What is Gazundering and How to Avoid It – From A Birmingham Estate Agent!
November 28th, 2022
As a seller in today’s world, there are lots of terms to get to grips with. Gazundering and gazumping are just two of the main ones – both of which can cause big problems.
While gazumping mostly affects buyers, gazundering is something that hurts the seller the most and can be extremely frustrating.
If you’re wondering what gazundering is, whether it’s illegal and how you can avoid it when selling your home, here’s everything you need to know about the subject.
What is Gazundering?
Gazundering is when a buyer lowers their offer at the last minute, usually just before you’re about to exchange contracts.
It’s completely different to gazumping, which is when a buyer is outbid at the final hour and a seller accepts. But it’s just as big of a problem. Gazundering can lead to delays in the chain, a loss of money and even a fall through in the sale.
Is Gazundering Illegal?
If the next question you’re asking yourself is ‘Is gazundering even legal?’, unfortunately, yes it’s legal in the UK. The contract for the sale only becomes binding at the point of exchange, so gazundering is allowed by law. But whether it’s ethical is a different matter!
Why Does Gazundering Happen?
There are many reasons why a buyer could offer a lower price at the last minute. It could be for genuine reasons, like the survey showing costly works or they’ve been gazundered themselves and can no longer afford your home.
But it could be for other, less favourable reasons too. Some people gazunder because of a miscalculation in finances, a change of heart, or simply to be sneaky to get a cheaper deal.
How to Avoid Gazundering
While there’s always a risk of gazundering when selling your home, there are some things you can do to avoid it. Here are Dean Coleman’s top tips on how to avoid gazundering.
1. Get a Realistic Valuation
One of the best ways to avoid gazundering is to make sure you get a realistic valuation in the first place. If you know about issues with your property, be upfront about them with your estate agent. And don’t worry about losing buyers – there’s a market for everything!
2. Consider Paying For Survey Issues
Sometimes, you don’t know about issues with your home until the survey. If problems are uncovered, consider whether you’d be prepared to fund the works fully or partially, by doing it yourself or accepting a lower offer. Either of these things could help keep the buyer on your side.
3. Choose a Good Estate Agent
Choosing a good estate agent is always important. But it could also be the best trick in the book to avoid being gazundered! While an estate agent can’t prevent gazundering entirely, they can help you find a good buyer. They’ll establish how serious a buyer is and won’t pressure anyone into a sale they’re not committed to.
Are You Selling Your Home in Birmingham?
If you’re selling your Birmingham home, make sure you’ve got an expert on your side. Here at Dean Coleman – Bespoke Estate Agent Powered By eXp, our friendly team are here to make the sale of your home go smoothly.
Give us a call on 0758 187 5215 or send us an email at firstname.lastname@example.org for a chat.
Want to know more about Gazundering…click the image below to find out more.
Tips To Deal With Gazumping In Birmingham
November 27th, 2022
There are few things more frustrating for homebuyers than being gazumped. The chances are you’ll already have spent a great deal of time and money preparing to buy a property, only to have it snatched away from you before exchanging contracts.
If you’re planning to buy a property, here are five tips to help prevent you from being gazumped, and what to do if it does happen to you.
1. Ask The Seller To Take The House Off The Market
Once you’ve had an offer verbally accepted, it’s worth asking the seller to take the property off the market immediately.
This doesn’t guarantee that you won’t be gazumped, but if the property is no longer on the market it will significantly improve your chances of it not happening.
It’s usually standard practice for a property to be taken off the market once an offer is accepted, and most sellers will be happy to oblige. If they’re not, then it could be a warning sign that they’re still open to a higher offer.
2. Have a Mortgage In Principle
It’s always a good idea to have funds in place before making an offer on a property as it can help to speed the whole process up, and that’s usually a good thing for buyers and sellers.
If you have your mortgage in principle, it shows the seller that you’re a serious buyer and that you’re able to move relatively quickly, compared to a buyer who hasn’t got the funds in place.
3. Have a Conveyancer In Place
As with the mortgage in principle, it’s a good idea to have your conveyancing solicitor in place before starting the buying process.
Again, it can help to speed the whole process up, and it demonstrates to the seller that you’re a serious buyer who’s looking to get things moving as quickly as possible.
Finding a conveyancer that you want to use can be a time-consuming process, so before making an offer on a property, ask friends, family and your estate agent for recommendations, and check reviews so you can find someone you’re happy with.
4. Get To Know The Seller
Sometimes the personal touch can go a long way. Building a relationship with the seller and showing a genuine interest in their property, along with your future plans for it, may help persuade them not to accept a higher offer in the interests of fairness.
Of course, there are no guarantees, and a higher offer may be more attractive, but having a friendly relationship with the seller can make a big difference.
5. Ask The Seller To Sign a Lock-In Agreement
A lock-in agreement, or exclusivity agreement is a binding contract that prevents the seller from negotiating with another buyer during a fixed time period.
Both parties will usually pay a deposit, and if either side breaks the agreement then the deposit is forfeited.
This is definitely the best way to avoid being gazumped, but it’s also the least common, and a lot of sellers are likely to be reluctant to sign it. There are still no guarantees either, but as the seller stands to lose a large sum of money through their deposit, it’s arguably the most effective way to prevent gazumping.
How To Deal With Being Gazumped
Despite your best efforts, sometimes being gazumped is an unfortunate and unavoidable part of the home buying process. If this does happen to you, there are a couple of things you may be able to do to stop your purchase falling through.
- Gazump Your Gazumper!
If you have the funds to go back in with a higher offer this is likely to be your best chance of getting your purchase back on track.
However, make sure you can actually afford to go higher. If your initial offer is at your maximum, or close to it then don’t overstretch yourself financially.
And also be aware that you may end up in a bidding war. The other buyer may have a lot more room to move financially, so you could find yourself paying well over the odds, or being ultimately outbid anyway. Just make sure you have your finances in order before entering into a bidding war.
- Sell Yourself
This is where being prepared comes in handy. Even if another buyer can come up with a higher offer, you may still be in a stronger position than you think.
For example, if you’re a first-time buyer then you’re chain free and potentially able to move very quickly. Perhaps you’re able to be more flexible with completion dates than the gazumper, or you have your mortgage in place and they don’t. Whatever your USP is, be sure to highlight why you’re an attractive buyer.
Dean Coleman – Bespoke Estate Agent Powered by eXp is your local property expert for the Birmingham area.
Call us on 0758 187 5215 or email email@example.com to find out how we can ensure your sale or purchase runs smoothly.
Do I really need a for sale sign when selling my Birmingham home?
October 24th, 2022
Not everyone loves a for sale sign outside their home, and as you venture around Birmingham you will see a variety of property boards, but, as common as they are, not everyone wants to have a for sale sign outside their home. People have a variety of reasons they are not a for sale sign fan – they may not wish for their neighbours to know they wish to move, or potentially risk having random strangers knocking on their door. Yet there are many advantages to having a for sale sign that you may have overlooked, which is why Dean Coleman – Estate Agent Powered By eXp, would like to share with you the value of having a sign when you’re selling your Birmingham home.
Powerful marketing tool
In such a competitive property market like we have been seeing, not just Birmingham but the whole country for the last year or so, one of the most powerful tools we have is the for sale sign. With the advances in technology and a variety of ways to search for property online, over 90% of buyers will begin their search for a new home there. However, not all buyers are actively looking for a home, and we regularly receive calls from potential buyers who have seen a for sale sign outside a property that is of interest.
These buyers may have had their eye on your home for some time, or have fallen in love with the street where you live. Moving has been a niggle and not a impulse, but when they see the house that has caught their attention and been hard to forget, that niggle starts to grow into action and before they know it they are making a call to us.
It starts with a chat
It isn’t only us who are in love with property and know which new properties have come onto the market in our area. Once a board has gone up, it doesn’t go unnoticed. It’s not just friends and family that start to talk about your move, but neighbours and people within your community, as well as passers-by, could spread the word. Word-of-mouth marketing is organic: your home can be mentioned in a chat with a friend, who then mentions it to a neighbour, who then jumps on the internet to have a look. Conversations about property are a valuable way of reaching potential buyers and helping them to find their dream home; you never know, the next conversation could be about yours.
Can help to sell more quickly
Having a variety of marketing tools including the for sale board can help sell your home more quickly. The more awareness we can create for your property, the more potential buyers we can reach, which in any kind of property market is going to be an advantage. At Dean Coleman – Estate Agent Powered By eXp, we are not in business to list as many homes in the area as possible so that our boards become an eyesore. When we value your home, the figure we present is what we know can be achieved to get your home SOLD. We will always negotiate to get you the highest possible sales price, but no one wants a for sale sign gathering dust outside their property because their house was on the market at an unachievable figure.
It’s a visible marker
Not every property is easy to find, house numbers can often be obscured or missing, street lighting not effective, and streets can feel hidden. You want any potential buyer arriving at a viewing feeling positive and excited, not frustrated and annoyed because they have spent the last 20 minutes struggling to find your home. A for sale sign clearly indicates where your property actually is, making find you for a viewing an easier and calmer experience for buyers.
Is this what you want?
Sometimes, unknowingly, we can put obstacles in our own way to delay or prevent things we are not exactly sure off. If you are against having a for sale sign when selling your home, you need to ask yourself why? Could it be you are not ready to move and, if so, you may find you unwillingly continue to place obstacles during the sales process making the experience not fun for anyone. If you are questioning if you should have a for sale sign, ask yourself, is this move something that I really want?
No one puts Baby in the corner
This famous Dirty Dancing quote is perfect to stress to you that when you are selling your home you want it to be seen, to shine and sparkle in the spotlight. A for sale sign is a wonderful way to make sure that your home receives the attention it deserves, and you could soon be dancing your way to a sale.
If you are ready to sell your Birmingham home, call me on 07581875215, seven days a week.
Struggling To Sell? How To Turn House Viewings Into Solid Offers
July 29th, 2022
Requires An Honest, Transparent & Knowledgeable Agent
I know that it can be very frustrating for homeowners if your house has been on the market for a while without attracting any offers.
If this sounds familiar, here are a few common pitfalls that could be preventing potential buyers from making an offer on your home, and how you can fix them.
- It’s Overpriced
A common mistake among homeowners is to want to overprice their home deliberately with the intention of letting a buyer haggle so they can get the true asking price that they’ll be happy with.
The biggest issue with this is that when a property is overpriced it excludes a number of potential buyers. For example, a buyer with a £300,000 budget won’t spot a property that’s on sale for £310,000, even if £300,000 is the figure that the homeowner would actually be happy to accept.
It’s far better to allow your estate agent to price the property realistically in the first place!
- It’s Lacking Kerb Appeal
Be honest with yourself, does your property look attractive from the outside?
Research has found that a lot of buyers make their mind up about a property before they even step through the front door, so if your home is looking tired and worn on the outside, then it could be putting buyers off.
You don’t need to spend a fortune to improve the kerb appeal either. Just putting a couple of hanging baskets up and making sure the window frames are clean can make a big difference.
It could even be something as simple as cutting the front lawn or moving the wheelie bins so they’re not directly on show.
- It’s Not Being Marketed Properly
Let’s face it, most buyers will go online at the start of their property journey, utilizing social media, estate agents websites and property portals such as Rightmove and Zoopla.
Your estate agent should be advertising your property across a wide variety of media, both online and offline to ensure you are reaching a rounded audience.
Check with your estate agent that your property is being listed to its full potential. If it’s not, then it may be time to find a new agent!
- It’s Cluttered
Few things are as off-putting to a potential buyer than a house that’s packed full of clutter.
Buyers want to imagine themselves living in the property, so even though you’re still living there, make sure it’s as clean and tidy as possible before any viewings take place.
As much as possible you should be aiming to give buyers a blank canvas to work with so they can picture where their own furniture and possessions might go, so keep it tidy.
- You’re In a Long Property Chain
If you’re moving into a property that’s part of a long chain this could be enough to deter some buyers.
Although this usually can’t be helped, if there’s anything you can do to get out of the chain, such as renting a property in the short-term while you wait for your purchase to go through, then it may be worth considering – especially if you’ve been struggling to sell for months.
- Buyers Aren’t Seeing Its Full Potential
When you’re living in a property day to day it can be easy to forget how appealing it might be to a fresh set of eyes. It’s vital that your property is working as hard as it can for you to be sold.
For example, if you’ve been granted planning permission for an extension but you haven’t gone through with it, make sure your estate agent is aware. Similarly, if your neighbours have been granted planning permission with no problems then let your estate agent know about it.
These might seem like insignificant details to a seller, but to a buyer who’s trying to imagine the property in 5-10 years’ time, it’s great information to have.
And it’s not just big things like extensions either. Make sure your property is being displayed in its best possible light by making some subtle changes. Whether that’s using bright and airy colours to redecorate, or hanging up a mirror to make a room feel bigger, some minor changes can make a major difference.
- It’s Poorly Maintained
It’s easy to let things slide at home, particularly if the issues aren’t causing you any major headaches.
However, buyers will usually notice the little details that you have learned to ignore, such as a missing pane of glass, a wonky fence post or over-flowing gutters. Seemingly minor issues like these can be enough to put some buyers off, because they suggest that there could be bigger issues lurking too, even if you know there aren’t.
So before your next viewing, just make sure all those little odd jobs and easy fixes are completed, as they could be making a bigger difference than you realise.
Is your home up to scratch and ready for market? Let ME advise you. Dean Coleman Powered By eXp, your personal and independent Estate Agent for the Birmingham and surrounding area.
Call me on 07581875215 or email firstname.lastname@example.org seven days a week, to find out how I can help you sell your home.
What Happens on Completion Day? A Birmingham Estate Agents guide.
July 11th, 2022
Plan in advance to make sure things go smoothly.
Completion day is without doubt the best part of the entire home buying process. It’s on this day that you’ll pick up the keys and take possession of your new home..
But before completion day can happen, there are a few final checks to be done.
What Happens Before Completion?
Prior to completion your solicitor will ensure that all of the mortgage conditions have been met and request the money from the lender.
The lender will also carry out some last minute checks to ensure there have been no significant changes to your credit rating. So, if you take out a loan to buy a new car for example, this could have very negative implications on your mortgage offer.
On the other side, the seller’s solicitor will request a redemption certificate that’s calculated to the day of completion if the seller still has a mortgage on the property.
Essentially this is a document that details what will happen to the outstanding balance on the mortgage when you take possession. In most cases, the seller will pay off the outstanding balance from the proceeds of the sale, while you will have a brand new mortgage agreement in place.
What Happens on Completion Day?
The solicitors on both sides will carry out their final checks and paperwork, including a completion statement which sets out all of the payments made and received.
Any outstanding invoices will be raised too, including the estate agent fees for the seller and any conveyancing costs that you haven’t paid yet. These will be due on completion.
Once the final checks have been completed and signed off, your solicitor will transfer the money to the seller’s solicitor.
When they’ve confirmed receipt of the funds, they will let the estate agent know that the keys are ready to be collected and you will be notified by their solicitor that they’re now able to go and collect them.
How to Ensure a Smooth Completion Day
While completion day is an exciting day for both parties and the final point in a lengthy process, it can also be quite stressful too.
To ensure it runs as smoothly as possible, there are a few things that you and the seller can do.
For sellers, it’s vital to have everything boxed up and ready to move out prior to the day. The target time to move out is usually between 12pm and 2pm, although it can vary depending on the number of buyers and sellers in the chain.
Put simply though, things will run a lot smoother if the sellers have everything ready to go first thing in the morning, rather than scrambling to pack everything by lunchtime.
As for you, the buyer, all that’s really required is to have your phone to hand and be ready to pick up the keys from the estate agent! If you’re having to vacate your old property on the same day, then they’ll also need to be packed up and ready to move. There’s no requirement for you to actually move into your new property on completion day, however, it’s usual to do so unless you are a first-time buyer who still lives at home with parents, as you can simply collect the keys on completion day and then move in when you want to, perhaps after you’ve decorated for example.
How Much Time is There Between Exchange and Completion?
The completion day is agreed between you and the seller in advance, and it usually takes place between 7 and 28 days after the exchange of contracts.
In some rare cases it can take less than 7 days, and it’s even possible to exchange and complete on the same day, but this is incredibly unlikely and not all lenders will allow it. Also consider this, exchanging contracts in advance of completion makes it legally binding and therefore you can plan properly because you know the completion will happen. Leaving everything to the last day can be extremely stressful.
What is the Best Day to Complete?
Most people choose to complete on a Friday, as it then gives them the weekend to unpack and get things in place.
However, due to the demand for this day, it can mean that removal costs are higher, and solicitors are busier, as they may have several completions to work through on the same day.
Another potential issue is that if the completion fails to go through for any reason, the party responsible for the delay will be liable for the other party’s costs over the weekend.
Therefore, it’s usually better to complete earlier in the week if possible, as it can save you money and your solicitor or conveyancer should be slightly less busy.
I’m an independent Estate Agent, offering a far more personal and bespoke service than any other company. Having someone on hand to communicate effectively and quickly will make all the difference between a stressful and less stressful move. Call me on 07581875215 or email email@example.com to discuss how employing me to sell your home limits stress and maximises value.
How to Get More Viewings on Your Property For Sale in Birmingham.
June 14th, 2022
Reducing The Price Is Lazy…Most Estate Agents Preferred Choice!
The process of selling your home in Birmingham can be daunting, simply because there is so much to consider and plan. It can be especially stressful if you aren’t getting enough viewings on your property, and when you’ve had your home listed for sale for a while, that stress can rise.
Homes that are well-marketed and presented will get more viewings, and therefore receive offers from interested buyers. The longer your property stays on the market without any offers, the less chance you have of getting any without taking drastic measures such as reducing the price of the property. So, before it reaches that point, there are some steps that both you and your Estate Agent can take to entice people to view and to get your property sold faster. With this in mind, I have created a handy guide to help you attract more property viewings.
Improve Your Kerb Appeal
The kerb appeal of your property, i.e., the first impression made when standing on the kerb, plays a big role in garnering interest for potential buyers, not just for those who are passing by in person, but for people browsing your listing online. How your property looks on the outside can either deter or encourage people to continue looking at the listing and help them decide whether or not to come and view in person.
You can improve your kerb appeal by taking care of your lawn and front garden. Make sure the grass is cut, weeds are pulled, and flower beds and shrubs are tidy and groomed. Also, make sure to remove any debris like leaves or fallen branches. Fixing any damages can help, too, like repairing roof tiles that have blown away, mending broken gutters, or fixing window shutters. A fresh coat of paint on any woodwork may also be required if the paint is peeling or worn, as it makes the home look refreshed and clean.
Use Professional Staging and Photos
It’s important to keep in mind that potential buyers are looking for a property they can see themselves in and call home. A house empty of furniture doesn’t evoke much in the way of imagining a lifestyle, and similarly, a messy or dishevelled home can give off a bad impression. Clearing away clutter and having a professional stage your furniture can do wonders for buyers who are trying to imagine a life in their new home.
It’s also common for people using online agencies to attempt to take their own photos of their property for the listing, and ending up with dark, dingy, or even blurry images. Without the right equipment or photography know-how, the photos won’t stack up against other listings. Your photos are a crucial part of the marketing of your property, and they need to be eye-catching and attractive. Your home should be accurately captured in these images; otherwise, nobody will be interested in taking the time to come and see it in person. The investment in professional photography to help sell your home is worth it and here at Dean Coleman Powered By eXp, I ensure the best angles are covered and showcase your property to the highest standards through my photos and also a Floor Plan which is crucial!
Make Your Property Listing Look Flawless
The fundamentals of your property listing when it is seen online are so important in attracting viewers. At the most basic level, your listing should look perfect – photos should be sized properly for the website, titles should be typo-free, and descriptions should be filled out in full. Furthermore, the title and description need to be well-written and free of marketing jargon.
I understand that interesting and compelling descriptions can make all the difference alongside a strong call to action which will encourage viewers to click to read more or call us to book a viewing.
Consider Premium Listings
People scrolling through property listings are often drawn to the ones that look different or are highlighted, meaning they get more viewings and a higher chance of receiving offers. We invest in premium listings on the property portals which can increase the number of viewings you receive. They will also appear at the top of the search pages, giving your property a consistent chance to be seen before any others.
At Dean Coleman – Bespoke Birmingham Estate Agent Powered By eXp, I work closely with my clients to ensure viewings are maximised on every property I have the pleasure of marketing. If you would like more viewings on your property in Birmingham, call me today on 07581875215.
Conveyancing – A Guide for Home Buyers and Sellers in Birmingham
May 9th, 2022
Once you’ve agreed a sale or purchase, now the hard works starts!
Selling a property can be a very confusing and lengthy process but having a good solicitor or conveyancer will help it to run as smoothly and efficiently as possible.
Here is an easy step by step guide to the whole conveyancing process.
Find a Conveyancer
The conveyancing process formally starts when you’ve accepted an offer on the property.
However, it’s recommended that you have a conveyancer in place before accepting an offer so that they can get the process started immediately and avoid delays.
When it comes to choosing a conveyancer, speak to two or three and get some quotes before deciding who to go with. Speak with myself, Dean Coleman – Estate Agent in Birmingham as I will be able to recommend a few to you. Alternatively, if you have friends or family who have recently moved, find out who they used and if they were happy with them.
Don’t just go for the cheapest option, it could cause major issues further down the line if they cut corners!
Sign the Conveyancer’s Letter of Engagement and Verify Your Identity
Once you’ve chosen a conveyancer and discussed the fees involved, you’ll need to sign their letter of engagement. It’s only at this point that you commit to using their services. You will also need to verify your identity and address in the form of a passport or driving licence and supply a mortgage statement or utility bill for example.
Your conveyancer will send you some forms to complete, including a Property Information form and a Fittings & Contents form.
It’s vital that you complete these honestly, as failure to do so could lead to delays later in the process.
The Property Information form is where you tell the buyer about any changes that have been made to the property, such as extensions, solar panels or a loft conversion. You’ll also need to provide any supporting documents you have, so if your double glazing is still under warranty or you have paperwork to show that your boiler has been serviced in the last 12 months, you will need to provide copies.
When it comes to fittings and contents, you don’t need to decide what you’re leaving behind at this point, you can confirm later or leave it open to negotiation. Your conveyancer will be able to advise how to complete the form if you get stuck.
Speak to Your Mortgage Provider
Assuming that you have an outstanding mortgage on your property, you will need to contact your mortgage lender and inform them that you’re in the process of selling. They’ll be able to advise you about paying off your outstanding balance when the sale goes through, or porting your mortgage, which essentially means transferring it to your new property.
When your conveyancer has received your completed forms, they’ll draw up a draft contract to send to the buyer’s conveyancer.
The contract will outline which fixtures and fittings are to be included, along with copies of all the supporting documents you’ve provided.
It will also give a date for completion, which is typically around two to four weeks after the exchange of contracts.
The draft contract stage is usually the point where most of the negotiations take place, including the final price of the property.
It’s also at this stage where you’ll need to allow for the buyers to have a surveyor come in and inspect the property. Depending on the answers you’ve given in the questionnaire the buyer may also want other professionals to come in and carry out inspections, such as a plumber or electrician.
They may also request that you pay for the costs of any further inspections or repairs, but you will be under no obligation to agree to this. However, it’s at this point that a buyer may try to renegotiate on the final price of the property to take the extra costs into account.
Exchange of Contracts
Once the buyer is satisfied with the condition of your property and a final agreement has been reached on the price, including all fixtures and fittings, your conveyancer will exchange contracts with the buyer’s conveyancer.
Between Exchange and Completion
At this point both you and the buyer are fully committed to the sale of the property. You’ll receive the buyer’s deposit and if either party pulls out, they’ll open themselves up to legal action.
This is the day on which you hand over the keys to your property. The completion date is usually around two to four weeks after the date of exchange, but you can ask for this to be extended, or in some cases, shortened.
The date of completion is also the date on which you’ll receive the outstanding balance for the property from the buyer.
If you are planning on selling in the Birmingham area soon, why not telephone me on 07581875215. I’ll be happy to advise you and help with your conveyancing needs.
Bad House Survey in Birmingham? What Should You Do?
April 11th, 2022
Don’t know or don’t care, some Estate Agents won’t talk about it!
After your offer has been accepted, many buyers opt to undertake a homebuyer’s survey. Surveys are a great way to feel reassured about the property’s condition and what maintenance may be needed in the future.
Major issues with the property should already be reported in the property listing, so surveys don’t typically create much cause for concern. However, sometimes sellers aren’t aware of a property’s issues until a full homebuyer’s survey is carried out, leaving you with an unexpectedly bad report.
If you have received a bad survey on a house in Birmingham, here’s an overview of the next steps you can take.
- Discuss it with Your Surveyor
Survey reports are known to frighten potential buyers. Sometimes, they can highlight every risk and potential issue that exists or could exist in the future for your new home.
Before making any quick decisions, talk through the results in detail with your surveyor. Get an idea about things like how common the issues are and what the severity is. Surveyors can often provide lots of insight into the situation to reassure you or give you a better idea of how to go about fixing the issues that exist.
- Research Costs & Fixes
If the issues are severe, do your research about how costly they are to fix. Understand other key elements, too, like how long it’ll take to fix. If you can, arrange for at least two tradespeople to inspect the property and provide a quote.
Many times, issues in survey reports aren’t major concerns that require immediate action – particularly if the seller didn’t know about the issues to begin with. However, if the issues are severe and need fixing as soon as possible, you’ll want to know how much it’ll cost you to fix the problem and what time commitments it will require.
- Speak to Your Estate Agent
Once you have a better idea of the severity of the issues and how much it will cost to fix, speak to your estate agent. After getting a bad survey report, you can renegotiate the price for a property if fixing the issues mean it’s no longer affordable.
Tell your estate agent about the new information and consider providing a revised offer or proposing that the vendors carry out the work themselves. If you propose the latter, make sure you notify your solicitor as this will form part of the home-buying contract.
Remember, the seller doesn’t have to accept your new offer just because there are issues in the survey report. To build a strong case for acceptance, provide information about the cost and inconvenience of fixing the issues and make sure your new offer is reasonable.
Are You Buying or Selling in Birmingham?
If you are needing an experienced Estate Agent to guide you through the whole process, it would be in your interest to get in touch at firstname.lastname@example.org or on my direct number 07581875215.
Don’t Be An April Fool: Why Setting The Right Asking Price for your Birmingham Property Is Vital
March 28th, 2022
Remember, a home is worth what someone is willing to pay for it…..until a surveyor comes along!
Is the price right? Making the leap to sell your house is a big decision, and usually comes after lots of discussions about where to move, why, and what sort of house to buy next.
But one key aspect of selling your house, and perhaps one of the most important, is the price. What you get for your home may affect what you can afford next.
Getting the price right is absolutely crucial, but what exactly is the right price?
Dean Coleman – Birmingham Estate Agent, has years of experience and expertise in and around Birmingham. I’m confident what every type of property should be valued at. So, how do you set the right price so that you don’t become an April fool?
What is the asking price?
Sounds simple, doesn’t it – what’s the asking price? The asking price is the price at which we will market your property. It’s the price we think you should be selling your house for – and it should be a fair and achievable price.
We come to this price based on experience and expertise and by looking at a variety of factors, such as what the neighbouring houses have sold for, what the area is like, and what the demand is.
Then there is the condition of your property, and whether it needs any work doing to it. It might be that a house very like yours sold for a certain price and you’d like yours to sell for the same price – but you must consider whether your house in the same state, or does it need some work doing to it?
Is the asking price the right price?
What is the right price? There’s often a debate about what the right price is. We think it’s the price that the house sells for, and of course we will work to get the absolute best price for you. We’re genuine and believe that we should be realistic and not just value your property at a high price for the sake of it. If a house is marketed too high, it may not garner interest or sell at all. If it is marketed too low, then you won’t get the money you deserve in the bank.
Do you have to accept the asking price suggestion from your estate agent?
No of course you don’t. You may have done some homework and come up with a different set of answers to your estate agent. Perhaps you think you can squeeze more profit out of your house. Fair enough, you can always ask your agent to market your property at a higher price. A word of warning though – however strongly you may feel, savvy estate agents know the local market and will know what prices will work to ensure your property sells in a satisfactory timescale and for the right price.
Will you achieve the asking price?
Good question. Priced correctly, there is no reason why your property cannot achieve the asking price. Of course, there are many factors that come into play when trying to achieve this. We’re confident that the price will be right, but there are things that you can do to help things along too. Make sure your house is presented nicely, that the frontage is welcoming, the rooms are clean and tidy, and you’ll make a great impression. When your house is ready to go on the market, make sure it is buyer-ready – rooms are prepared, garden looking good – set the scene.
What happens if your property doesn’t attract interest?
If your house looks great but it isn’t attracting viewings, there may be good reason for this, and of course, the price might be one of them. Is the asking price too high and putting people off? Is it too low and people are thinking there might be something wrong with it? If you’ve over-ruled your estate agent and have been tempted to advertise your property at a price over their valuation or if you’ve chosen to list with the agent who provided the highest valuation you may have to accept that the price needs revisiting. Get it right the first time by choosing the correct estate agent.
Selling your house can be emotional, of course it can – you have brought your family up in it, or you may have spent many hours lovingly painting and decorating and making it yours. But, when you’re selling, get your business head on and make sure that you see it as just that – something you are selling for a realistic price.
Get in touch for an accurate valuation of your home’s worth, plus a marketing strategy not often discussed by most agents. You will benefit from an Estate Agent with over sixteen years’ experience, so I know what I’m doing and will help you achieve the right price for your property. Email me at email@example.com or call me on 07581875215.
How to Decide Whether to Move Home or Build an Extension in Birmingham.
March 15th, 2022
There’s instructing your home to sell, then there’s instructing your home for THEIR market share.
When you put your property on the market, you put your trust in us – the experts you have chosen. We have the details, we know your expectations, and our aim is to get you moving as soon as possible.
Sometimes, different agents will come to other prices and of course, there are reasons for this, such as an estate agent simply trying to win your business or perhaps a different level of experience and knowledge.
When talking with home movers in Birmingham, I’ve discovered that many people do indeed wonder about whether or not their property has been priced correctly. You’ve probably heard phrases like “priced to sell”, but how do you really know if your property has been undervalued or indeed overvalued? And why does it matter?
So, let’s look at how you can tell whether your property is on the market at the correct price.
What is the Right Price?
In some respects, this is the million-dollar question. Is your property in Birmingham priced on the low side to sell quickly, or is it priced relatively high so that you can potentially make more money? Well, actually, the right price is only ever about what you and the buyer agree to so that a sale can move forward. No other prices really matter!
Top Tip: Define what price you want or need to sell your house for and if you are prepared to lower your expectations if the need arises.
Is my Property Overpriced?
Are you frustrated because you seem to get a lot of viewings but no offers? Well then, one of the reasons could be that your house has been overvalued.
Potential buyers might like the look of your house in Birmingham, but fail to view because they feel the asking price is too high. They may view, and they may love it but still feel it’s not worth the price-tag. Not all potential buyers will feel they can risk putting in a low offer either, as they do not want to insult you OR, it’s not asked by the Estate Agent.
If you are enjoying lots of viewings but no offers, these are clear signs that something may need tweaking, particularly if similar properties nearby have sold.
Top Tip: If you do feel things need to change, do not be afraid to speak with your estate agent. After all, it’s in their interest to get a sale, so if their strategy needs to change, it should.
Is my Property Undervalued?
To define undervalued, you have to look at a few different factors, including how much you are prepared to sell your house in Birmingham for. You might get an offer, or multiple offers, super quickly and this may worry you into thinking you could have achieved a higher price. But that is not necessarily the case. A good estate agent will ensure your home does not stagnate on the market!
Conversely, if you are getting no viewers and your property is on the market at a lower price than similar homes which have sold nearby, an under-valuation might be making people wonder if there is something wrong with your property!
Top Tip: Do some research of your own into similar properties on the market in Birmingham . If yours appears obviously low, speak to your estate agent.
Do Your Own Research
As an Estate Agent of sixteen years, I use my local experience and knowledge to advise you of what I think your property is worth. Sometimes though, I suggest having a look on the internet yourselves as well, this can give you peace of mind that we’re on the right track.
There are so many tools at your fingertips, and you should use them!
Go to the search engine of your choice and search for house prices in your area. There are sites that not only give you properties that are currently on the market but also offer up what a property has sold for in the past too.
You could also make use of online valuation tools if you want a second opinion. However, bear in mind that these are not always accurate, and it’s best to speak to professionals who have local knowledge and experience.
Top Tip: Compare similar properties in Birmingham as you’re likely to get a good comparison. If you compare a similar house, but in different localities, then different factors will affect prices.
Speak to your agent. I cannot stress strongly enough that communication is key. If you have concerns and you’ve done some research, then talk to your estate agent. Maybe it’s time to review how they are operating and whether or not they need to change.
Top Tip: Don’t be afraid to ask the questions and challenge. It’s your property that you are selling; you are in the driving seat.
I am Dean Coleman – your Bespoke Birmingham Estate Agent; use my skill, experience and local knowledge to place your property on the market at the right price. If I can help you, give me a call on 07581875215 or email firstname.lastname@example.org and I will be delighted to help.