Gazundering is rife

With changes that we are experiencing in the property market now taking hold, it is vital that sellers take steps to reduce the risks of a transaction falling apart.

If prices are falling in your area and you are looking to sell a property, you must look to do everything you can to get the transaction through to exchange as quickly as possible.

WHY? If your sale takes too long, the marketing prices of properties around you may well have dropped, making your agreed sale price look too high. This could encourage your buyers to Gazunder, that is to drop their offer ahead of a legally binding exchange of contracts.

No one wants to be paying too much for anything at the moment. Buyers remorse is a real thing and, when buying something as expensive as a home, the pressure to renegotiate is high.

What can you do?

Firstly , you need to ensure that you have future proofed your transaction values. Don't set the marketing price too high as this will only elongate the amount of time it will take to find a buyer.

Secondly, instruct a conveyancer right at the start of marketing, or even before, and get ALL of your paperwork completed. Find all of the supporting documentation that you will need to evidence everything that has been done in your property ie new windows, works to wiring, new boiler or services, new gas or electricity fittings, solar panels, extensions...the list is endless, so get started early.

Thirdly, instruct the best estate agent for you and choose the right one like your life depends on it. Don't get too greedy when it comes to agreeing the sale price. Ensure that you are dealing with a decent, proceedable and motivated buyer, and get the transaction going as quickly as you can. Consider asking your buyer to pay for their searches as soon as the deal is agreed and make that a condition of the sale. This shows just how committed they are AND sets a window of opportunity as the Searches will be required to be no older than 3 months at the point of exchange, so the clock will be ticking in everyones favour.

Lastly, DO NOT DELAY. If you are a person thinking of selling, now is NOT the time to be waiting around to see if things get better. It is unlikely for quite some time. Christmas is just around the corner and most properties going to the market today (8th Sept) are unlikely to be moving before then. Don't wait for the New Year or Spring rush of activity next year, it is no guarantee.

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