Page 2 | To find this question from estate agents annoying?

Newdaytomorrow25 · 2023-10-04T17:47:23+00:00

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?

Soontobe60 · 04/10/2023 20:29

iovebread · 04/10/2023 20:19

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.

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Obviously the housing market is different in your neck of the woods.

Fleabane · 04/10/2023 20:33

@iovebread - have you bought property recently? I'm guessing not

mrsbyers · 04/10/2023 20:36

I saw a lovely house once that was a former church house , put in an offer only very slightly below asking but it was going to sealed bids as I think as it was charity or similar they had a duty to get highest price - told the estate agent I wasn’t interested in that and she asked in the most snotty way ‘can’t you afford to pay more’ I could but after that I was 100% not going to

Peacendkindness · 04/10/2023 20:38

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 - just say I’d like to view x.

if they want to know your budget just say - we are viewing houses within our budget

BlueMongoose · 04/10/2023 20:55

I see no reason to tell them. You can just say that you're looking about the x-y mark. You presumably won't ask to view any you can't afford, and if you wish to keep money in hand for work on a house, or to blue on a holiday, or for the kids uni fees, that's a private matter and none of their business.
If the time comes you make an offer, at that point you will likely have to give evidence that you can afford it. They still have no business asking what you can afford, only if you can afford the offer you're making. And you can get your own financial advisor to assure your solicitor of that, and they can pass that assurance onto the house agent. That's what we did, anyway. Doesn't matter what you can afford, that's none of anyone else's business, only whether you can afford what you're offering, which is reasonable to confirm.

Fleabane · 04/10/2023 21:13

BlueMongoose · 04/10/2023 20:55

I see no reason to tell them. You can just say that you're looking about the x-y mark. You presumably won't ask to view any you can't afford, and if you wish to keep money in hand for work on a house, or to blue on a holiday, or for the kids uni fees, that's a private matter and none of their business.
If the time comes you make an offer, at that point you will likely have to give evidence that you can afford it. They still have no business asking what you can afford, only if you can afford the offer you're making. And you can get your own financial advisor to assure your solicitor of that, and they can pass that assurance onto the house agent. That's what we did, anyway. Doesn't matter what you can afford, that's none of anyone else's business, only whether you can afford what you're offering, which is reasonable to confirm.

The OP said she was asked what her budget was. That's not a financial breakdown, just her budget.

NewFriendlyLadybird · 04/10/2023 21:43

Peacendkindness · 04/10/2023 20:38

This - just say I’d like to view x.

if they want to know your budget just say - we are viewing houses within our budget

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The other side of this is that people don’t just view within their budget. Our EA received a request to view the house we’re selling, but his top budget was way below our red line (which the EA knows). To show him round would have been a waste of everyone’s time.

MissLucyEyelesbarrow · 04/10/2023 21:54

mrsbyers · 04/10/2023 20:36

I saw a lovely house once that was a former church house , put in an offer only very slightly below asking but it was going to sealed bids as I think as it was charity or similar they had a duty to get highest price - told the estate agent I wasn’t interested in that and she asked in the most snotty way ‘can’t you afford to pay more’ I could but after that I was 100% not going to

So you lost a house you loved just to spite an EA to whom it made no difference anyway?

rentingthisglove · 05/10/2023 00:23

As someone who is currently on the market with an eye on my next purchase this is my experience so far:

I am a solo parent on maternity leave, so at home a lot. If I am going to rush around tidying up the house, put the washing up away and stuff as many toys etc in cupboards and then get myself/baby/dog out of the house for an hour (which might be convenient, but also would be a massive pain in the arse!) I want to know the buyer is seriously looking to buy a house (even if it's not mine) and can afford to buy my house if they like it.

For years you've been expected to show proof of funds/mortgage in principle in my area (SE but not a posh bit) before you are allowed to view & this time last year I had to have an offer on my house before I was allowed to view a house I was interested in. This has changed slightly this year, I was allowed to view a house I was interested in after a conversation with the estate agent when I told them I would be putting my house on the market before considering making an offer on the house I viewed.

I think home owners are bored with the stress of keeping their houses clean and tidy for constant views of low quality viewers. Its a waste of estate agents time too.
It's so easy to have a nosey online through the videos/floor plans/photos etc that it reduces the amount of viewings you need to make as a buyer.

Re the op's question/comment. If you are a FTB and your budget is fairly low you will usually get the most junior members of staff dealing with you. FTB's are generally harder work (I definitely was when I was one!) and the commission is lower on the sale, so don't take it too personally, it's just a very money talks business.

MissLucyEyelesbarrow · 05/10/2023 00:59

I just cannot get over the insanity of thinking that you shouldn't tell the EA how much you want to spend.

Do these PPs do the same when buying other products? Wander into the car showroom: "What's your budget, Madam?" "Sorry, I'm not willing to say: you're going to have to guess whether I want a Ford Focus or a Ferrari."

It may be a sellers' market, but there is always competition for the best properties. Let's imagine a lovely house comes on the market, OP. The EA only makes money if they actually close the sale and, these days, clients are usually not locked into a long contract: if the EA can't sell within a few weeks, the client moves on.

So, you're the EA: you've got a great property and you need to sell it quickly. Are you:

(a) straight on the phone to the serious buyers, who have agreed a mortgage in principle and are transparent about what they can afford

(b) contacting the weirdos who won't even tell you how much they want to spend, so you have no idea whether they can actually afford the house?

It's a tough one, isn't it? 🤔

DrySherry · 05/10/2023 05:38

OrangeBlossomPretty · 04/10/2023 19:16

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

This.
Your x should be less than you expect to spend and your y should be a price that you could just about afford IF it was reduced by say 10%.

TerfTalking · 05/10/2023 05:54

Massively overthinking this OP.

EA “what’s your budget(so we can send you suitable property details)”
You “I’m looking for three bed between 200k and 225k, no major work, in Little Village area please”

Year13novice · 05/10/2023 05:58

They ask your budget along with what type of thing you’re looking for (how many bedrooms, school catchments, off street parking etc) so they can ensure they send you details of properties that suit your requirements, rather than sending through stuff that is totally not what you’re looking for. If you don’t want to tell them that’s fine!

Photio · 05/10/2023 06:07

Are houses not all listed online anyway so you just search yourself based on your criteria? They certainly are round me. I thought the idea of being registered with an estate agent to send you details of properties was a thing of the past?

MissLucyEyelesbarrow · 05/10/2023 09:40

Photio · 05/10/2023 06:07

Are houses not all listed online anyway so you just search yourself based on your criteria? They certainly are round me. I thought the idea of being registered with an estate agent to send you details of properties was a thing of the past?

The best properties may not make it to Rightmove and, even if they do, you want to be one of the first to look round, so you're able to make an offer before anyone else does. So it pays to be on the books of a good EA.

Saschka · 05/10/2023 10:05

Year13novice · 05/10/2023 05:58

They ask your budget along with what type of thing you’re looking for (how many bedrooms, school catchments, off street parking etc) so they can ensure they send you details of properties that suit your requirements, rather than sending through stuff that is totally not what you’re looking for. If you don’t want to tell them that’s fine!

In my experience that isn’t what happens, they just spam you with all the stuff that isn’t shifting from Rightmove. Regardless of your requirements.

I understand the concept, it just doesn’t reflect what EAs do locally. We had a specific budget and school catchment area in mind, and still got stuff for a totally different area of London (Crystal Palace/Sydenham when we only wanted Herne Hill/North Dulwich), up to a million pounds over our budget, with 5 bedrooms when we only wanted 3. All on Rightmove, all on the market a while with no offers.

Badbadbunny · 05/10/2023 10:11

dudsville · 04/10/2023 19:10

Tell them a lower amount.

Then they won't let you know about any that are being marketed at higher amounts where they think the vendor will accept a lower amount, around the top of your "true" budget.

Badbadbunny · 05/10/2023 10:14

@Saschka

In my experience that isn’t what happens, they just spam you with all the stuff that isn’t shifting from Rightmove. Regardless of your requirements.

Sadly, that's the reality of many estate agents. It's always been that way. Back 30 years ago when we were looking for our first home with a healthy budget, we were put on the "hot" lists (as they were called back then) as we were first time buyers, mortgage certificate, both employed, etc., but the EAs seldom contacted us with new listings - the ones that flew off the shelves! We only heard about the "desperation" ones, i.e. the ones that had been listed months that no one wanted. This Summer, had the same with our son looking for a flat - he filled in all the online forms to be put on lists but not a single EA got back to him - he had to do all the chasing himself. EAs only show any effort at all for the ones that are hard to shift!

TarantinoIsAMisogynist · 05/10/2023 10:17

Photio · 05/10/2023 06:07

Are houses not all listed online anyway so you just search yourself based on your criteria? They certainly are round me. I thought the idea of being registered with an estate agent to send you details of properties was a thing of the past?

In a hot market, quite a few properties will sell before even making it to Rightmove.

At present, the market is slower than that, but I still wouldn't be surprised if some houses are still selling before they hit the online listing (particularly those in very desirable villages or streets where properties are seldom available).

TarantinoIsAMisogynist · 05/10/2023 10:18

MissLucyEyelesbarrow · 05/10/2023 00:59

I just cannot get over the insanity of thinking that you shouldn't tell the EA how much you want to spend.

Do these PPs do the same when buying other products? Wander into the car showroom: "What's your budget, Madam?" "Sorry, I'm not willing to say: you're going to have to guess whether I want a Ford Focus or a Ferrari."

It may be a sellers' market, but there is always competition for the best properties. Let's imagine a lovely house comes on the market, OP. The EA only makes money if they actually close the sale and, these days, clients are usually not locked into a long contract: if the EA can't sell within a few weeks, the client moves on.

So, you're the EA: you've got a great property and you need to sell it quickly. Are you:

(a) straight on the phone to the serious buyers, who have agreed a mortgage in principle and are transparent about what they can afford

(b) contacting the weirdos who won't even tell you how much they want to spend, so you have no idea whether they can actually afford the house?

It's a tough one, isn't it? 🤔

100% agree - the level of paranoia here is weird even by MN standards!

randomrandom · 05/10/2023 10:21

I always cut 20k off mine

NeedTheSeaside · 05/10/2023 10:30

@Newdaytomorrow25

i hate it too, it's so intrusive, I though he was going to ask if he could smash my piggy bank next!

however, I reluctantly told him all the finer details as I decided if I wanted him to show me properties before they hit the market it was only fair.

Also, I'm not a FTB & it felt like he's the only one that's given me an achievable value for my current property rather than attempted to blow smoke up my butt.

so, fairs fair I guess.