Date Published 13 September 2017
We have all heard too many stories or unnecessary delays, money and time wasted and buyers pulling out of property purchases, in this article we give you the low down on ways to speed up the process and explain some pitfalls to avoid.
Under English law, a buyer is only committed to carry on with a purchase once their offer has been accepted, after contracts have been exchanged. Any time between an offer accepted and exchange of contracts, a buyer is within their rights to change their mind and walk away. This can cause stress and heartache to a seller who maybe buying another property or have the money earmarked for something else.
At Tyler Estates, I am pleased to say that the number of sales that do not go through and 'fall out of bed' is below 1 in ten. This is compared to the national average of 30-40%. We are very proud of this statistic and we work tirelessly to see that our buyers and sellers have a pleasant journey through to completion day.
So, what can we do to achieve a smooth sale?
Firstly, when your property is first on the market, in fact, even before you place your home for sale, make sure all your paperwork is in order. With this I mean any guarantees, indemnity polices and if you have extended your property, ensure you have Local Authority consent and any building work signed off by the local building Control Department. If you have had new windows fitted since 2002, you will be required to provide a FENSA Certificate. These can be obtained for a small charge direct from the FENSA website.
We would always recommend speaking to Solicitors at this early stage, ideally a local solicitor who knows the area and where you are able to visit them as this makes the process a bit easier when the Solicitor needs to carry out certain identification check on all the sellers. Many solicitors will prepare a draft contract in readiness for when a buyer is found.
Once a buyer is found, your estate agent will write to the buyers, their Solicitor and to you and your Solicitor with everybody's contact details including the full address of the property and the agreed purchase price.
The role of an estate agents' Sales Progressor is to hold the sale together whilst keeping all parties updated and informed and to negotiate a smooth completion with all parties.
Having handled hundreds of successful transactions we are used to dealing with all types of buyers and sellers from the organized to the unorganized and from those who have not moved in over 40 years to landlords buying their umpteenth buy to let, we have learnt that the key is to document everything in great detail and to keep everyone informed. Part of our Mission statement is to be the most trusted estate agent in Billericay without compromising our beliefs and principles and we bear this is mind in everything we do. Sales progression is no exception.
Our Sales progression is dealt with by fellow Director Dawn Tyler. Dawn's sole role is to keep the sales together and to inform all parties throughout the transaction and she does this with pride and 100% commitment. It can be very challenging at times, particularly if a property is down valued by a surveyor or a buyer is asking for money off the purchase price. Sales progression is where estate agents earn their money. When Dawn starts the sales progression for you she will give you her mobile number so that you can keep in contact directly with her at all times. A Poor progressor or an ineffective solicitor can make or break a property transaction so do your research when appointing either an estate agent or a solicitor. The fee you pay is not the key factor, it is their success rate and motivation to get the deal done so that all parties are happy. Seek recommendations from friends, family or social media if need be.
For an informal chat about your property please call Tyler Estates on 01277 626181