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After weeks of looking, you have found your perfect home. It seems to have everything you wanted – desirable location, great accommodation, beautiful garden and excellent condition. The vendor obviously knows they are selling a highly desirable proposition. They have priced it attractively which makes you think that you might be onto a good thing. However, the seller is inviting “best and final” offers from interested parties – known as “Sale by Tender”. What should you do if you want to be the successful purchaser? Buying by tender is a bit like buying at auction. Decide on your maximum...
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If you are selling an especially popular, rarely available, or unique property, you may be in the privileged position of having several buyers clamouring at your door, each hoping to become the lucky owner of your special home. However, whilst it is natural to want to take the highest offer, it is always worth considering the position of the buyer in context. When a property initially comes to market, there is inevitably a lot of interest from several buyers who have been waiting for just such a property to become available. This is especially true where you have been wise enough to quote a...
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As property prices rose through the past decades it became almost a foregone conclusion that whichever agent you chose to sell your property, a buyer would be found within a few days. So vendors became less discerning over their choice of agent and were understandably tempted to appoint the agent who charged the lowest commission percentage. However, in this market, this approach usually turns out to be a considerable false economy, as the difference between a good agent and a mediocre one can be highly significant. First, if the difference between the cheapest and the most expensive agent is...
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Despite what you might read in the press, the current market is as near a “normal” market as experienced estate agents have known for years in terms of the balance between properties available for sale and the number of registered buyers. However, unlike most “normal” markets, some sellers are not as committed to selling as they might be, and are prepared to remain on the market until what they regard as an acceptable offer comes along.
Likewise, some buyers, whilst generally remaining committed to a purchase, do not exhibit a great deal of urgency, and believe that they are entitled to...
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Last week’s article focussed on issues to think about when buying an unmodernised property. However, sellers should also be careful when considering the sale of a property in need of renovation. Firstly, unmodernised is unmodernised! It is usually a waste of money to make improvements to a property on which people will want to do their own thing, and you could well fall between two markets.
Certainly clear away an overgrown garden and remove whatever debris you can from the house. Preventative maintenance such as repairing a leaking gutter (miniscule cost to repair, but huge consequences if...
