Selling through AN ESTATE AGENT
If you need to sell a house or flat quickly, doing it via an estate agent in today's extremely unpredictable property market is risky as the property may remain on the market for between nine and twelve months without being sold. Furthermore, with estate agents the longer your property remains on the market, the more you will be pressured to reduce the price to ensure a sale.
If you want to sell your property with an estate agent, this is usually what happens: You call a few estate agents and arrange to meet with them, then you choose one agent which usually is the one who promises to get you the highest price for your property.
Then you wait a week for someone to come and take the photos and measurements of your property. Within two or three weeks your property should be advertised in the local paper and it should appear on the internet and then you wait.
The property must be cleaned and any refurbishments, painting, decorating and gardening must be taken take care of in order to help the sales process, there is still no guarantee of a sale. This may cost you several hundred pounds and may run into thousands of pounds, along with the added stress of constantly keeping your home tidy for potential viewings.
In the current market selling a house or flat can be a very stressful experience. Selling a property through an Estate Agent may not be the best solution for you in your current situation.
It takes between 10 to 15 viewings to sell the average property, so many people will look round your property so it must be kept clean at all times during this process to attract potential buyers.
If you do get a buyer who makes you an offer, then here is what happens next:
- Buyer applies for a mortgage
- Contacts solicitor
- Buyers solicitor contacts your solicitor and the searches begin along with all the legal work.
The buyer can pull out at any time and very often does for a number of reasons:
- What if the buyer is unhappy with his solicitor's findings?
- What if the buyers mortgage falls through? (It is becoming increasingly difficult for people to get a mortgage)
- What happens if he finds another property he likes?
- What if his own home cannot sell?
- What if the buyers mortgage surveyor down values your property (which happens very often) and the deal falls through because the buyer wants to pay a lot less than what you originally agreed?
There are so many different factors which affect the buyer and you have absolutely no control.
However let's assume that on this occasion there is a buyer who can get a mortgage and they are happy with all the legal side of things, from when you originally accepted their offer most buyers take on average almost three months before buying your property because of all the legal paper work, solicitors and their mortgage company carrying out further checks. Which means you will pay an extra three months mortgage payments and also if the sale goes through you will have to pay the estate agent fees of up to 4% commission!
What happens if your estate agent does not find you a buyer? What if the estate agent kept forcing you to drop the price in the hope of getting a quick sale? What happens if the property market falls in value? What if interest rates start to increase?
What if your buyer decides at the very last minute to offer you an even lower price than what was originally agreed, would you feel forced to agree this due to sheer desperation having finally managed to get this far in the process and the agent is pressing you to accept the offer only so they can earn their commission, but what if it's not in your best interest? These are some important questions to ask yourself before you think of selling your property through an estate agent.
There are lots of factors which could affect the sale of your property and the huge amount of time that estate agents usually take to sell properties in today's market may not be the best solution for you if you need a quick sale.
We at The London Property Buyers can give you a fast and easy sale. Our process from start to finish can take anywhere between 7 to 28 days to complete. So we usually buy your property before your next mortgage payment, how good would that be? To see how best we can help you, contact us today on freephone: 0800 879 9889 (24 hours), so we can talk you through the process?
Mrs Lee, Southwark
"Thank you for helping us sell our London home fast. It had been on the market for 6 months with 2 estate agents and we could not wait any longer because we were moving abroad"