5 things that can sabotage a property sale
7th November 2018 | 12:00am
7th November 2018 | 12:00am
Buying or selling a home isn’t always a straightforward process but here are five of the most common issues and what you can do about them.
House hunters claim that buying or selling a home is more stressful than planning a wedding, finding a new job and being made redundant, according to NAEA Propertymark.
The UK’s leading professional body for estate agents asked its members to list the things they think can damage the sale of a property, so that all parties can be better prepared for the process. Take a look at some of the most common issues below.
1. Buyer’s remorse
Once someone decides to buy a property, if contracts haven’t been exchanged, there’s nothing to stop them from pulling out further down the line. This can be particularly frustrating if you’re part of a chain, as one person pulling out could have a knock-on effect and the sale could fall through.
Unfortunately, there’s no foolproof way to stop this happening to you, but it could be worth asking your estate agent for their view on the mindset of the seller, to help you assess the likelihood that they’ll see the purchase through.
Gazumping is when a seller finds a buyer willing to pay more money after they’ve accepted your offer - and leads to much heartbreak. It can happen at any time before the contracts have been exchanged and leave buyers without their dream home.
Although this is mostly price-driven, it can sometimes be triggered by other frustrations caused by delays or issues. To try to avoid being gazumped, make yourself an attractive buyer for reasons that aren’t just price related. Ensure you have a mortgage in principle agreed before you make your offer, a solicitor ready to go, and all the relevant documentation in place. Here at James Sellicks we will work hard to ensure this doesn’t happen to you.
A good solicitor will work hard for you to keep the property transaction going at a sensible speed, so it’s important you instruct someone reliable.
However, it’s not just your solicitor you’ll be depending on. If any of the solicitors in the chain are slow, the whole sale can be drawn-out.
Although this is another aspect that is out of your hands, you can do your bit by being as efficient as possible and completing your documents asap. We always try and recommend our trusted solicitors to work hard for you to ensure completion.
4. Delays in the chain
It’s the little things like missing a call from your solicitor, or not sending back paperwork quickly that can hold up the chain and frustrate your buyer and seller.
You’ll need to accept that normal life may have to take a back seat until you have exchanged contracts, and make sure you’re fully contactable – even if you’re on holiday.
5. Small disputes
It’s the biggest purchase most people will ever make, so it’s no surprise that emotions can run high when you’re buying or selling a home.
As a result, those involved in transactions often find themselves squabbling over small issues. It’s important to arrange the right kind of survey and take the findings of that seriously. For example, if there’s a damp problem in the roof, it’ll cost you money to fix in the future, so you may want to negotiate money off your offer.
However, there are some issues which don’t require intense negotiations such as what to do with white goods, fixtures and fittings.
We try and ensure this part of the process goes smoothly with our house questionnaire and fixtures and fittings survey.
Orginal Article from Zoopla