25th June 2019
We are in an environment where there is a large spread between asking prices and those that are actually paid. The masses will sit on the fence, but the astute will exploit this unique opportunity. Uncertainty scares people. Agents have told us that some buyers are even happy to pay 15-20% more with the prospect of certainty. Well, my perspective is there is no certainty in life at any stage, things can change suddenly.; therefore, keep it simple. If you’re getting a deal that stacks up, take it.
Here are some tips to help with getting a property deal.
Prove your ability
Demonstrating you can deliver the cash quickly will massively increase your chances of doing a deal, and at the right price. Anyone can make an offer and have it accepted, this does not mean they are able to execute it. We have often taken over deals where the buyers have been dragging their heels over a deal.
The biggest mistake buyers make is waiting until they have found their property to prepare their finances. Before you start your search, you must have appointed a lawyer, taken tax advice, established how you will buy it, where the money will come from, who will provide the mortgage and how long it will take — meaning ensuring your ducks are aligned.
Generally speaking, a motivated seller in this current market is likely to be in a problem. You can probably put their situation in one of these three boxes: Divorce, Distress or Death.
The agent, who is technically working for the seller, but in reality they just want to get the deal done, may be a source of information. However, be prepared to do your own research as well, to verify.
There are little clues you can see, for example, when visiting a property did you notice any red-top bills (a handy hint of difficult financial circumstances)?
People in difficulty may agree a deal for less, in return for a quick no nonsense sale.
Keep your ear to the ground
The best value properties may never even come to market, with agents often handing them to favoured clients; so, do your best to befriend them, and pester them once you have. Those agents not showing you a house may be a more useful source of information than those who are.
Get in touch with us
If you don’t have the time, or inclination to find a BTL property or a development deal, then get in touch with us to arrange a chat to see how we can help you. We provide a total solution. We find the property for you, deal with the solicitor, arrange the finance, organise any refurb necessary, find the tenant and then manage the property for you. Allowing you to spend your time doing what you do best.