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Original poster

The perfect buyer?

38 replies

cfmtb · 29/12/2024 20:51

Obviously it's impossible to know how people will act, however,
If you had a choice - what would be the type of person you'd want to be a buyer?
Context - selling a property. It's currently vacant and so costing money each month, and no onward chain.
On for 240k.
Had 12 viewings on the first day - 4 offers at 230, 235, 240, 241. 3 in no onward chain. Estate agent told me to honour all booked viewings.
Got 10 more first viewings tomorrow, and 3 second viewings. Likely expecting a couple more offers.
To be honest, I'd rather have a quick and easy sale than an extra 5k and people trying to push the price down after survey/just before completion.
There is a first time buyer in there. Never sold a house before so wondering if there are green/red flags to look for as I have the lucky luxury of choice

OP posts:
Doggymummar · 29/12/2024 20:54

If someone says they are a cash buyer ask to see the funds. Often this means a patent is lending it to them, or it's inherited money which can be tied up forever. I would sell to a developer if they offer the right money. There's really is actual cash and they want completion very quick.n

Dramallama91 · 29/12/2024 21:00

Someone with no chain OR a very short chain and the purchase of yours would complete it.

Agree re. Source of funds too. We sold to 'first time buyers' but it turned out their deposit was coming from the equity of their parents house sale... which took longer than expected

Philandbill · 29/12/2024 21:02

We sold to a developer/ professional landlord and they were just terrible. I would not choose to do that again.

jinglebelljinglealltheway · 29/12/2024 21:02

everything being equal, i will probably NOT go with the first time buyer - as they may not be familiar with the process and panic over a standard comment in survey or management pack - obviously depending on the property.

Original poster
cfmtb · 29/12/2024 21:09

Interesting! Thank you all.
No idea how this will pan out so guess I'll wait until tomorrow and see what happens.

OP posts:
Doris86 · 29/12/2024 21:18

jinglebelljinglealltheway · 29/12/2024 21:02

everything being equal, i will probably NOT go with the first time buyer - as they may not be familiar with the process and panic over a standard comment in survey or management pack - obviously depending on the property.

To some extent I’d go with the the buyer the estate agent recommends. EAs meet the buyers, and from their experience can get a good feel as to how serious they are.

When selling I had three offers, but the EA recommended I go with the first time buyers. He said they were the most keen and excited buyers he had ever seen when they viewed the house. He was right - absolutely no nonsense from them throughout the entire buying process, and they also ignored a couple of survey findings which they probably should have investigated and queried with me a bit more.

Louisetheroux · 29/12/2024 21:19

jinglebelljinglealltheway · 29/12/2024 21:02

everything being equal, i will probably NOT go with the first time buyer - as they may not be familiar with the process and panic over a standard comment in survey or management pack - obviously depending on the property.

I hate it when people say this.

When we bought our first house a couple of years ago we made sure we were knowledgeable of the process...minor things came back on the survey which didn't freak us out. We moved as quickly as we possibly could at every stage and offer to completion was 8 weeks.

Offredismysister · 29/12/2024 21:22

jinglebelljinglealltheway · 29/12/2024 21:02

everything being equal, i will probably NOT go with the first time buyer - as they may not be familiar with the process and panic over a standard comment in survey or management pack - obviously depending on the property.

I actually agree with this if it’s an older house or something is likely to come up on the survey.
Had first hand experience of a ftb pulling out due to an historic issue that had been fixed, with guarantees. Total nightmare.

ShatnersWoodwind · 29/12/2024 21:24

Definitely don't discount the FTB. We went with a professional landlord for our last sale and they royally fucked us around. Because our house wasn't somewhere they were going to live in, they didn't really care how long things took and had no impetus to move things along. They had no skin in the game. They ended up delaying completion by 2 days and we had to stay onea Premier Inn and put the contents of the removal van in storage!
Choose buyers for whom this will be their home and will want to make sure everything works out!

Jabbabong · 29/12/2024 21:37

jinglebelljinglealltheway · 29/12/2024 21:02

everything being equal, i will probably NOT go with the first time buyer - as they may not be familiar with the process and panic over a standard comment in survey or management pack - obviously depending on the property.

I disagree with this. First time buyers do not have any experience of property ownership/maintenance so less likely to be checking every detail with a fine tooth comb and are keen to finally get on the ladder. Plus they will often be keen to get out of either rented or their parents house.

Everything else being equal I prefer selling to a first time buyer.

Property investors and landlords are a type of buyer I would tend to avoid if possible.

Thertza · 29/12/2024 21:40

When I accepted an offer below I asking I stressed the acceptance was on the understanding there would be no further price drop, This stopped any tendency to negotiate down after the survey.

Philandbill · 29/12/2024 22:13

@ShatnersWoodwind I wonder if we sold to the same vile idiots as that happened to us too. So incredibly stressful.

Dutchhouse14 · 30/12/2024 10:48

In reality you are unlikely to get a choice.
Generally its buyers with a short or no chain, their house is already sold or nothing to sell themselves.
Finances checked out by estate agent, mortgage offer, or cash.
Ideally I'd like to sell to someone I like and who appreciates my home.

Tallyrand · 30/12/2024 10:54

First time buyers can be at either end of the scale. So easy going or completely unsure of everything.

Professional landlords only care about driving the price down.

If I ever sell our house I would want it to go to someone that would live in it themselves.

stripeystripedstripes · 30/12/2024 11:40

We had the perfect buyer I think. Not an FTB, but moving from rental so no chain.

Philandbill · 30/12/2024 13:34

If we ever have to move -and I'm hoping not- then given our experience I would no longer trust estate agents to check the finances without specifically asking them to show me the evidence too. I was far too trusting of them last time.

kirinm · 30/12/2024 13:44

I would hope we are the ideal buyer. Next purchase is our second, we are just about to exchange on our own sale, not easily scared by a survey - we are happy to renovate - and desperate to move quickly as we have agreed to go into rented.

First time buyers are nervous and ask lots of weird questions.

I'd avoid a landlord just for moral purposes if there was a similar offer available.

DibbleDooDah · 30/12/2024 13:45

We went with a buyer who was in rented after going through a divorce. Offering full asking price, in cash, and stipulated that completion had to happen within three months. He just wanted a straightforward process with no stress after everything else he’d been through.

It was a dream sale.

We, however, ended up moving into rented for five months afterwards due to a never ending raft of excuses from the owners of the place we were buying.

Snapncrackle · 30/12/2024 14:06

My son was the perfect buyer in a way
FTB
no chain in rented but had month -month contract
huge deposit -100k plus plenty left over for fees / moving stuff

him and his partner. -both working
young no

No rush on his part ( but didn’t want to be part of a huge chain - that was his only stipulation)

the house he bought the sellers were buying a house where it was being sold as the owner was going into care so basically no chain

he offered 5k under on the day he viewed
buyers took it & cancelled all other viewings 😂

he did have a survey done but more as a formality as both my husband and sons partner fathers are builders so they both had a good look at the house when doing both first & second viewing and there was nothing wrong with it and it was refurbished to a really high standard

in think the estate agent pushed him as “the perfect serious buyer “ to the sellers

sale took a long time June - Feb but that was only cos of an issue with the sellers purchase with regards to solar panels

estate agent knew my son had a big deposit as they sold my late parents house for us and so they knew that my son inherited half of the house so even though he showed them what he had as a deposit they could work it out roughly from the sale of my parents houses

MollyButton · 30/12/2024 14:12

I would want to know:
Have they got a buyer for existing home?
Have they got a mortgage in principle?
Can they give a name for their solicitor?
If there are hold ups can they be flexible to proceed with the sale?

But if there is that much interest you obviously have a very good house, at a very good price.

housethatbuiltme · 30/12/2024 14:31

I like to think I am a perfect buyer but I keep getting screwed.

I am first time, cash buyer so no chain who can complete quickly, I have offered asking or over asking on all bar 1 house (which was wildly overpriced). Oh and I'm from a building background so not scared by surveys.

Despite this I had one seller who never instructed a solicitor until after the roof blew off, 1 seller who failed to acquire probate and 1 gazumping and have been looking to buy for over 2 years.

Seen a house at the moment thats 12% over my maximum budget (normally don't look at houses over but the markets been at a standstill for about 6 months hear pretty much) and not the best location but otherwise ticks boxes.

Hopefully going to view it but we literally can't offer the asking so not holding my breath (even though ever EA says we are the 'perfect' buyer so can only hope they will consider a reduction).

Mewthree · 30/12/2024 15:36

In a ideal world, my ideal buyer would be not a FTB, but not in a chain and planning to live in the property themselves. At the moment, I think some lenders are being quite picky with buyers with small deposits, so given the choice someone with a larger deposit if buying with a mortgage.

wouldbeFTB · 30/12/2024 16:32

I agree with @Doris86 - think it's worth asking the estate agent who the best bet is.

I recently bought my first home. I don't think I was the highest bidder however the EA wanted the seller to choose me. The EA thought I was the most reliable and efficient.

When I made the offer, I included: a mini bio (about me and why I wanted the property); ID; proof of address; screenshot of funds; my DIP; my mortgage broker details; and the details of the local surveyor that had been recommended to me.

I also had a high deposit.

mondaytosunday · 30/12/2024 17:19

I pick the most proceedsble at a price I'd accept. I'm surprised your agent hasn't suggested best and finals. On one property I had in the market for £945k. Sealed bids came in at £935, £975 and £1m. The 935 was rejected immediately. 1m still had their house to sell. 975 were under offer through the same agent. I went with them.
People with all cash I like best of all!

pimplebum · 30/12/2024 17:24

obviously the one with a mortgage in place , fast to survey and shortist / no chain one who seems most “in love” with house

but if I was desperate for a house I’d lie about all the above