West Midlands Vendors – Don’t Sabotage Your House Sale

Selling your home is a challenging process, and many vendors have come across problems. Try to avoid sabotaging your sale.

Gazundering is a genuine threat

The HomeOwners Alliance describes gazundering as; "Gazundering is a practise whereby a buyer lowers their offer at the last minute, just before contracts are exchanged. Sellers, conscious of the fact refusing the new lower offer could mean they are back at square one and an entire chain falling apart, often feel forced to accept."

Bear in mind, gazundering is not illegal, even if it doesn't seem fair.

Steps you can take to minimise the likelihood of gazundering:

  • If you can, choose a prospective buyer who is not involved in a property chain
  • Arrange a suitable date for exchange which all parties agree on
  • Set a realistic price for your property
  • Enlist the services of a good estate agent with a strong track record
  • Calculate your budget and know the figure you need to receive to conclude the sale
  • Stay in touch with the chain
  • Annoyingly, there are times when property deals collapse through no fault of the buyer or vendor. If there is a property chain, an issue elsewhere in the chain can result in your property deal falling through.

    While there isn't too much you can do about any other people's problems, you can undertake a few steps to ensure you are well placed in case a problem arises. Tips to consider include:

  • If you are fortunate enough to receive a number of offers, choose one from someone who isn't part of a chain or who is in a small chain
  • Look into the possibility of temporary accommodation in case of a short delay in the sales process
  • Remain in regular contact with the estate agent as to how the deal is progressing
  • Choose an agent who remains on top of communication with all parties
  • Accept there will be delays
  • Selling your home is a challenging process, and if there are delays, it can be highly frustrating. However, given the legal complexities of the transaction, delays are likely. Also, with people involved, human elements come into play.

    When preparing for the sales process, consider the following tips:

  • Create a deadline where you must conclude the transaction, allowing yourself leeway for problems to arise
  • Ask other people involved if they have any holidays or breaks arranged, and work around any scheduled delays
  • Choose an agent and solicitor who have a good track record in communicating with others and who work in an orderly manner
  • Overcome small disputes

    Sometimes there will be irretrievable differences between a buyer and vendor which means a deal will collapse. However, quite often the differences between the two parties are minimal, and with some negotiation, can be resolved.

    As a vendor, you should consider:

  • What price you need to receive in order to make your next move, and be flexible beyond that
  • Work out what parts of the transaction are "deal-breakers" for you, and what you are willing to be flexible on
  • Encourage your agent to remain in regular contact with the buying party, and ensure they are happy with the agreed terms
  • Don't panic, minor differences can be resolved if all parties remain rational
  • We know these are challenging times, but at Innovate, we are here to help. If you have questions about the West Midlands property and rental market, get in touch with Innovate, and we will be happy to assist you.

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