- Tue 14 Jul 2020
Whether the lockdown made you realise you are really keen to get moved for the well-publicised reasons such as being closer to the sea or seeking a larger garden, maybe you’ve been hit financially by the pandemic or simply that you would like to offload your house and the sooner, the better. Regardless of the reason why, if you are seeking a quick move here a few points to consider and a solution that may be ideal for you.
Following the lockdown, conveyancing departments across the country are still swamped trying to catch up with the backlog of work whilst still, like many businesses, trying to decide how many staff they require and how many they should leave in furlough for financial reasons. All of which has impacted the timescales on conveying a house purchase/sale, with the national average reported to be closing in on 20 weeks (thankfully we at Bradleys are nowhere near that figure), which is an alarming length of time!
We can confirm that across our 30+ offices in the South West that the demand for property is high and therefore most properties are receiving good interest and a buyer can be found quickly and in many cases we are seeing multiple buyers for the same property. So whilst finding a buyer may be relatively quick, you will then find yourself potentially stuck in the conveyancing abyss and the longer this goes on, the higher the chance of someone changing their mind. So the question on many people’s lips is; how can I sell quickly, obtain a good price and ensure I’m not stuck in the legal process for 4-5 months? Well, the answer is our Modern Method of Selling. Bradleys Estate Agents have been using the modern method selling via online auction for several years and are successfully selling more homes than ever through this popular style of selling.
For those that aren’t familiar with the modern method of selling it requires the preparation of various legal documents ahead of the property being marketed to ensure any potential buyers have access to the information as early on in the process as possible and therefore, can make an informed decision. The property will then be marketed through all our usual channels for a set period, usually 4 weeks, with all potential buyers able to watch any offers coming in via the online platform that we use (similar to eBay). As the clock runs down, it can often cause a frenzy between buyers outbidding each other, with the clock re-setting a short period each time an offer comes in to ensure any other interested buyers can place a higher bid until such time nobody else offers. Providing the reserve price has been reached a buyer is found and must place a non-refundable buying fee to gain exclusivity to buy the property within an agreed timescale, again this is usually 20-28 days, although it can be arranged sooner if agreed by all involved, particularly if there is no mortgage involved.
In summary, prepare legal paperwork, market the property for 4 weeks, secure a buyer who places a buying fee to ensure they get the property and that nobody can ‘gazump’ their offer and then they will have 3-4 weeks to formally exchange the contracts and agree a completion.
If you like the sound of an 8 to10 week sale from start to finish then you may want to get in touch with your local Bradleys Team to arrange a free valuation and discuss getting your home up for sale, particularly when the property market is seeing multiple buyers for properties on a regular basis!
We will help provide the legal paperwork, provide additional marketing to ensure the interest reaches as wider audience as possible and before you know it, you could be enjoying that sea view or the larger garden you have been dreaming of!