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Original poster

To find this question from estate agents annoying?

47 replies

Newdaytomorrow25 · 04/10/2023 18:47

I'm a first time buyer currently in the process of looking for a house. I check right move every day but the market is slow where I am right now.

I've viewed a couple of properties and enquired about a few over the last few months and every time I've spoken to an estate agent they've asked me what my maximum budget is. I've always been honest but I find it a little annoying, mainly due to the fact that they could use it against me if I put a lower offer in. They don't seem to understand that just because it's my max budget doesn't mean I think a house is worth that or will offer that amount. It's a limit not a target after all.

I know they work for the seller and will always try to get most that they can, but I just wondered how others felt about that question and were you honest or fibbed when asked?

OP posts:
Original poster
Newdaytomorrow25 · 04/10/2023 18:47

I was tempted to not give a figure but didn't want to make things awkward.

OP posts:
spottedinthewilds · 04/10/2023 18:48

They might try and find you something that you don't think you can afford but that will go at the right price. They aren't clever enough to use it against you don't worry,

Pipersouth · 04/10/2023 18:49

Can’t you just say around the ….. mark? Otherwise they’ll be showing you houses outside of your range

Antsinmypantsneedtodance · 04/10/2023 18:49

So how are they meant to find you a house?

Make it clear your max budget is for a house thats perfect with no work in the perfect location.

Reason they often ask this is they'll know what their clients may take as an offer. So house may be listed above your max but they know their client may take 30k less or whatever.

BronnauMawrion · 04/10/2023 18:50

You don't have to tell them.
Give a lower figure and say "there may be some room for manoeuvre". But if your a first time buyer, they are going to want to know that you can afford the properties you're looking at.

notavillager · 04/10/2023 19:00

I've started saying "We have £xxxxxx, but we'd rather not spend that much".

Meaning "We are serious buyers with funding, but I know how much that house is really worth, so don't try to work me"

iovebread · 04/10/2023 19:01

you should never tell them your budget. you just say it's not something i wish to share but i'm happy to view this house i am enquiring about. never give them anything ever :) don't even tell them about a deposit, just say you have a broker already who has sorted that and happy to discuss once an offer is accepted ever.

it's also a buyer's market and they're desperate and becoming more desperate for FTBs to shift the houses they have that aren't moving and sitting there for months.

Saschka · 04/10/2023 19:08

We offered 30% below our stated max budget, and just kept saying “no, the house needs a lot of work doing and we’ll need to hold money back for that”, “no sorry that’s our final offer”, “no sorry we wouldn’t go above £xxx for this property” when the estate agent tried to get us to increase our offer.

In this market in particular, EAs don’t want to lose an offer for the sake of £25k (or however much they are trying to get you to increase by), and they know you can easily walk away.

Original poster
Newdaytomorrow25 · 04/10/2023 19:08

Thank you for your responses, really helpful.

@BronnauMawrion that's a good idea, thanks. Think I will say this if they ask again.

@iovebread funny you say that as I honestly felt like the EA I spoke to the other day couldn't wait to get me off the phone 😂 He was so uninterested.

OP posts:
dudsville · 04/10/2023 19:10

Tell them a lower amount.

NewFriendlyLadybird · 04/10/2023 19:10

iovebread · 04/10/2023 19:01

you should never tell them your budget. you just say it's not something i wish to share but i'm happy to view this house i am enquiring about. never give them anything ever :) don't even tell them about a deposit, just say you have a broker already who has sorted that and happy to discuss once an offer is accepted ever.

it's also a buyer's market and they're desperate and becoming more desperate for FTBs to shift the houses they have that aren't moving and sitting there for months.

Edited

Yes but if you put in an offer and the seller asks about financial circumstances, they will not be encouraged to be told that the EA doesn’t know, but they’ve been assured that you can afford it!

Honestly, no one, not even Wylie E StateAgent, can actually make you spend more money on a house than you want to!

CantFindTheBeat · 04/10/2023 19:12

What should they ask instead, OP?

LindorDoubleChoc · 04/10/2023 19:15

Well your max budget could be £100,000 or it could be £1,000,000. They are asking to get an idea of properties they can offer you. Why can't you just say I'm looking to spend about £200,000 (or whatever it is) you can leave the max out of it and stop being annoyed at people just trying to do their job

OrangeBlossomPretty · 04/10/2023 19:16

Never tell them your budget. Just say you are looking for something between X and Y

TarantinoIsAMisogynist · 04/10/2023 19:17

An estate agent has never tried to use my maximum budget against me, and I've bought and sold a few houses over the years. They are asking so that they can send you suitable houses to view before they hit Rightmove.

Also, the EA may work for the vendor, but they don't give a shiny shit if you pay a bit less than the vendor wants. The difference it would make to their commission is pretty much bugger all. They just want a sale to happen, they are not really bothered about the price.

If they did try to pull this stunt, the answer is that you've offered what you consider the house to be worth.

e.g. Just because you have a budget of £100 for a jumper doesn't mean you'll pay that much for a shoddy Primark one.

Original poster
Newdaytomorrow25 · 04/10/2023 19:21

@Saschka it must be the area I'm in as I've not had this experience at all. Estate agents around here (apart from maybe 1 that I spoke to) have been so unhelpful, rude and just generally uninterested. I went for a viewing around a month ago but decided not to offer as the price was high and it needed a new extension roof, the chimney/log burner fixing, a whole rewire, central heating putting in, decorating and various other things. The EA said the price reflected this (not at all). They mentioned at the viewing that previous lower offers had been rejected so I didn't bother offering. They made me wait 2.5 weeks to view and then didn't even bother to phone me afterwards for feedback. I thought they might have tried a bit harder given that it'd been on the market for 7 months. It's still not sold.

OP posts:
Hijohn · 04/10/2023 19:22

Just lie. They don’t need to know. We were honest with one estate agent and it caused nothing but trouble as they ignored our interest in the houses we liked and kept steering us to other houses that were more expensive but not what we were after do they just pissed us off.

TarantinoIsAMisogynist · 04/10/2023 19:24

That example sounds like an unmotivated seller tbh. It will have been the seller holding up the viewing, not the EA. And it's the seller who determines the asking price too.

An EA isn't going to pull out all the stops prioritising work on a house with an unmotivated seller, because the chances of making a sale (and making any commission) are low.

IhateJan22 · 04/10/2023 19:25

They’re asking so they can see what else is suitable for you or if something comes up within your budget, there is no ulterior motive.

Fleabane · 04/10/2023 19:30

Of course they want to know your budget. They need to know you can afford to buy the places you want to view and it's not just a nice day out for live property porn (this is a thing).

Estate agents want to make a sale. In a sluggish market, they want a buyer - one with a mortgage in principle and who is ready to press go. They aren't going to push you to make a higher offer if they know your ceiling is £20k higher than what you've offered. They want a sale.

Original poster
Newdaytomorrow25 · 04/10/2023 19:31

@LindorDoubleChoc yes I suppose I could say that instead. I don't show that I'm annoyed and I'm not rude to them (unlike how they are towards me sometimes lol)

OP posts:
RaceToTheMiddle · 04/10/2023 19:32

Just say the houses you’ve seen on rightmove that look right spec/ ok location are between
£50,000 and £80,000

Yes I know not really amounts. But you get what I mean

Soontobe60 · 04/10/2023 19:35

iovebread · 04/10/2023 19:01

you should never tell them your budget. you just say it's not something i wish to share but i'm happy to view this house i am enquiring about. never give them anything ever :) don't even tell them about a deposit, just say you have a broker already who has sorted that and happy to discuss once an offer is accepted ever.

it's also a buyer's market and they're desperate and becoming more desperate for FTBs to shift the houses they have that aren't moving and sitting there for months.

Edited

This is really poor advice. I’m currently selling a house, we've had many viewings and every viewer offered. The EA has asked for proof of funds of all the possible buyers before we chose which offer to accept.

Soontobe60 · 04/10/2023 19:37

OrangeBlossomPretty · 04/10/2023 19:16

Never tell them your budget. Just say you are looking for something between X and Y

Which does actually tell them your budget 😂

iovebread · 04/10/2023 20:19

Soontobe60 · 04/10/2023 19:35

This is really poor advice. I’m currently selling a house, we've had many viewings and every viewer offered. The EA has asked for proof of funds of all the possible buyers before we chose which offer to accept.

Show quote history

of course it's poor advice to you as a seller haha. you want to know how much more you can make on the sale!

OP, many buyers do not reveal what their budget is exactly.
I have never had a problem not telling them, they ask, i just say, not your business (politely) and make a suggestion I'm happy to see the house.
I don't even register my details with them unless the EA has shown some proof that he/she is actually a professional who has taken the time to see what I'm actually looking for in a house. RM is enough otherwise.

You don't need to show anything to them.
If they accept an offer and absolutely need to see some proof that you can afford the property (this is not even a requirement), then you can get a letter from your broker saying you can. i would not reveal anything unless an offer is accepted.

anyways, with these interest rates today many people aren't even getting a mortgage even after seller's have tried to get "proof" of deposits blah blah. they don't really know what they're looking for and they don't have your credit history, so it's all speculation from the EA and seller. and the good buyers that can actually buy, well, i don't think seller's are in a position to p people off.

no one should ever show anyone their financial bank accounts or statements or anything. your bank actually specifically tells you not to.

there are so many EAs with little houses coming to the market, they are not in the position to annoy buyers, so just be nice and say not your business. you will still get your viewing :) good luck with your search.