What does 'Vendor Suited / Suited Seller' mean when buying a property?
Find out what Vendor Suited / Suited Seller means when you are buying a property. 'What does Vendor Suited / Suited Seller mean?' plus over 150 other property related terms and jargon in plain English
Vendor Suited / Suited Seller
No, nothing to do with the sellers choice of clothes. Vendor suited is a term to describe the status of a person selling a property.
The status means they have found somewhere to buy but they can't buy it until they have sold their property. This is important to know, as I'll explain in a moment, and why estate agents may often point it out.
But first a word on why we use 'suited'. It comes from the phrase "That really suits you" which means that really works well for you whether its a piece of jewelry or a car or a dress. People don't use it to talk about suits unless they're into telling very bad jokes.
So the vendor has found a property "which suits him" ... and that means he's motivated to sell. Much more than someone who says "I'll wait until I get an offer on this place and then I'll start looking for something I like." which could take ages and as a buyer you just want to get on with buying.
You might also see it as a chance to get a bargain but don't assume to much. In a busy market the vendor may well get the price he wants quickly and you'll just be left out in the cold.
You also need to work out how "suited" the vendor really is. Perhaps they have found somewhere but they're not that bothered if they get the place. No bargain negotiating to be done there.
That's why I always try to meet the estate agent at their office and go together to the property. It gives me a chance to talk to the agent and the more they talk the more you will know. Yes, some of it is sales patter but real gems will slip out and most importantly you'll get a bit of a better idea how motivated the vendor really is.
Its also important to understand what the vendor has found. Yes, if they know where they want to move to that sounds good but what if where they want to move to is owned by someone who is only now going to go out looking for a property to buy.
The vendor can be revved up and keen but you are all going no where until the person at the top of the chain knows where they are going.
To learn all the lingo you'll need to purchase a property the smart way pick up a copy of my ebook How to Really Buy a Property.
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