With the latest Government figures revealing that a quarter of all house sales in England fall through, Wright Marshall, one of the North West’s leading residential estate agents, is offering advice for house hunters looking to secure the home of their dreams this Christmas.
Following Wright Marshall’s latest expert comments to the BBC on the topic of ‘gazumping’, Wright Marshall are looking to help ensure potential buyers are sale-ready.
Gazumping is when the property seller accepts a last minute higher offer on their property despite having already agreed a sale with an original buyer. The practice can see house-hunters losing out on their preferred home despite often spending hundreds, and sometimes thousands, of pounds on surveys and solicitors, not to mention the emotional investment in a new home.
The Government is now looking to investigate, review and propose new rules to make the process more straightforward, less stressful and even whether it’s possible to make an agreed sale legally binding.
Whilst these new rules may take years to agree and implement, Robert Reed from Wright Marshall’s Tarporley head office has shared their top tips to help house hunters prepare for a quick sale and minimise the risk of another offer being made:
First Step Finances – get your mortgage in place so that you know how much you can borrow. Having an agreed finance in place or an AIP (a mortgage Agreement in Principle), will allow you to move quickly and vendors will know that you are serious buyers and not just merely looking out of interest.
Book Back to Back – have a shortlist of houses that you would like to view and try to book as many in one day as possible. This not only saves your time during the busy run up to Christmas, but also allows you to directly compare homes without large gaps of time in between viewings.
Be Ready to Rent – if you have a buyer for your own home, be prepared to move into rented accommodation whilst you await your onward sale to complete. You don’t want to put off your own buyers by refusing to sell before your future home is completed and exchanged.
Robert comments: “As we move into December most purchasers are looking to secure their property purchase before the festivities. By having your finances in place ahead of putting in an offer and being flexible with your own sale puts house hunters in the best possible position.”
With a network of estate agents across Cheshire, Wright Marshall offers a complete range of property services from residential sales, valuations, auctions and tenders through to planning and development as well as land and agricultural sales. The company has served the community for more than 150 years across all price ranges and developed a reputation for being a trusted, professional and quality operator.
For more information, contact Wright Marshall’s office in Tarporley today for a no-obligation chat on 01829 731300 or contact your nearest Wright Marshall estate agency office.
