How to become the most "Proceedable Buyer"
With the competition still fierce, here are ways to make sure you are in the best position and the most proceedable buyer.
As we come to the end of Summer, the leaves are turning brown, the nights are starting to get darker yet the property market is still booming like it has been all year.
The competition is still fierce and the number of applicants chasing after every available property for sale is still at its highest ever. If you have been looking to move, I can almost guarantee you have noticed how hot the competition is.
What we are seeing is the most competitive market ever, we have applicants offering full asking price, over asking price and even had those going to a sealed bid. To make sure you are in the position to compete, you must make sure you have everything ready quickly to make sure you are the leading buyer compared to the rest.
It can be daunting at the thought of looking to move right now, especially if you have found yourself in a position where you have missed out on a property. However we want to help you.
How you can become a leading buyer:
1) Are you a cash buyer?
A cash buyer is someone who is in NO CHAIN. If you don't need to sell a property in order to buy will make you attractive to vendors. You are in the best position as the cash is in the bank, ready to go which means you can proceed a lot quicker. Make sure your estate agent is aware you are ready to act fast. In order to speed up the process you can also provide a bank statement or paperwork showing you are proceedable.
2) Are you reliant on a mortgage? Are you a first time buyer?
The first things we ask you when you make an offer is to provide confirmation from the lender that you are able to apply for a mortgage to cover the cost of the property (if you have a mortgage broker, please tell them to get in touch with us and they can confirm your position), we will also ask for proof of funds to pay for the deposit. If you haven't got a mortgage agreed in principle yet, we suggest getting this sorted before viewings properties so that you don't get left disappointed against another applicant who may have all the paperwork and is proceedable.
3) Are you reliant on the sale of your property in order to proceed?
If you are dependent on the sale of your property, the best thing to do is get your property on the market NOW. Many sellers are choosing buyers with sales already agreed. With your property sold subject to contract, although you may be in a chain makes you more proceedable.
1. Get a sale agreed on your current home before you buy
If you’re going to be selling your home in order to move, the best advice from estate agents is to put your home on the market now. Many sellers are choosing buyers with sales already agreed. Another good option is selling your home and going into rented accommodation, this can make you extremely proceedable as you would have the funds available and no chain. You could move fast when the right home comes up.
With so much competition, it is so important to make sure you are in the most powerful position to proceed on your purchase.
If you need help with anything please let us know.
Take care,
The Alexanders Team.