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Buying a Home
Building a relationship with the estate agent is key as you need to be regarded as a serious buyer. It is important that you are willing to view properties. Keep in regular contact with the agent, call and visit them regularly and as your relationship evolves you will be the first person the estate agent will call when a new property comes under their instruction.
Monitor estate agents websites, although be aware that some estate agents may not keep their sites up to date.
Here are some useful tips to keep in mind when looking for your new place to live:
==> Set aside time to view properties.
==> Identify the properties you wish to view and contact the relevant agent to arrange a viewing.
==> View the properties as soon as possible. Leave it too long and you could lose your dream home.
==> If you have children organise a baby sitter. You can focus on the initial viewing rather than making sure your children behave.
==> Don't be afraid to make numerous visits with friends and family to get a second opinion.
==> If you are planning to redevelop the property it might be worth arranging a tradesmen to visit and get an estimate for the work.
==> Check the history of the property. Has it been on the market long, has it been rented, why are the present owners selling.
==> Check out the local area if you are not familiar with it. Visit the local shop, pub, transport routes and park areas.
==> Can you afford the house? There is no point viewing a house you cannot afford, you will be classed as a timewaster and the agent will not be very happy with you. See a financial advisor so you know what your budget is before you go and see the house.
==> Understand additional costs such as stamp duty, solicitor fees.
==> Ask the sellers to outline the approximate running costs for the property, how much is the council tax and utility bills.
==> How quickly you do you want to move in? It can take on average three months for the transaction to complete, and one in three properties fail to complete, so you might want to avoid homes that are part of a big chain.
Making an offer
Everyone likes a deal. If you find you new place to live and you think it is a reasonable price then it may well be worth giving the full asking price. If you do the estate agent will take you seriously, it will also mean that you are less likely to be at risk on losing the property from a rival bidder.It would be a shame to lose your new place to live for the sake of a couple of grand.
Once your offer is accepted insist that the property be taken off the market immediately and get the sold sign up as quickly possible so that drive by viewers won't request a viewing of the property.
Chains
If you are part of a chain then to make sure everything runs as smoothly as possible then good communication is critical. Stay in regular contact with your solicitor and estate agent and the other people in the chain so that any potential problems are identified quickly and a solution agreed. You will also be able to make sure everything possible is being done to speed things up.
It can also help to stay flexible, make sure you are not the reason the chain breaks down. Be prepared to move in with your family or rent as a short-term measure if it means you can keep the chain going.
Gazumping
Unfortunately gazumping does happen - outbid by a rival at the last minute. Estate agents do not like it but are powerless to stop it (even if they wanted to!). If you live in Scotland there are laws to protect the buyer. However under the Estate Agency Act, estate agents are obliged to pass on all offers they receive, and in some cases may go straight to the buyer with the offer.
There's little you can do to stop a determined bidder, however there are things that you can do to reduce the chances:
==>Offer the full asking price.
==>Insist on the property be removed from the market immediately.
==>Be flexible with the seller and don't argue over minor points.
==>Be willing to complete on their timescale within reason, not yours.
==>Be nice to the seller - if you've established some kind of relationship with them, it should be harder for them to let you down.
Take out insurance which means that should you get gazumped you can recover any costs you have incurred. You will need to do this before you have instructed a solicitor.
Good luck in your NewPlaceToLive!