After Carol Smillie read our reviews and then spoke to lots of our customers to see why we’ve been rated the UK’s Most Trusted Estate Agent, she interviewed Glenn Ackroyd, one of the Co-Founders.This short video tells you exactly why EweMove are so different to other estate agents and why our business has enjoyed rapid growth on the back of customer recommendations.Now of course, you can sell with a traditional ‘old school’ agent – and there are some really good ones out there, but in the main they have a bad reputation.And the best part of my service is that it’s risk free. If you’re not happy at any time, you can leave and it won’t cost you a penny…Enough of the sales pitch. I’m beginning to sound like an old school estate agent!If you’re thinking of selling, I’d expect you to ask a couple of agents around, but I’d be delighted if you would give me a chance as well to explain why we’re different and our customers love us.Would you be happy to do that?
Listen to my Stray FM interview and hear tips on questions to ask when buying a home.
Because sales agreements can be complicated, if you have any questions, feel free to email me, or give me a call.
The figures are higher than you might think! A survey by Quick Move in July 2015 cited the fall through rate at 36%. That’s right, more than 1 in 3 transactions did not complete in the period reported, the second quarter of 2015. Whilst these figures were a sharp increase on the reported 22% in quarter 1 of 2015 the first half of the year average fallout rate was still higher than you might expect at 28%.
It’s widely quoted that moving home is one of the 3 most stressful experiences in our lives. Being aware of the potential issues and taking proactive steps to manage the sales progression process will significantly reduce this fall through rate and hopefully reduce those stress levels.
The reality is, buying and selling property can be a long drawn-out affair. It can be confusing and understanding the trade jargon and the conveyancing process is a job in itself. The most common reason, accounting for 22% of sales falling through, is the buyer changing their mind. The reasons for this are varied and clearly if someone just simply decides the house is not for them or their personal circumstances change then there’s not a lot that can be done to change that.
However, by addressing the points below we should be able to eradicate many of the reasons around funding, not understanding the chain, unrealistic timing expectations and getting cold feet through not being confident in the process or completely informed.
Qualification of the buyer’s funds:
Make sure your agent checks the buyer’s finances. In the sample data 16% of sales fell through due to the buyer not being able to secure the finances. If purchasing with a mortgage, this should be visibility of a recent Mortgage in Principle supplemented by visibility of the deposit. It is sensible to make sure there is a surplus to cover further disbursements. If your buyer says they are a cash buyer make sure they really mean cash as opposed to being dependent upon the sale of a property. Again your agent should verify the cash funds/assets.
Understand the chain:
From the sample data 5.8% of sales fell through due to the chain breaking. Knowing where you are in the chain and understanding the respective positions of your fellow buyers and sellers will help to manage expectations. It may be possible that the chain could be broken, for example, someone may be willing to move into rented property to protect their sale. It’s important to seek guidance from your agent and be realistic with timescales around exchange and completion dates.
Buyers and sellers – be proactive:
The whole process can be sped up if both buyer and seller get on the front foot straight away. From the sample data 13% of sales fell through due to a slow sales process. Both parties should instruct their respective solicitors and return paperwork as soon as possible. The buyer should make sure they apply for their mortgage immediately and pay for their solicitor to instruct the searches.
Work with your solicitor to respond to any enquiries in a timely fashion.
Regular sales progression updates:
One of the most frustrating and understandable complaints from buyers and sellers is the lack of regular updates. Make sure you schedule regular updates with your agent.
A good agent will be proactive and update you once a week after making calls to solicitors and other agents thereby being able to keep you fully informed and giving you confidence in the process and its outcome.
When you put your house on the market AND when you show people around, the law is very clear on what you can and can’t say.
See why thousands of home owners have trusted us to sell their homes, and have rated us the Number One estate agent in the UK.
And find out how you can get a £500 worth of Rightmove and Zoopla premium upgrade FREE, which will showcase your home to 85% more buyers!
Hurry, before this limited time offer runs out.