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Top Five Selling and Buying Mistakes

 

  1. Expecting too much for your property and undervaluing the one you want to buy!
    We all think our property is worth more than anyone elses in the street and are all desperate to bag a bargain, somehow we can’t help it. Unfortunately things rarely work out like this unless you have the tenacity of a bull terrier and the patience of a saint! All you need to do is be realistic and fair. If you are offered a price that is fair and you offer a fair price, then everyone can move, if either party are unfair or unrealistic, no-one gets what they want.
  2. Expecting to co-ordinate a purchase and sale
    We think the job should be easy, but as only 7% of properties are on the market at any one time, just because we are selling now, doesn’t mean the property of our dreams is up for sale. Consider a plan to sell your home then rent or move in with someone else until the property you want to buy comes up for sale.
  3. Not preparing the paperwork
    Buying and selling at the same time is very complicated and there are over 100 tasks to do, so make sure you have all the paperwork you need ready to hand, speak to your agent and legal company regularly and ensure you do everything you can to help progress your sale and purchase.
  4. Not using the best services
    When buying and selling a property at the same time you need to get everyone to talk to each other. In the average chain there are seven properties, so seven buyers, seven legal companies, at least six agents, mortgage lenders, surveyors, insurance and removal companies, the list goes on! The good agents that know how to progress and track property sales and purchases, the good legal companies that are proactive, mortgage lenders who are quick at administration and removal companies that can pack well at a rate of knots are worth their weight during this stressful time. So don’t use the cheap companies – they will let you down and make the process VERY stressful.
  5. Not reading the legal paperwork
    We know you are probably far more interested in the colour of the walls or a new sofa, or moving to your new home, but if you don’t read the legal information or terms and conditions of your mortgage, then all sorts of problems can occur. We’ve seen properties sold for the WRONG price as someone forgot to tell the legal people the price had been re-negotiated. Kate also remembers reading in The Telegraph about someone that accidentally bought an Equestrian Centre without realising it.

    So, sit down, have a coffee or a large drink and read the small print – you are likely to be spending tens if not hundreds of thousands of pounds, you can’t afford to miss ANYTHING!

 

NALS Conference Chair 2016

Kate's Consumer Portal

Propertychecklists.co.uk

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