The Belvoir Difference
How we saved sales from falling through!
It appears that approximately 30% of sales fall through during the "sold subject to contract" phase. Because buyers are able to put offers without any deposit, they are also able to pull out of a sale for no reason. Other times, sales fall through because of mortgage issues, survey issues or legal issues. Whilst no agent can guarantee a 100% completion rate, we feel that an agent is able to save some deals by being experts in the conveyancing process and being proactive in assisting the buyer resolve any problems or doubts.
Here are two examples of how we saved these sales:
1. Mine shafts - two bedroom terrace in Stoke on Trent
The property was marketed and an offer was received within 10 days of marketing. The property was marked as "sold subject to contract" and we instructed both sets of solicitors. Every week, we called both seller's and buyer's solicitors for an update of the conveyancing progress. The seller's solicitor discovered after a few weeks that the buyer had not yet instructed any "searches" to be done. We wrote to the buyer on the same day, in a diplomatic way, to urge the buyer to pay and start the searches, to avoid further delays. The buyer did so immediately. Had we not been pro-active, the buyer may have waited a few more weeks until survey results and mortgage application had been approved. The seller wanted a quick sale, so it was imperative not to allow the buyer's solicitor to delay in carrying out the "searches".
Then a couple of weeks later, the buyer received their survey report and it showed a mine shaft entry within 20m of the boundary. Belvoir immediately called a neighbour, who had commissioned their own mining report, to check the situation, since the buyer did not send us their survey report. Both solicitors were at a deadlock. The buyer's solicitor was waiting for the seller to do a further "interpretive report". The seller, having discussed with their solicitor, was not wanting to do such a report. Without that report, the buyer may have pulled out because the buyer was only buying the property as an investment. Investors can easily buy other properties that have no mine shafts nearby. Once again, we spent time explaining to the seller on the expediency of doing such a report and the risk of the sale falling through without the report as well as researching the cost of such reports directly with the Coal Authority. The seller immediately ordered the report (saving some money by doing it directly with the Coal Authority). Rather than wait for the report to filter through from one solicitor to another and to the buyer, Belvoir informed the buyer directly, on the same day, of the results of the interpretive report showing that the property was not at risk of mining subsidence. The buyer was happy to proceed.
In the end, the sale completed some 8 weeks after the offer was accepted. We are all happy that our client, the seller, has had the sale monies and is able to move on to their next dream!
2. Survey problems - two bedroom terrace in Stoke on Trent
We took on a house for sale and found a cash buyer from our database of landlord/investors. Everything was progressing well until the survey revealed some recommended remedial works. The seller was adamant that they were not going to do any further works. The buyer indicated that they would not be able to proceed if the seller did not carry out the works. The buyer could not carry out the works because of not being local.
Belvoir jumped onto the problem and sent our trusted tradesmen out to quote for all the remedial items. The quote came back with a figure that wasn't as high as the buyer had feared. Belvoir offered to coordinate the works, to help the buyer overcome the geographical logistical issue. Having considered the quote and our ability to help coordinate the works, the buyer was happy to proceed.
Surveyors tend to be very cautious and list everything that's wrong with a property. By being pro-active and knowledgeable of repair issues, Belvoir were able to get vital information to the buyer and to help the buyer stay in the transaction. We have personally experienced agents letting sales fall through by not utilising the power of their lettings/ property management department and not finding out the true cost of repairs for the buyer. Because of that, we do things differently! We feel our hands-on approach has helped this sale stay on track.
There are many more examples of how we are pro-active in our marketing, making videos of your property, harnessing the power of social media and so on...
Give us a ring on 01782 478444 or email firstname.lastname@example.org, if you'd like more information. Thanks for reading!