What does 'Deal Chasing' mean when buying a property?

Find out what Deal Chasing means when you are buying a property. 'What does Deal Chasing mean?' plus over 150 other property related terms and jargon in plain English

Deal Chasing

You might have read or heard some estate agents employ "Deal Chasers" or, if you've had an offer accepted on a property, your agent may have said something like "I'm chasing your deal regularly". What exactly do they mean?

YIf you have had an offer accepted but you have not exchanged contracts yet there is nothing legally binding about the transaction. You can decide not to buy and the vendor can decide not to sell.

The time from Sale Agreed to Exchange of Contracts can take weeks or months because of the paperwork that needs to be put together and this relies on multiple parties delivering.

All the steps and who is involved in delivering them are detailed in my ebook How to Really Buy a Property so if you want to get ahead of the game pick up a copy!

Now if we left all these different parties to do things in their own time things really would take forever and that is not a good idea because Time Costs Deals.

The way to shorten timescales is to be the noisiest person in the room (and there are many rooms). That doesn't mean being impolite or rude or shouting, its about being the one transaction that all the parties would like to get off their desk because then you would stop calling them every day!

This approach is known as "Deal Chasing" because you are "chasing up" different people all the time.

Who you can chase depends on your position. As a buyer you can chase your solicitor but you can't talk to the vendor's solicitor (he acts for the vendor, not you). Estate agents can talk to everyone and if they are competent they'll be skilled at deal chasing which not only keeps everyone on their toes but smooths over possible pitfalls.

For example, in one transaction where I was the vendor my solicitor (for complex reasons beyond my control) was a fiery Italian by the name of Stefano. He would generally be annoyed by everyone and shout at everyone, including me! But when you're dealt certain cards you just have to play them.

After he had sent out the paperwork to the buyers solicitor he told me " ... and if they come back with any questions I'm just going to tell them to go to the property and answer the questions themselves!".

I said (in as calm a voice as possible), "Look, Stefano, I really don't mind answering a few questions. Just call me if they send anything through and I'll pop in and answer them". He growled a bit but agreed.

Buyers solicitors always send questions - it kind of shows everyone they're doing their job - even if the questions are fairly pointless like "When was the last time the windows were painted?"

Now you might think that's a valid question but actually a buyer should only ask questions which will make or break a deal. If I asked the buyer "If I tell you the windows were last painted 20 years ago would you pull out of the deal?" They would invariably say "No".

Sometimes the questions are just a bulk standard list so the window painting question is there even though the property has UPVC units!

Anyway in my little story the buyers sent through 3 pages of questions and Stefano wanted to go ballistic but I persuaded him it was no big deal and we actually answered them all in less than an hour.

This isn't about doing everything the buyer wants and dancing to their tune. Its about avoiding unnecessary conflict.

There is a time to be firm. In this tale it was 4 weeks after I'd accepted the buyers offer and all the paperwork was in place to allow exchange of contracts but exchange wasn't happening. I called the agent who called the buyer (its always best to go via the agent where one exists for reasons I explain in the ebook) and found out they were still not sure which insurance company they wanted to use and were looking for other quotes.

I told the agent to read them the riot act. If the insurance policy cost was going to be a deal breaker then let's break the deal now and get the property back on the market. They exchanged that morning.

On the flip side you as the buyer can do plenty of deal chasing as well. If your solicitor says "I'm sending out further inquiries" which means I'm asking the vendor to reply to some questions then ask him or her for those questions. If any aren't a deal breaker for you check with your solicitor if the mortgage provider needs them and if not, strike them out.

You can even knock out ones you know to be irrelevant (like "When was the last time the windows were painted?" when you know the property has UPVC windows).

He is your solicitor, you pay him, you instruct him.

One of the key aims of my ebook How to Really Buy a Property is to let you know how to chase a deal - especially if the estate agent is fairly incompetent - so you know what is reasonable and what isn't. What needs to be chased and when. When to smooth over a conflict and when to put your foot down. In short - how to "Deal Chase" effectively.

Search Results for 'deal' in
How to Really Buy a Property

"... let and what the text books don't tell you; Ways to get on the property ladder when it looks impossible; How professional buyers and investors work with estate agents to get better deals; Why you should see as many Financial Advisers as possible; What to do before you start viewing so you..."

"... That's because a professional in the real estate business would not be able to reply immediately to your questions. They would need to know a great deal more about your personal circumstances before offering some sort of sensible guidance. It's better that you think about these questions now. ..."
"... more. - Should I Invest my Cash in Property? - There is often a great deal of competition between property investors and stock market dealers, each wanting to show that the market they work in is the best for making money. If you have cash and you are simply looking for an..."

"... figures are out of sync with reality because in November and December the value of offers agreed are generally falling but the media reports the completions from the autumn when prices were going up. When the spring arrives offers agreed are rising but the media reports the completions from offers agreed in December and suggests prices are moving down. As summer starts they report prices rising even though offers agreed are falling. In short those who write articles based on land registry data are always about two to three months behind the real market where deals are being done...."

"... In July and August the sunshine and holidays mean most buyers don't want to be spending their weekends and long evenings house hunting. Any vendors on the market must have a pretty good reason to sell so although choice will be very low, if it is a deal you are after, now is the time to get it. ..."

"... the average salary then real estate values can no longer move up. But these is a highly misleading methods. Highly misleading but easy for people to understand and so ideal for newspaper columns or the evening news. We can see just how irrelevant they are in the market of Manhattan, New..."
"... house ideal for a well-to-do family had come onto the market in Kensington. Prices were generally stagnant and the press was full of stories about an imminent crash but this did not stop three parties all offering on the property at the asking price of £1.1 million. The vendor decided to ask for sealed bids. Each of the three parties would put forward their best offer and the highest bid would get the..."

"... statisticians will tell you that in order to get a good average you need a great deal of data. For this reason market researches ask around one thousand people in a cross section of the population how they might, for example, vote at the next election. But even with this large sample they realize the figures could be wrong and hence the small note by every graph which reads something along the lines of "degree of error +/-..."

"... Let Investors Buy - As far as purchase prices go their motivation is very much the same as speculators and developers (see above). But as an added bonus they know many perspective buyers have withdrawn from the market and a great deal of these will be looking to rent. While values are..."

"... and this short term comfort zone will have been factored in to the sale price. Compare the mortgage deals offered with those from other brokers and lenders to ensure you really are getting the best deal. In short do not believe for one moment what is presented before you or persuade..."
"... really are getting the best deal. In short do not believe for one moment what is presented before you or persuade yourself that you have found your way into Easy Street. The offer may be totally valid and a great deal but do your own homework to make sure. - Considering current housing..."
"... reality buying to let or buying for an investment has always been a tricky business although it is made slightly easier when property prices are continually rising. But if you want to make a purchase that will perform no matter what the market is doing you will need to leave your emotions at the door and make cold, level headed decisions that require a good deal of homework on your part...."

"... the papers and surfing the net will give you no end of new developments where the builder is offering special deals on selected plots. These may be free flooring, stamp duty covered, or more significantly a 5% or 10% deposit paid. Many buyers avoid these because their dream property is a twee Victorian flat with fireplaces and walls that seep period..."
"... that you are not looking for your ideal property, you haven't got the deposit so by definition you cannot afford it. You are looking for a stepping stone to your ideal property. If you are also financially stretched, even if someone else would be happy to pay your deposit on that lovely Victorian flat, what happens when the roof needs to be replaced and each leaseholder has to find..."

"... covered in this chapter How professional buyers work with estate agents; How you can use agents to your advantage; How to know you are dealing with a quality agent; Why good agents ask the questions they do; How to be focused in your property search; How to treat agents during your..."
"... best advice is to try and treat the sales negotiator as a friend of a friend. There is no need to talk about what you have been up to at the weekend but showing an interest in that person and what they do may reveal a great deal of useful information and could place you at the front of the queue should the right property come..."
"... about security Not x-council Essential Worried about security Not above the 4th floor Essential Your mortgage deal does not allow it 10 mins. to the tube Preferrable Easier to sell? £250,000 or less Essential Don't want to pay the stamp..."
"... an example a negotiator may be registering ten new people by 'phone every day and getting two emails from applicants who want details sent in the post because they are thinking of moving in the next three months. Who do you think he will spend time with? This is also the reason why so many potential buyers never receive the details they request. Its not excuse making, it is simply the reality of a market where you are dealing with people paid on commission for what they sell...."

"... Agreements in Principle and Pre Arranged Mortgages; What could be in your history that will stop you getting a mortgage; Why the best mortgage deal may not be right for you; How choosing the wrong lender can stop you buying; Why you should avoid financial advisers who charge you a..."
"... insisted. You suddenly see the right property but in order to move fast use the only quote you have got or rush around and only get a few more quotes. The panic means you miss the best deals on the market and pay hundreds of pounds more than you have to in mortgage payments. Anyone of..."
"... hundreds of pounds more than you have to in mortgage payments. Anyone of these will loose your standing in the Estate Agents eyes making it harder to get the next deal agreed (see Viewing Properties and Making Offers). You should see as many financial advis0rs as you see agents. After..."
"... or arrears, etc., etc. The reasons for spending so much time with these people are simple: When you come to offer they will be ready to tell you instantly what the best deal is at that time. Different financial advisers are given different special deals by different lenders at different..."
"... you instantly what the best deal is at that time. Different financial advisers are given different special deals by different lenders at different times. If Bank X is the best deal with one adviser it may be an even better deal with another. Different financial advisers are paid different..."
"... if you have only arranged an Agreement in Principle there is still a great deal which could affect the bank's actual decision. The credit scoring they carry out may radically change what you can borrow. As such if you have found a really good loan or you expect to find a property quickly you should apply for the mortgage there and then even though you do not have a property in mind. Most financial advisers and lenders will try to resist this as it means more work without a full guarantee that they will get the business. Insist on it. This means you can be completely confident when you offer that you can afford it and the process will proceed smoothly and without..."
"... aspect of the mortgage or loan product that they are choosing. You need it to do two things: Be the best deal on the market for your circumstances so that you don't end up paying too much every year. From when you apply you need it to actually get processed within a reasonable amount of time,..."
"... there is no point getting a great deal if the lender uses a cheap surveyor to value your property. This is a little known point but cheap surveyors are often over cautious or from outside the area. Both are reasons why they may down value your property leaving you to pay their fee, the mortgage application fee, some legal fees and have nothing to show for..."
"... advise here is simple. There are enough financial advisers on the market who won't charge you anything for their services that you should not need to talk to anyone who wants a fee from you. Financial Advisers are paid a fee by the lender every time they get a new customer signed up. The idea that they should also charge you a fee for the pleasure is cheek in itself but there are plenty out there who do. Watch out for them and avoid them, even if they have a particularly good deal from a lender that suits you down to the ground the chances are by the time you have taken into account the advisers fee it won't be that tempting...."
"... - Summary - The last thing any buyer wants to do is spend time with financial advisers, finding out about their own credit record or poking around the internet for mortgage deals when they could be out looking at potential new homes - much more exciting. But this crucial step..."

"... sued. It is therefore subconsciously in the solicitors interest to make sure the deal does not happen although not that many spend too much time thinking about this. They have, after all, got to marry the advantageous of you not buying with the disadvantageous of you not recommending. In..."
"... and could leave you with many regrets. If the cheapy solicitor that you choose does not return calls or is overloaded with work there is an extremely high chance the vendor will loose confidence in you as a serious buyer and pull out of the deal. Remember above everything that swift..."
"... confidence in you as a serious buyer and pull out of the deal. Remember above everything that swift progress to exchange is crucial (see Chapter 19: Time Costs deals). An efficient solicitor who knows this should work as follows: Receives contract and title deeds (or office copy entries) and..."
"... traditional approach will easily take three to four months from offer to exchange whereas the modern approach can usually keep the timescales to within four weeks! The traditional solicitor will argue that if anything were to go wrong at any stage he has saved you money. If your survey is a problem, for example, at least you will not have paid for local searches or his time to look at the contract. It's a contradiction - the longer a sale drags on, the more likely it is to fall through (see Chapter 19: Time Costs deals) and cost you money..."
"... machine so they can get on with things. If they have no email then you are stranded leaving messages. If they have email you simply have to wait for them to come back to you when they have finished the paperwork they are dealing with. - Computer Systems - Any good modern..."
"... As a buyer you won't be able to hear this until it is too late so make sure to ask how they track the deal and who can access that information in your solicitors absence. Some very modern companies now offer internet access so you can keep informed on progress at any time of the day or night. ..."
"... check and make sure the solicitor has email. It is a much more efficient way of keeping in touch as they are usually extremely busy and chances are, if you can afford to buy in a major city, so are you! Avoid solicitors without email, it says a great deal about their understanding of modern technology, and about the way they work in..."
"... or pay and conditions. If a solicitor does not have DX avoid them - it speaks volumes about their investment in their own business and their understanding of even the most basic technologies. It also speaks volumes about how fast they intend to transact the deal. - Holidays - When your..."
"... big advantage of large companies is that you are unlikely to be dealing with the boss or senior partner. This means you will be able to push the matter higher if you think the solicitor acting for you is inefficient. With a small partnership you probably are dealing with the boss and any complaints procedure will involve external parties. The investigation will take so long you are bound to have lost the property before anything is..."
"... than any quote they had had from London. The Mansion Block had been built in 1903 but this was not the kind of building that the Exeter solicitor was used to dealing with and so she requested the planning consent and the architects original drawings. The vendor thought that the buyers were..."
"... large conveyancing firms feel it is efficient to break down the process into bits which are dealt with one by one. First they check the title, fixtures and fittings list, sellers questionnaire and contract have all arrived. Only when all documents are in do they then pass it onto the next stage. This is handled by a different team who order the local searches and wait for the..."
"...Many people base the word "through" on how many questions and enquiries their solicitor raises but has no idea if these are actually relevant. There is a fine line between being thorough and going over the top to cover any eventuality under the sun. Too many enquiries that are seen by the vendor as irrelevant can simply lead him or her to believe that you are not a serious buyer and pull out of the deal. ..."
"... you are offered. On a final note be prepared for the fact that not every solicitor will actually want your work. The most successful firms can pick and choose. Some decide, for example, not to handle leasehold work, others not to deal with first time buyers, and so on. Flowchart for..."
"... the transaction |YES | Does the solicitor have email? --- NO ---> Avoid - it says a great deal about how they understand technology and modern working methods |YES | Does the solicitor have DX? --- NO ---> Avoid - it says a..."
"... the transaction |YES | Does the solicitor have email? --- NO ---> Avoid - it says a great deal about how they understand technology and modern working methods |YES | Does the solicitor have DX? --- NO ---> Avoid - it says a..."
"... |YES | Does the solicitor operate a 'conveyer belt' system? --- YES ---> Avoid in a busy market - they will take too long to transact the deal |NO | Shortlist! ..."

"... length and Value: There is usually a great deal of confusion amongst buyers as to what is a "good" lease length. One hundred years or more is often quoted but while this is quite easy to find in say, Islington, it is rare in some other areas such as Clapham. The affect the lease length has on a property value is based simply on the number of people who believe they can afford it at any given time at how they perceive it will affect their ability to resell..."
"... that is not insured, its all down to you to find the cash! Some solicitors see Freehold properties as so much easier to deal with that they actually refuse to handle transactions involving leasehold or share of freehold properties. - Making an Offer on a Property - Once you have some..."
"... accepted offer simply means you enter the no mans land that exists between 'Sale Agreed' and 'Exchange of Contracts'. There is absolutely nothing binding about having an offer accepted so its worth knowing what has to be organised in order to get a more concrete deal. This twilight zone is covered in Part III, From Offer to..."

"... to their absolute maximum budget and to the large part they are actually wrong. The agent simply wants to get the deal agreed in a way that he can be sure no one else in his office will gazump his applicant, you. To put it another way if the Estate Agent is being paid 2% of the sale fee and..."
"... Offer and When - This is the quandary many buyers find themselves in. They want to feel they have got a deal but at the same time they don't want to loose the property. Perhaps the biggest mistake buyers make is to spend too much time concentrating on the vendor's position. But the vendor's..."
"... number is ... You should provide as much information as possible so that the agent can paint the most rosey picture of you as possible to the vendor. The rosier the picture, the more likely you will get a good offer agreed and the vendor will want to deal with you only. Show your serious..."
"... the financial adviser recommended by the agent - there is absolutely no obligation to use this adviser but as discussed in Sorting Out Your Mortgage the more options you look at, the better the financial deal. If you do have an appointment with a financial adviser suggested by the agent then when he puts your offer forward he can also say, "The buyer has been to see a financial adviser that I work with and he has confirmed the buyer is in a good financial position". This all works in your..."
"...As such your non-refundable deposit would have to be subject to these and a whole range of other problems. Before you know it your non-refundable deposit is subject to contract and subject to survey and of no security whatsoever to the vendor. Furthermore it will have taken so long to agree the terms of a non-refundable deposit that no work on the actual purchase will get done. This is not a healthy scenario as we will see in Time Costs deals ..."

"... fall apart. Why dealing through an agent can help; What are the responsibilities of the buyer, the vendor and the solicitors; Why solicitors argue with each other; The pitfalls..."
"... Before you can know what really happens, it is essential to understand what is supposed to happen because sometimes it does! If you are dealing with an Estate Agent, Solicitor or Vendor who is new to the business this chapter is the set of events that they believe should occur. ..."
"... believe should occur. Arching over all of this is the essential concept that the longer it takes to move from Offer Agreed to Exchange of Contracts, the more likely it is that the purchase will fail. To understand this specifically see Chapter 19: Time Costs deals. Once your offer has..."
"... there is plenty that can be wrong in the report (See Chapter 20: What a Property Survey Really Means). If you are applying for a mortgage there is a great deal more to go wrong. You have a low credit score due to a lack of credit history or a default at some point in the past Although..."
"... is very little for the vendor's solicitor to do on the big day and it is not that essential that he is present as long as there is someone in the office that can confirm the balance of funds has arrived. In many larger law firms the matter is dealt with by clerks as it is simply a yes or no..."
"... can be quickly and easily resolved. For the most part many of these hurdles simply cause time delays but as ‘Time Costs deals’ (see Chapter 19: Time Costs deals) every extra week is another chance for your property purchase to fall apart...."

"... and lost it all. From the moment you make an offer to the time you negotiate a completion date and exchange the person with the upper hand can vary considerably. This is yet another reason to get an agreed deal through to exchange as quickly as possible. - Real and Perceived Power..."
"... time. The chain moved forwards and the vendors of Edgeley Road booked a survey on their house in Balham. The surveyor's report suggested the house needed a great deal of work and, with so many extra costs to take into account, they decided to withdraw from their purchase of the house. On a..."

Chapter 19: Time Costs Deals
"... should be no real need for all the tricks and short cuts included in these pages but for one overriding fact that any good estate agent will tell you, "Time costs deals". Removing all the pitfalls of legalities and survey there are factors far outside the actual transaction that will affect the chances of you getting that dream property. They are the things that happen to us all at some point in our life. Events that make us take stock and change the bigger plans we have, such as moving..."
"... take stock and change the bigger plans we have, such as moving house. The longer the time period between offer and exchange of contracts, the more likely it is that the deal will fall through, often for no good reason. Here are just a few events that can stop either the buyer or the vendor..."
"...If you let your purchase drag on for 6 months that's a 28% chance you will loose your solicitors fee, survey fee, hours of time and quite possibly a few thousand pounds more if the market rises. All this before you have even looked at a survey or contract with all the potential those documents have to ruin the deal! ..."

"... retention can be a small amount or the total price agreed (usually in the case of suspected subsidence or other major structural issues). The best way to deal with them is as described in the remainder of this chapter. Take them in your stride, in most cases the issue is much smaller than the surveyor believes and retentions are removed after investigation of the..."
"... price, the vendor says , "The damp has never been a problem to me, when I moved in I took a view on it" Mr X eventually successfully gets £1,000 off price and goes through with deal Three years later Mr X sells his property Mr X gets an offer which he accepts Mr Xs buyer has a survey..."

"... hours of agreeing a sale price; In Chapter 12 (Choosing a Conveyancer or Solicitor) we covered how to choose a good solicitor that will take your agreed offer through to a quick and timely exchange so that everyone is locked into the deal. In Chapter 17 (The Property Buying..."

"... making your offer the vendor is usually keen to make sure you can move quickly but may not have their own documents in order that will make the speed they require actually happen. This does not always mean they do not want the transaction to go through in a short time-scale and in order to keep things moving there are many things you can do to short circuit delays. Doing this is crucial because, as we have seen already in the chapter Time Costs deals, speed is..."
"... who will send out what they have with other documents to follow on later If the vendor is poorly prepared your choice of solicitor can make all the difference to the success, or otherwise, of the deal As an example lets say you have your offer accepted on the first day of October,..."
"... other words it has been two weeks since the deal was agreed and your solicitor has so far done nothing, moreover you have heard nothing and seen no action! The example above, you should be aware, is based on a best possible scenario. The vendor may have chosen an old fashioned solicitor who waits weeks for original title deeds or an overworked solicitor who can't turn things around in the same..."
"... deals fail because the buyer waits weeks with no paperwork and, assuming the vendor is not serious, then goes out and offers on something else. If there is good communication between the solicitors or with the agent then at least you know where in the above process they are and that things are actually..."
"... up noise about any questions that have vague answers should be carefully considered. Decide how much the cost would be if there were a problem post sale. In other words if the garden fence does fall down it will cost a few hundred pounds to put back up. Now work out if the sale falling through because you spend too much time on such petty enquiries will it cost you a great deal more than..."
"... so often there is a forward thinking vendor out there or one who really has been well advised by the Estate Agent. He will understand why time costs deals and does not want things to drag on as much as you don't. So against the advice of almost everyone he will have applied for a local search when, or before, he put the property on the..."
"... the market. This chapter may have sounded a little strange and you might question why should you do all the work? The answer is simply that it will reduce the time-scales of the purchase and so the risk of it all falling through (as covered in the chapter Time Costs deals. Assume the..."

"... On reflection, the buyer may also feel better that although he has paid more for your property than if he had been lucky enough to find it through a poor quality agent, the transaction moves more smoothly because the person they are dealing with is professional and competent. There..."
"... Price - The fee that you, the vendor, pay will affect three things: The price achieved for your property The quality of the staff you deal with (and so the likelihood of exchange) The quality of marketing - The Fee and the Price - The fee paid to a high street agent is a percentage..."
"... first step is to be sure that the staff are motivated to sell. For this reason avoid agents that operate a "pooled commission". In this situation the fee goes into a central pot and then a percentage of that is shared between every negotiator who works there, whether or not they were involved in that particular transaction. The result is that the moment one negotiator has interest in your property the other negotiators lay off, knowing they will get a percentage of the deal. To them this is a simpler option than coming out at eight in the evening with an alternative buyer even if they might offer you an extra five or ten thousand pounds. That alternative buyer may be desperate to buy your property and more financially sound but they will never be told about..."
"... look for an agent where the individual negotiator gets paid part of the fee if they themselves find you a buyer and get paid nothing if they don't. In this way the negotiator will be at your door at eight in the evening in order to get that extra ten thousand for you and steal the deal from their colleague. It's brutal but you..."
"... will happen if: The negotiator does not understand the process himself due to lack of experience The negotiator is not motivated because financially your deal is worth very little to him The negotiator leaves the agent halfway through to get a better paid job elsewhere Any competent..."
"... fail simply read through the true stories in each chapter. An agent that is prepared to negotiate to a low fee is likely to achieve a worse price for your property and that deal is more likely to fall through before reaching exchange - The Fee and the Advertising - Advertising and market..."
"... more telling figure is how many negotiators they have per property on the market. As an example a large office with fifteen negotiators may have six hundred properties on the market so the ratio is forty properties per negotiator. The smaller competitor may have four staff and one hundred properties giving it a ratio of twenty five properties per negotiator. In this latter case competition between the negotiators fighting to agree deals on limited stock will be more..."
"... Slow preparation of the details - Many vendors get sidetracked by the details. If the negotiators in the agent are well motivated they won't be waiting for details to get their hot applicants into your property. If they hesitate their colleague will be faster and get the deal (and the money). ..."

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