Should be really easy to sell a property right now, shouldn’t it? There are a few reasons to be cautious and we will seek to explain some of them in this blog post!
Firstly – it is one thing getting to “sale agreed”, it is another thing getting to “sale completed”. In England, at least 1 in 3 sales agreed don’t actually make it to completion. 1 in 9 houses will fall through at least twice, which can take more than 6 months and be a very difficult process to go through which makes it very hard to move on from.
1 in 3 houses don’t make it to completion and 1 in 9 will fail twice!
All that is needed for a sale to be agreed is for the person selling the property to accept an offer. The idea is that the agent brokering the sale should protect their client, the person selling, from any “bad” or unrealistic or strange-looking offers. Sadly, it doesn’t always work like that. If a property has been on the market for more than a few weeks, the agent knows they have a lot of hard work ahead in selling that property. The truth is they are then more likely to look after their new stock, that is shiny and just in the window, than work hard to sell the houses that have been in the window for a few months.
This means that sometimes the agents will advise their client to accept any offer, just for the chance that the deal does make it over the line. This leads to significant issues potentially when a sale does fall through – costs incurred by both sides, hopes raised and emotional energy invested.
Agents will advise their client to accept any offer
You are often better waiting for a more solid offer – which may well be an offer from a cash buyer, but not necessarily – a first time buyer who is very committed to the purchase might also be ideal. However, some first time buyers can be very nervous and if they are instructing surveyors, surveyors never return particularly good news to anyone in a report! What you always need to be cautious of is long chains, or chains where the purchasers are expecting to complete by a stamp duty holiday deadline which might be quite unrealistic.
In a market such as the one we are experiencing right now, cash offers may also be higher, because the property cash buying companies are expecting to get a better price for what they are buying, so it may well be a much better offer than when the market is particularly slow or going in the wrong direction.
The lesson – ultimately – is to look past the numbers and look at the best deal as the one at a fair price with the highest chance of getting to completion. That’s the best offer in any market, but particularly so in this sort of market where, in 2 or 3 months time, offers could well be lower because prices stop increasing and actually pull back a bit.
If you want to cash in now, why not give us a call here at Quick and Simple? We will help wherever we can!
Download Our eGuide - "6 Tips when you NEED to SELL FAST"
Packed full of tips to help you with the stress of selling a property!
Fill out your details below to get your FREE copy!
Cash buying companies are infamous for offering one price, then lowering once and lowering it again. That is why we have our “One Price Promise” so you know once we may you an offer, we will stick to it! Click here to learn more about the process of how we can work together.
We buy any house in any condition, anywhere! If you work with us, you will be working directly, there is no 3rd party! If you need a quick property sale, take action and contact us today! Or if you would like to know more about the types of property owners we help, click here to find out more.
Then we have the solution for you! Our record for buying a house is 30 hours from start to finish! Contact us now, we are here to help!
