Case Study – See How We Saved Our Client £20,000
It is definitely true what they say in property, you only make money when you buy and sell. On contrary to that though you can definitely lose money when you buy and sell as well. I would say the lose money statement is probably more rife amongst first time buyers in this market. The main thing a first time buyer will look at is their monthly payment and can they afford the mortgage, rarely will they asses the overall position of what they are buying.
Recently we helped a young couple after they had agreed an asking price for their first home. 90% of the time we would have usually been involved in the purchase prior to asking price’s being agreed, but on this occasion the couple had used another broker initially. The other broker was unable to assist due to a few credit issues and then had failed to advise the couple of what the problem was. It was at this point we were instructed as the broker hence why the asking price had already been agreed. We managed to find out what the issue with the credit report was straight away but this would take two months to fix. After explaining this to the agent everyone was in agreement to reconvene in two months and get the ball rolling again.
The two months had lapsed and the property was still available at the agreed price of £360,000. It was at this point we started to do some full research for our client as we had then got the decision in principle agreed. After researching the local area and sold prices it was clear there was some movement in the purchase price. After a conversation with our client, we drafted an email for them to forward on to the estate agent. Off the back of this email the vendor had agreed to reduce the purchase price down to £340,000 after already previously agreeing £360,000 with our clients. After a huge emotional roller coaster for our young couple everything seemed to work out in their favour as they exchanged on their first home this week.
See the link as it will take you to the client’s google review.
If you are a first time buyer, be diligent with your negotiations it can save you a small fortune.