If you’re considering selling your property, it’s crucial to be clued up on the potential stumbling blocks that could complicate the transaction. The journey from listing to selling can be fraught with numerous pitfalls – from setting the right asking price to effective marketing and even choosing the right conveyancer.
Potential missteps during the home-selling process can lead to costly mistakes. These errors don’t just compromise the attractiveness of your property to prospective buyers, but they can also unnecessarily extend the selling timeline and negatively impact the final sale price.
Be prepared and have the paperwork ready
Before embarking on the selling journey, ensure all the necessary paperwork is readily available. This includes documents related to any planning permissions for works done or installation certificates for items like double-glazed windows. Having these documents at your fingertips allows you to confidently answer potential buyers’ questions. It enables you to act swiftly once an offer is accepted, as solicitors often request these documents.
Panicked price reduction
The successful sale of a property isn’t always within the seller’s control. Buyers can change their minds at the last minute or face unexpected changes in circumstances, leading to a collapsed sale. Sellers may feel pressured to reduce the price to keep the sale afloat, but caution is advised to avoid falling victim to ‘gazundering’, a tactic savvy buyers use to secure a panicked price reduction.
Proof of funds upfront
Issues with financing can delay or derail the sale process. To minimise this risk, consider dealing only with buyers who can demonstrate a mortgage Agreement in Principle and provide proof of funds upfront.
Overpricing in a falling market
Overpricing, especially in a market with falling property prices, can lead to homes taking longer to sell. Be cautious when choosing an agent based on high valuations, as they might just be trying to win your business.
Choosing the wrong conveyancer
This is another significant decision that requires careful thought. The wrong choice can prolong the process and potentially affect the final sale price. So, be cautious and make an informed decision.
Selecting the right estate agent
Additionally, choosing the right estate agent is crucial. Research their reputation, track record and local market knowledge before deciding.
Importance of detailed information
Marketing your property extends beyond captivating photos. Help the buyer make an informed decision by providing a comprehensive description of your property, information about the area and a clear, accurate floor plan. All of this will prove invaluable to potential buyers and provide a more complete picture of your property.
Unexpected survey findings
When it comes to selling your property, honesty is paramount. If your property has known issues, it’s better to address these up front. Buyers typically engage professionals for inspections, be it a simple survey with mortgage valuation or a comprehensive independent building survey. Any discrepancies found could complicate the selling process.
Triggering a chain domino effect
If your sale is part of a chain and another sale in that chain collapses, it can trigger a domino effect, causing your own sale to fall through. To mitigate this risk, consider finding cash buyers or using part-exchange companies to step in when a chain breaks.
Safeguard against scams
While scams in the housing market are rare, vigilance is always recommended. Always verify who you communicate with, and be wary of unusual requests.
Moving day unforeseen glitches
Moving day can be stressful, with last-minute packing, cleaning and meter readings. Unforeseen glitches in final money transfers can leave all parties uncertain. Part-exchange companies that offer a License to Occupy can help alleviate this stress by allowing sellers to move out at their own pace.
Ready to discuss your mortgage options?
Selling your home isn’t something to rush into. It’s an important decision that requires careful planning and execution. By being aware of the potential pitfalls, you can avoid costly mistakes, ensure a smooth transaction and secure a favourable sale price. If you require further information or guidance and want to discuss your mortgage options, please do not hesitate to get in touch.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
