Buying a new property starts long before you begin browsing estate agents’ listings. Making sure that you’re financially prepared can make all the difference to your buying process and experience and it can keep your sale firmly on track.
If you’re buying a property through a mortgage, make sure that you speak to a mortgage provider so you know exactly where you stand and you understand what budget you have to play with. This is also the best time to check your credit score. You might even be able to boost your score before you get started.
If you’re ready to meet mortgage brokers, it will be well worth your while meeting more than one. Take time to work through the financials with them so that you understand what you’ll be paying and why. They’ll help you to factor all costs in so there’s no surprises when it comes to your first monthly payment.
It can be tempting to spend all of your time looking at houses for sale – and if you’re looking to buy, it can mean the difference between snapping a fresh on-the-market property and missing out. Register with estate agents and online property sales sites but it is worth getting your estate agent on speed dial!
When you’ve found the house of your dreams, agree within the buying party how much you’re willing to pay and decide on your cut off point. Then get your estate agent on the case. They’ll help you to understand how you can promote yourself as a serious buyer. When two buyers can match each other on price, the deciding factor for a seller can come down to how your agent deals with them.
Sellers are looking for buyers who have engaged a solicitor, have an agreement in principle from your mortgage broker, are ready to move and are ready to conduct a homebuyer survey, in addition to the mortgage survey.
The more open and honest the relationship you have with your estate agent, the harder they can work for you at the negotiating stage. Your agent will know what direction they can take the conversation in and they can act quickly.
It can also be worthwhile requesting a copy of their agreement in principle and making sure that the onward chain is in good order. This is the point at which your agent can ask their counterpart if the sale of this property has fallen through previously because of issues raised in the survey.
Your mortgage broker ensures a survey takes place; perhaps a home buyers’ survey (extended structural report) too.
These findings will form the basis of any amendments you need to make to your offer price. There may be a few small items that need to be addressed or you may find that there are larger problems that need to be tackled prior to contract exchange.
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