May 24, 2018
How far will London buyers go to secure a dream home?
When selling your home, eager and enthusiastic buyers are just what you need. If you have purchasers willing to go to great lengths to secure a home, your chances of selling in a fast and efficient manner will be much higher.
Sometimes, though, house-hunters will do weird and wonderful things to get their offers accepted.
In new research, trade body for estate agent NAEA Propertymark has revealed some of the more extravagant steps taken by would-be buyers to ensure they secure their dream home.
A very forward approach
One buyer decided to completely ignore process and protocol by turning up on the seller’s doorstep and insisting they would pay the deposit there and then to secure the home. While this might significantly speed things up, doorstep transactions are never a particularly wise move and could cause issues at a later date.
Desperate times call for desperate measures
In another example, a would-be buyer offered to cover a full 12-month tenancy for the sellers so they could move out and rent elsewhere. The buyer thought this generous offer might improve their chances of getting the bid accepted, but most of the time desperation doesn’t play particularly well with sellers. And, of course, the idea of moving out of a home you own to rent for a year is unlikely to have huge appeal.
Dinner’s on me
As a seller, this example may be slightly more appealing to you. One prospective buyer invited the seller of the home they were looking to purchase out for a slap-up meal at a fancy restaurant, hoping that a nice dinner would persuade them into accepting their offer.
While in this case it actually worked, it’s generally not the best idea to be wined and dined by potential buyers – as this could cloud your judgement and lead you to make impulsive decisions that you later regret.
While building a good relationship with your buyers is recommended – and a pragmatic step – the line should probably be drawn at meals out with them. You need to keep a certain level of distance; a cordial but formal relationship is usually best.
A very determined buyer
One buyer – in an attempt to gazump another – offered £32,000 over the asking price to bag a property that was already under offer. Meanwhile, another buyer offered £50,000 when a seller withdrew their house from the market.
A spot of pampering
A buyer, keen to make their offer stand out from the crowd, took it upon themselves to treat the owner of the home they were looking to buy to a luxury spa break at a country manor hotel for a weekend of pampering. Sadly, this is not par for the course with most buyers!
Buying without viewing a home first is not generally recommended, but one especially impatient buyer decided they didn’t even need to see their dream property before placing an offer down. They didn’t even see any photos; they merely made her decision off the back of a blurry video and a description via email from the estate agent.
Cash in a trolley
In one of the weirdest examples of a buyer resorting to desperate measures to secure a property, a prospective purchaser asked the agent to close and lock the front door behind them at a viewing. The agent later discovered that the person viewing the property had brought the full asking price, in cash, in a gingham shopping trolley – eager to make a deal there and then.
A car and a home
To help guarantee a sale, and prevent it from going awry at the last moment, a potential buyer offered to buy the homeowner’s Porsche – as well as the house – to see the deal over the line. The seller gladly accepted, the deal was sealed, and the buyer had a brand new car to go with their brand new home.
One particularly persistent buyer put an offer down and, to ensure it was accepted, volunteered to landscape and tend to the seller’s new garden for two years free of charge – in exchange, of course, for the offer being accepted.
While most buyers won’t go to such weird, extravagant and sometimes desperate lengths to secure a home, conditions are currently good for sellers, with demand remaining high (especially among young first-time buyers) and competition for homes fierce – especially in London.
So you should have plenty of eyes on your property, plenty of interest, and plenty of potential buyers seeking viewings.
As ever, a clean, well-maintained, attractive, welcoming and bright home will have the widest appeal to would-be purchasers.
For more help and advice on buying or selling a home in London, please get in touch with Atkinson McLeod. To find out how much your home could be worth in the current marketplace, you can request a free and instant online valuation.