How not to get 'chained up' when buying or selling
Russell Griffin here at Samuel Wood looks at the difference between someone who wants to buy a property and someone who does buy a property.
Even seasoned estate agents say that there has rarely been a property market like this. “Property prices rising at pre-banking crisis levels”, “Properties for sale - numbers at their lowest in decades”, screams the press in reaction to comments made by lenders, property websites and other interested parties.
Moving might not be complicated for buyers who don’t need a mortgage and have no upward chain, or for sellers with no downward chain. But for everyone else, these can be testing times.
The problem is getting 'chained up' with nowhere to go - becoming stuck in a line of dependent deals, especially when the top of the chain can’t find a property to buy.
It’s a wonder anyone moves anywhere with the market so thin on stock, and when getting a deal through can take anywhere up to 16 - 20 weeks.
Four to five months is a long time in a property transaction – a lot can happen in that time.
But the miracle is that even in this market people do and are moving. How? Mostly it is down to the desire of buyers and sellers, coupled with the skill of their estate agent.
If buyers and sellers were to sit or work in an estate agent’s office for a week, they would begin to understand that the tricky bit isn’t so much finding a buyer but getting a chain of deals, sometimes with four or five links, across the line.
Finding a willing buyer is one thing, finding an able one is a very different matter. Everyone gets to see the sold board go up. But few get to see the effort that went into getting it there.
So, when choosing an estate agent in this market don’t just go for the one who says they can get you a buyer – everyone says that. It's especially the promise of internet-based agents as one of their main selling points.
Instead, go for the one who can get you through to completion. There is a vital difference between the two. And when you are getting quotes from agents, with many splitting hairs by 0.01% to get the deal, remember, that the fee you are paying a reputable, trusted and recommended agent, is not simply for their marketing board and getting on their site, property portals and viewers through your door.
It's also going towards up to many hours, days, weeks or even months of experienced agent time in negotiating and re-negotiating tricky customers, deals and chains.
As we've said many times before, your home, whether buying or selling, is likely to be the most valuable asset you will ever own. Treat it with the respect it deserves and choose an agent who will always work their socks off, to get you over that line and into your new home.