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St Ives Vendors – Don’t Sabotage Your House Sale

July 23rd 2020
By: Thomas Morris
St Ives Vendors – Don’t Sabotage Your House Sale

Selling your home can be a challenging prospect, and it is natural for vendors to feel stressed by the process. Even when things appear to run smoothly, there is always a chance problems will arise, seemingly out of nowhere, causing problems with the sale of your home.

At Thomas Morris, we know the common issues which arise when selling your home”, said Thomas Morris St Ives Branch Manager Katy Poore. “If you want to feel more confident from start to end of the sales process, as well as being equipped to deal with the problems which arise, get in touch and we will be happy to help you sell your home.”

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:

  • Set a realistic price for your property
  • If you can, choose a prospective buyer who is not involved in a property chain
  • 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
  • Arrange a suitable date for exchange which all parties agree on

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:

  • Choose an agent who remains on top of communication with all parties
  • 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

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:

  • 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
  • Create a deadline where you must conclude the transaction, allowing yourself leeway for problems to arise

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:

  • Don’t panic, minor differences can be resolved if all parties remain rational
  • Encourage your agent to remain in regular contact with the buying party, and ensure they are happy with the agreed terms
  • 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

If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here  or alternatively or you can phone our St Ives branch on 01480 468066.