house. On the other hand, if they’re moving because of difficult neighbors or the area is in decline, it’s a big red flag.

Are there any problems with the property? Knowing this will avoid any future problems and / or financial costs as well as aid you during the negotiation process.

A good question beyond these basics might be, “Is there anything I haven’t asked about this house You would want to know if you were buying it?”

“How long was the property on the market? How many agents are selling it? And if there is any other interested party in this property?”

This should always be the first question you ever ask the selling agent. While this can be dependent on the housing market in your location in general, a home that has been on the market for months can indicate that something is undesirable about the property or in many cases unrealistic asking price.

If the house has been on the market a long time, ask the agent why they think it didn’t sell. Are there any problems with the property that other people have realised that you haven’t? Or is it just overpriced?

“Show that you are a serious buyer.”

 When making an offer be ready to provide your ID, prove address and availability of funds (bank statement or approved mortgage offer), give the details of your solicitor. Your offer will look stronger if you show evidence that you have funds and mortgage available to you.

And the last two tips that will help you be more successful during negotiations.

  1. If you are a professional property investor – show them your CV. Let them know that you know what you are doing!
  2. Be professional, return the calls, answer clearly on all the questions.