9 tips for becoming a power buyer
As far as property trends go, 2021 was the year of the ‘great reset’, with more people wanting to buy property than homes available for sale. The demand and supply issue has already created a trend for 2022: ‘the hangover’. With thousands of would-be purchasers thwarted last year due to red-hot competition, many buyers will roll over to 2022, hoping a new year will bring them new buying opportunities.
With sellers set to enjoy multiple viewings and offers on their properties, being a ‘power buyer’ in 2022 will be crucial. This means presenting yourself as the stand-out, most bank-able purchaser when compared to the buying competition – someone who will offer the seller the simplest, most straightforward transaction.
So what can you do to become a power buyer in 2022? Here are our top 9 tips:
- Don’t make silly offers: you can risk coming across as a time waster if you offer well below the asking price. Aim for as close to the advertised value as you can justify and don’t nitpick over a couple of pounds here and there.
- Sell first, buy second: all estate agents will advise sellers to choose a buyer who already has their property under offer. In a competitive market, merely having your home ‘for sale’ may not be good enough, especially if a rival has already sold their property.
- Present as a chain-free purchaser: if you’re a first-time buyer, you’ll already be a power buyer but selling-up and taking an interim rental property or moving in with family before you buy again are two other ways of making yourself chain free.
- Come to the table as a cash buyer: cash buyers are power buyers as they’re not relying on a mortgage to buy a property. This simplifies the transaction, reduces the seller’s risk and can trim weeks off the moving process.
- No cash? Have a mortgage lined up: many transactions fall apart at the finance stage, therefore sellers prefer buyers who can prove they’ll be loaned enough money to buy the property. This is called a mortgage agreement in principle – something the seller’s estate agent will request.
- Have a solicitor lined up: showing you are serious about the sale will stand you in good stead. A power buyer will have researched solicitors before they start looking at properties and will instruct one as soon as their offer is accepted.
- Have your deposit ready: potential buyers will be prequalified by the seller’s estate agent so they know who’s in a financial position to proceed. By having your deposit in one bank account, together with valid evidence from your bank or building society, you’ll edge ahead of disorganised rivals.
- Be accommodating: if you really love the property and want to impress the sellers, be as accommodating as you can. This may mean flexibility when it comes to viewing times or leeway when it comes to the completion date.
- Tell the seller your intentions: sellers won’t warm to dithering, stuttering buyers who don’t seem 100% committed. Use a viewing to tell the seller you want to buy the property, and avoid saying you’re ‘interested’ or may ‘possibly’ make an offer.
If you have seen one of our properties for sale that you’re interested in purchasing, talk to us about your status and how we can help you make a successful offer.
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