What Agents Do - Guide Number 8 - Linked Transactions
31 Jul 2015
The adage that a chain is only as strong as its weakest link could not be more aptly demonstrated than in respect of property transactions in the UK.
Whilst a lot of agents focus on finding a buyer, which is obviously important, it is the quality of that buyer and their situation that will determine whether the sale is likely to proceed to a successful conclusion. But what if the buyers themselves have a property to sell?
Firstly, there is no point in accepting an offer from someone who has a property to sell if their own property is less saleable than your own. This would have the effect of reducing the saleability of your property to the saleability of theirs.
However, it may be that their own property is already under offer, possibly from a buyer who also has a property to sell to someone who is in the same position. See the problem?
When we negotiate a sale we look very carefully at any upward chain before advising acceptance. This means following the chain until the strongest link is found – usually a cash buyer! (NB: check carefully when someone says they are a cash buyer. Whilst they may have nowhere to sell, they might need to arrange a mortgage!) We then check the credentials of each linked buyer.
Indeed, much of our time in facilitating a sale is spent liaising with the other agents and solicitors involved in related transactions, who in turn will be liaising with surveyors and mortgage brokers. If one aspect fails, eg someone’s mortgage valuation is insufficient to support their loan, we’ll know about it quickly and will usually have a plan B up our sleeve, such as a back up buyer.
So there’s more to our style of estate agency than you might expect! If you’d like to find out more please call us today on 0191 510 3323 for a free marketing appraisal.
How much is your home worth?
Find out with our free valuation