How to be ‘buyer ready’ and what does this mean?
Being 'buyer ready' is about putting yourself in the best position possible, armed with information so when you find the right home, you make the most compelling offer possible.
Some of the below may be cliché but can be the difference between getting a property or not. At the bottom of the article, we’ve added something you might not have heard too.
Having your proof of finance is a must. This will usually include an agreement in principle (AIP/DIP), proof of deposit, or in some cases proof of cash.
Agents are going to ask you for this when making an offer. If your broker says 'Go and find a home, then do an AIP' it is almost always bad advice.
Put yourself in the sellers' shoes, you’ve received two offers both at similar levels and situations – would you lean towards the buyer who has proof of finance or the other who doesn’t? We’re not suggesting you get loads of AIPs done, but simply having something to hand when you make an offer is never going to go against you. It also gives you peace of mind that a bank is prepared to lend you the money, so you don’t end up wasting your time.
We wouldn’t accept a broker confirming verbally a buyer's financial position for a few reasons: I’ve yet to hear a broker say their client couldn’t purchase a home but have had plenty of cases where they couldn’t. We also must carry out our due diligence, so any recommendations we make need to be bona fide.
Appoint a conveyancer. Most buyers wait until after they’ve found a home before they start looking into this. However, having someone in mind to use can help you budget and save you time at the beginning of a purchase when you are chasing comparison quotes and recommendations. In some cases having someone appointed can help show a seller you mean business when making an offer too.
But how do you choose? there are so many conveyancing firms to choose from and it’s easily one of the most important decisions you’ll make in the process. So, how do you find a company that will be the right fit?
Here are some of our tips and questions to ask to help with this process:
Firstly, If you receive a recommendation from friends, family, or even estate agents, it is important to ask who the specific case dealer is, not just a company name. The person you work with will influence the customer experience you receive, not the business name. Once you’ve been given the name check their reviews for some further assurances.
Is the conveyancer full-time? If not, is there a point of contact whilst they are not in the office? You would expect part-time employees to have a reduced workload and if you find yourself in a chain, other parties waiting longer for information can eventually create some anxiousness and sometimes can make it more difficult to manage. Having peace of mind, you having someone to speak with throughout the week should be reassuring.
Do they limit their workload and what number is that? Speaking with conveyancers ourselves, generally, 60-65 files are manageable whilst providing you with a high level of service. On the other hand, the more high-volume companies- that are often the cheapest- will be trying to manage around 100 cases, which as you can imagine is far more difficult. That’s not to say they can’t provide a good service, but something worth considering.
Who will I be working with? Ideally, and with most things, you want to be working with someone as experienced as possible, but there will be times, especially with the higher-volume companies, you’ll deal with more junior staff or people who are in training having to have their work signed off, which is absolutely fine, but can mean information between solicitors can sometimes be slower.
Here is our final tip for making the most compelling offer possible. When putting over your offer, follow up with an email. Whilst this helps avoid any miscommunication, you can contain additional information about yourself. Are you looking to start a family or be within a certain proximity to a particular school? Building more of a ‘profile’ that can be relayed on to a seller could be what sways their decision to accept your offer.
For more buying advice, or if you would like us to put you in contact with a tried and tested mortgage broker or conveyancer, we would be happy to do so.
