While some buyers and sellers in Torquay have
paused to consider their situations, others have put their foot on the gas to
get deals swiftly across the line.
While this flurry of activity may be making headlines in national
newspapers, it’s important to remember that property chain uncertainty is
nothing new. Over the past few years, the average number of sales falling
through before completion has hovered around the 30% mark.
Chains can come under pressure for various reasons, such as issues
raised in the survey, one party having second thoughts or a change in
circumstances (for example, divorce or bereavement).
The best strategy to keep your chain moving is to use an experienced
agent (now is not the time to be taking the do-it-yourself route or relying on
a chancer who is new to the game).
A good agent will have coaxed hundreds of chains over the line in good
times and challenging ones. A good agent:
- Communicates
with the right people to keep the sale moving forward. Given the current
mood in the market, you must know where everyone stands. Radio silence is
never a good thing. - Thinks
laterally and makes constructive suggestions to help overcome issues
slowing down the transaction. - Is a
savvy negotiator. - Doesn’t
shy away from difficult conversations and is able to speak candidly. - Has a
back-up plan if things change.
Don’t panic
One of the most frustrating things about being part of a chain is that
you’re relying on other people – over whom you have little influence – to get
their act together.
The best way through is to focus on what is within your control. As well
as choosing a good agent, it’s important to:
- Be
organised. If you’re asked to provide information or paperwork, reply
promptly. - Have
realistic expectations. - Stay level-headed.
Here at Ridgewater Sales and
Lettings, we’re doing everything we can to keep deals going through. If you
need advice or feel worried about your situation, get in touch. We’d be happy
to speak with you.