Buying or selling your property can be an intense time, especially if you’re not clued up to the various terms and jargon used by the industry! There are many terms that circle around the real estate industry, but if you haven’t come across these before you may have no idea what they’re referring to. One such term is “power buying”; though its meaning is simple, the term itself is quite obscure.

What is Power Buying?

In recent months estate agents have noticed that sellers are choosing to power buy. In short, power buying simply refers to purchasing a property with the resources available to complete the purchase immediately, such as if you are a cash buyer, have a mortgage offer already approved, or already have a sale agreed on your current home, rather than needing to complete the sale of your property or identify and secure mortgage offers before you can proceed.

How Can You Become A Power Buyer?

There are three different methods of purchasing a house as power buyer:

The simplest way into power buying is to be a first-time cash buyer. Ensure that your estate agent has been made aware if you are, because this will stand out to potential sellers more. As a cash buyer with no chain, you’ll have no need to complete a sale of a home in order to buy your new one. This means you can complete your purchase quickly and smoothly.

If you are a current homeowner, you can also become a power buyer by getting an agreed sale on your current property before purchasing another one. If you are planning to sell your current property to move, then we would recommend putting your home up for sale as soon as you can due to sellers opting for people who have already had an accepted sale.

The last technique is to obtain a mortgage in principle, especially if this is the first time that you’re buying a property, as this will save everyone involved a lot of valuable time. By obtaining a mortgage in principle you are showing that, based on the information you’ve provided, a lender is happy to loan you up to an identified mortgage amount. Your estate agent can guide you through this by asking you to forward over some verification from a lender who can confirm that you are eligible to apply for the mortgage.

If you are based in the Greater Manchester area and would like further insight or specialist advice into buying or selling your property, then get in touch with our expert team at the best estate agents Whitefield has to offer, Philip Ellis!