How Long do Property Sales Really Take?
When it comes to property sales, finding the right buyer at the right price is one thing, the art of negotiation is another! The next critical stage is getting both parties to exchange of contracts, making the sale legally binding.
It’s fairly well known now, that property transactions are taking longer to go through which is frustrating to both the buyer and the seller alike. Our office is seeing an average of 10-12 weeks at the present time.
Especially since the market experienced the down turn in 2008, conveyancers and solicitors are under pressure to carry out additional work and mortgage companies require more and more information to ensure the mortgage is ‘affordable’, surveyors seem to have a backlog of appointments and standard mortgage surveys, if sent to a panel, can take up to 2 weeks to book in.
As estate agents, our role is in many cases to facilitate the transaction with all parties to get to the point of exchanging contracts as soon as possible. The longer the transaction takes, the more chance there is of the property sale falling through – on average 20% of property sales fall through for a variety of reasons. A good choice of agent at the outset is vital; it is not just marketing that counts, it is the ability to see the deal through and with this, an experienced negotiator will make all of the difference. In our office a significant amount of our negotiators time is utilised progressing property sales and this part of our role is equally as important as the initial marketing. Should an agent not provide this service, or offer a ‘better’ priced package that does not include progressing the sale through to completion then it may be worth considering other agents that do.
So how can you help matters? Remember you are the client so expect to be updated regularly, but equally, try not to have unrealistic expectations. When asked for documents such as ID, get them back as quickly as possible. Return forms and answer enquiries as quickly as possible and include as much detailed information as you can. Prior to selling, it is useful to gather any relevant documents relating to works carried out to the property such as planning permission or guarantees.
Don’t despair if you are considering selling and are worried about the process; choose the right agent to competently manage from start to finish.
We are always happy to advise on the marketing price for your property and the sale process, if you are thinking of selling of letting your property, call our friendly and professional teams at your nearest office:
Gemma Miller – Alnwick, Northumberland – 01665 603581
Lindsay French – Wolsingham, County Durham – 01388 529579
Victoria Linsley – Barnard Castle, County Durham – 01833 690390
Sheryl Sowden – Bedale, North Yorkshire – 01677 425301