A couple of days ago, a woman called our office to request a viewing of a house we had just put on the sales market earlier. Whilst I am an estate agent acting for a client, I am also there to support buyers through what will probably be one of the most anxious journeys of their lives. This woman was looking for a house for her mother who was moving from Suffolk to live closer to her daughter in Colchester. From our conversation, I learnt that her mother’s house was not yet on the sales market which meant that by close of business yesterday, with 22 viewings already booked in the diary, two of which were cash buyers, and two offers to buy the house from prospective purchasers who had not even seen the property yet, this woman didn’t stand a chance.
So here are my top tips to buyers to get you to the front of the queue in a tight property market:
1). Finance
Get your mortgage agreed in principle before you start house hunting. Set aside stamp duty; money for local searches and legals; removals and your deposit. When it comes to deposits, the higher percentage of the property price you have in a deposit, the better your prospects at securing the property. Cash buyers will usually be front of the queue, but those with the biggest deposits come a close second.
2). Your buying position
Chain-free buyers (investors; first-time buyers; those who have already completed on a sale), come front of the queue when vendors are considering multiple offers; next will be buyers who have properties to sell and have already exchanged on their sale; next up will be buyers whose property is under offer to a first-time or investment buyer. Long chains will deter vendors who have more than one offer on the table.
3). Legals
Cheapest is not always best. Online conveyancing is often cheaper but discounted fees usually lead to delays and poor communication, both key factors in sales falling through. Choose a solicitor who has been recommended to you, who updates you regularly and answers emails and telephone calls both from yourself and the agent acting for the vendor.
This article was written by Tamara Hunt, Director of Belvoir Colchester.
