Top Five Reasons why Houses DON’T Sell Fast!

publication date: Oct 5, 2009
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Top Reason One: Badly Organised Solicitors and Conveyancers that don’t work to deadlines!
Legal companies get fined if they don’t meet the deadlines of a purchase/sale completion. As a result, at the start of every week, they work on all the cases that are due for completion that week, then the ones that are due the following week. The next files they work on are the ones they are put under pressure to progress to exchange for that week.

So, if you have just agreed a sale and instructed your solicitor on a Monday morning, a poorly organised solicitor won’t pick up the file for some weeks unless badgered.

Top Reason Two: Solicitors and Conveyancers who are Reactive rather than Progressive
There are two types of legal companies. The good ones will actively chase for information and work towards your deadlines, rather than just worry about what needs to be done to complete sales this week.

The bad ones will pick up a file when they have time and may be write a letter to request some information. If this information doesn’t arrive, at some stage, they might write another letter. A good one would write, make calls and work with you the client and the other legal companies to ensure that the information required is secured as fast as possible, rather than wait for everyone else to do their bit.

Top Reason Three: Missing Paperwork and Answers to Questions
When you sell your home, buyers will need to have things like timber and damp guarantees, planning permission for previous extensions, answers to questions such as “where does the drainage go?” and “are there any disputes with neighbours?”.  Without this information, the legal companies cannot progress to exchange and completion.

Top Reason Four: Lenders Taking Too Long to Agree to Lend!
Due to the credit crunch, lenders seem to be taking weeks and sometimes months to organise mortgage offers and we are even hearing in some ‘shared ownership’ cases that they are withdrawing offers even AFTER contracts have been exchanged. Slow lenders always hold up a sale, so if you want to sell your home fast, check out your buyer’s lender can offer money quickly!

Top Reason Five: Buyers and Sellers Going on Holiday!
Believe it or not, you’d be amazed at the number of people who organise their holiday a few weeks before they are due to sell their property or buy one! This can cause a nightmare for all concerned as you need to be at home, answering questions, providing the necessary paperwork and signing essential contracts. So, if you want to sell fast, don’t begin to book your holiday until after you have exchanged or ideally, completed.


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