Posted on January 13, 2022 at 10:29 AM
So the “For Sale” board is up, your property is sitting pretty on Rightmove and Zoopla, and the viewings requests are flooding in – so all you need now is a well-positioned buyer and a strong offer and the deal is done right? Wrong!
Did you know that in the last quarter of 2021 some 34% of property sales fell through between “offer accept” stage and “completion” - that’s one in three of agreed sales – leaving many a buyer and seller frustrated by the disruption to their moving plans.
Unfortunately, this statistic is an all too familiar one in the housing market, so what can you do to avoid falling foul of being one of these numbers?
Sometimes you just can’t escape the situation – a buyer or seller changes their mind about moving, or they try to renegotiate their offer when things seem to have hit a point of limited return or worse still, you are gazumped in the weeks leading up to moving day.
But there are some things you can do to keep your move on track and this includes making sure your agent has your back – both as a buyer and a seller.
• Ensure your agent works with you and the connected conveyancers from the start to spot any bumps in the road before you are completely derailed. Are you getting regular updates from your agent and are they supporting you throughout the process completely?
• Make sure you select solicitors that are communicative and responsive at all times to keep matters moving to avoid delays and frustration which may cause your buyer or seller to pull out of the deal once the shiny excitement of offering has worn off
• Get your searches and surveys done early in the process so if there are any issues, they can be resolved promptly or at least allow all parties to reassess before it’s too late.
• Make sure the agents above and below you in the chain have also checked the connected transactions and their stability so you minimise the risk of a chain break. Issues arise when there are private sales involved in the chain or the use of online agents who do little or no sales progression as part of their service package.
2021 was not a typical year in the housing market by any stretch – pressure was high for buyers and sellers to make quick decisions on properties and impulsive offers. Demand was much stronger than supply and cases moved at exceptional speed to beat the various stamp duty deadlines.
If you are planning to sell or buy in 2022, make sure that you are in the best position possible to keep your transaction in place and for the connected chain to hold together. Here at Y Homes, sales progression is our priority. We have seen too many tears being shed by collapsed chains and hesitant buyers and sellers who don’t always realise that a house move is playing with people’s lives and not just the bricks and mortar they live in. As an agent, we like to think that getting a board up and a few photos on the internet only equates to 25% of the effort required to get the transaction across the line – the real work for us starts once an offer is accepted and the solicitors are instructed to keep the sale or purchase as smooth and stress free as it can possibly be so you get to completion day, not feeling like the good has been taken out of the whole experience – after all moving home should be fun and exciting right!?
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