We’ve put together our top tips for becoming a power buyer. Why? Because it can be frustrating to find the property of your dreams but then lose out on buying it. As can so often happen here in the Altrincham area. So, in the race for a particular property, you’ll want to stand out from all the other buyers to try to win the sale. And you can do this as a power buyer. Here’s how…

First off – what makes a Power Buyer?

Before we share our tips for becoming a power buyer, it makes sense to know what one is. Put simply, you’re a power buyer when you’re able to offer the quickest and easiest means to buying a property without delays, issues or interruptions.

So, this could mean you are chain-free, or that you’ve already found a buyer for your current property or that you’re able to proceed with a mortgage-free, cash sale.

Now we know what a power buyer is, let’s take a look at our tips for becoming one. And we must make clear that there’s never any guarantee following these steps will lead to an offer being accepted. But we know from experience that they will most certainly increase your chances.

Get a sale agreed on your current property!

If we could, we’d scream this from the rooftops of Altrincham for all to hear. There appears to be a growing trend in people showing interest in a property, viewing it and then making offers when they haven’t yet sold their own home. In some cases, the interested parties haven’t even put their current property on the market for sale! The reality is, if you haven’t agreed a sale on your current property, it’s going to take a long while before you have the funds to buy another home. Property sales are never completely straightforward!

With this in mind, our number one and top tip for becoming a power buyer is to make sure you sell your property before looking for another one to buy.

If you have sold your home, you are considered to be in a ‘proceedable position’ which means you can move quickly and avoid delay. Sellers will not need to wait or be concerned about the length of chain you might have connected to you.

And there’s another option to consider, too! You can always sell your home and move into a rental property. This give you more time to look for your next property. And you’ll have ‘power buyer’ status when you are ready to buy as you’ll be able to move quickly, being completely ‘chain free’.

Get a Mortgage Agreement in Principle

If you’re buying a property for the very first time, you will need a mortgage agreement in principle. This is a certificate which your lender or mortgage advisor will provide you with. We need to see proof of this, along with evidence of your deposit. We ask for these to ensure an offer you are making on a property can be followed through to completion, if necessary.

You will really save valuable time if you have an agreement in principle before making any offers. It also gives you the most accurate idea of your affordability. Unfortunately, we cannot accept results from any ‘affordability calculators’ you might use. These are not always accurate. Plus, there are many factors which are considered to determine what you’re able to borrow. From your credit score to loans you’ve previously taken, there is also your employment status and your deposit amount. All of which these calculators do not consider.

So, if you’re serious about buying, get your admin in order and get yourself a mortgage agreement in principle. This will elevate your buying position to ‘power buyer’.

Tell your estate agent if you’re a Cash Buyer

Cash buyers are becoming more prevalent in today’s property market. Recent data shows 35% of property sales in Great Britain are cash, compared to 30% the same month the year before. With mortgage costs impacting affordability for many, cash buyers really do have an advantage in today’s market. If you find yourself in the fortunate position of being a cash buyer – tell your estate agent!

Cash buyers are considered ‘power buyers’ as they’re attractive to sellers for a couple of reasons.

Firstly, if you don’t need to sell a property to buy another, you’ll catch vendors’ attention. Connected chains do inevitably cause unforeseen hold ups. They also come with greater risk of the chain falling through, which means the seller risks losing their buyer.

Secondly, cash buyers have the advantage of not being tied to mortgage lenders. Mortgage valuations can cause minor holdups. This can depend on the level of demand at the time of your purchase. Mortgage valuations can also down-value a property, or worst case scenario, lead to a complete refusal to lend whatsoever. For some sellers, this is a risk they’d rather not take.

Now you have our tips for becoming a power buyer, let us help you sell your current home so you can capitalise on buying your next property. Our professional team of property experts can advise and help see your property sale through from start all the way to completion. Contact us today. Call us on 0161 941 4445 or send us a message here.