Selling your home is often a challenging process, and there are many obstacles which arise during the sales process. Knowing what problems arise, and knowing how to best deal with them makes the sales process smoother, and it helps you sell your home.
If you are selling your home in Finchley, David Harris & Co is here to help. We are pleased to say we have helped take many vendors from start to finish, and we ensure they don’t cause further problems for themselves. If you are keen to avoid self-sabotaging your chances of selling your home, we will ensure you avoid some common problems which derail the sales process.
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 have any questions about the housing market, or you need assistance, please contact David Harris & Co today.
