17 Sep Selling Your Home? Don’t Sabotage The Sale
Selling your home is often a challenging process, and there are sometimes obstacles to overcome. It is vital for vendors and agents to be aware of these challenges, and to know how to overcome them.
At Anthony Jones, we have assisted many Darlington vendors. If you are keen to ensure the sales process remains on track, we are here to ensure you don’t sabotage your house sale.
Gazundering is a genuine threat
The HomeOwners Alliance describes gazundering as; “Gazundering is a practise whereby a buyer lowers their offer at the last minute, just before contracts are exchanged. Sellers, conscious of the fact refusing the new lower offer could mean they are back at square one and an entire chain falling apart, often feel forced to accept.”
Bear in mind, gazundering is not illegal, even if it doesn’t seem fair.
Steps you can take to minimise the likelihood of gazundering:
- If you can, choose a prospective buyer who is not involved in a property chain
- Arrange a suitable date for exchange which all parties agree on
- Set a realistic price for your property
- Enlist the services of a good estate agent with a strong track record
- Calculate your budget and know the figure you need to receive to conclude the sale
Stay in touch with the chain
Annoyingly, there are times when property deals collapse through no fault of the buyer or vendor. If there is a property chain, an issue elsewhere in the chain can result in your property deal falling through.
While there isn’t too much you can do about any other people’s problems, you can undertake a few steps to ensure you are well placed in case a problem arises. Tips to consider include:
- If you are fortunate enough to receive a number of offers, choose one from someone who isn’t part of a chain or who is in a small chain
- Look into the possibility of temporary accommodation in case of a short delay in the sales process
- Remain in regular contact with the estate agent as to how the deal is progressing
- Choose an agent who remains on top of communication with all parties
Accept there will be delays
Selling your home is a challenging process, and if there are delays, it can be highly frustrating. However, given the legal complexities of the transaction, delays are likely. Also, with people involved, human elements come into play.
When preparing for the sales process, consider the following tips:
- Create a deadline where you must conclude the transaction, allowing yourself leeway for problems to arise
- Ask other people involved if they have any holidays or breaks arranged, and work around any scheduled delays
- Choose an agent and solicitor who have a good track record in communicating with others and who work in an orderly manner
Overcome small disputes
Sometimes there will be irretrievable differences between a buyer and vendor which means a deal will collapse. However, quite often the differences between the two parties are minimal, and with some negotiation, can be resolved.
As a vendor, you should consider:
- What price you need to receive in order to make your next move, and be flexible beyond that
- Work out what parts of the transaction are “deal-breakers” for you, and what you are willing to be flexible on
- Encourage your agent to remain in regular contact with the buying party, and ensure they are happy with the agreed terms
- Don’t panic, minor differences can be resolved if all parties remain rational
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.