The current housing market is undeniably a seller’s market. Property demand is soaring, and properties are selling at an all-time high, frequently for far more than the asking price. Here is a list of the most common causes of delays in the selling process.
The chain, the chain, the chain
A chain, more than anything else, is to blame for delaying the selling process. When one property sale is contingent on the completion of another, such as when buyers must first sell their current home in order to fund the purchase of their new home, a chain is formed. When a chain is broken, it might result in related sales falling through at worst, or severe delays at best.
Chain delays can occur for a variety of reasons, not merely fall-throughs. Delays can also occur since not all link transactions are proceeding at the same time – some buyers are more prepared and proactive than others, some mortgage agreements are completed faster than others, and so forth. Delays may be caused by the fact that one of the associated purchasers has decided to take a vacation.
Allowing agents and conveyancers to handle all contact between buyers and sellers is the best method to eliminate chain delays. The best method to ensure that everyone involved has a clear sense of when their sale will be completed is to rely on professionals to design and explain timeframes.
Estate agents and conveyancers/solicitors of high quality
Because efficiency and communication are so important for effective, timely property sales, especially when chains are involved, agents and solicitors who excel in these areas are necessary. Choose experts like estate agents in Hereford by looking at market data on the average time to sell, the average percentage of asking price obtained, or, most simply, the reviews posted by prior sellers is the best approach to determine this.
Rather than being proactive, we are reactive.
Sellers need their agents and conveyancers to be aggressive and efficient, and they must follow the same guidelines if they want to avoid delays in the process. As a result, it’s critical to be present when documentation needs to be completed and to always return it on time.
It’s also a good idea to keep an eye on hired pros’ weight shifts by checking in once a week to make sure everything is still on track. Also, for the sake of everyone involved, vendors should not take a vacation in the middle of the procedure.
Attachment on an emotional level
It is critical to have a strong emotional connection to a property. This is what distinguishes a house as a residence. When it comes to selling, however, it is recommended that sellers break free from this emotional grip.
It’s easier said than done, but it’s critical because avoiding sales delays necessitates using one’s mind rather than one’s heart. An emotional attachment to a home might lead to an excessive valuation, causing it to stay on the market for months with little interest. Furthermore, emotions might cause sellers to be overly fussy about who they sell their home to, which can cause the sale to be delayed.
When documentation is missing.
Many vendors don’t realise they’re missing documentation until it’s far too late. It may be required to be able to give items such as gas certificates in order to secure a quick sale. When getting ready to sell, sellers should ask their conveyancer exactly what documents they’ll need to supply so that, if they can’t be discovered, the conveyancer can start looking for fresh copies right away.
If you’re selling, it’s considerably more probable that you’re relocating for a new career or that you’ll soon be surrounded by the pitter-patter of small feet. In other words, when it comes to selling a home, there is usually a sense of haste.
This makes delays in the process very frustrating, yet the only delay you have no control over is the dreaded chain. A proactive mindset and sound decision-making, on the other hand, can eliminate any major roadblocks, and this, above all, means employing the proper people to assist you on your trip.