Belvoir Shrewsbury Makes An Interesting Offer
Belvoir Shrewsbury’s Sales Division, the Estate Agency, recently found the opportunity to make an interesting offer to a young couple, looking to up-size into a larger family home (upon the news they were about to start a family).
The situation was this: They had seen the perfect house for them on our website, viewed it, fell for it hook, line and sinker – so to leave some room for negotiation, they made a realistic offer. It was rejected. Another couple had seen it on Belvoir’s website, viewed it the same day, made a realistic offer the same day, which was accepted.
What was the difference? Why did these two very similar offers achieve opposite results?
Simple. Negotiations progressed rapidly with the second offer because the vendor (the seller) was not in a property chain and neither were the second couple who viewed, having recently sold their property.
How To Avoid Property Chains
We were initially very disappointed for the first young couple and found ourselves briefly explaining to them that those who make an offer on a property are in a much stronger position to negotiate if they are not in a chain. It was simply the fact that the second viewers were not in a chain and already had available funds and were therefore in a position to complete as soon as possible. This made theirs the most attractive offer on the table, even though, remarkably enough, an even higher offer was made on the same day by a third couple who unfortunately, also had not sold their current property.
This is why experts always suggest that putting your current property on the market and preferably selling it, BEFORE you begin looking is the most sensible option.
Director of Belvoir Shrewsbury, Paul Wallace-Tarry explains: “56% of all sales negotiated by those still in a chain of 3 properties do not complete – and over 80% of all sales negotiated by those caught in a chain of 4 or more properties do not complete. These are sobering statistics and the UK is one of only a few remaining countries who allow this practice.”
Paul then offered the disappointed first young couple a solution: He valued their current house and then suggested that if they were willing to market it with Belvoir, we could ask a number of our buy-to-let investors to view it, to progress to a quick sale (one investor was ready to view their property that same day). After that the couple would be in a position to rent one of our properties, or even to remain in their current property as tenants, for as long as they wished in order to significantly strengthen their purchasing negotiations in the future. They could remain settled temporarily in a comfortable home, but have all the funds necessary to buy – and no longer be caught in a chain; this would make them a very attractive option to all property sellers in their search area!
Renting, Selling & Buying Your Property with Belvoir
As a testament to our tried and tested professional customer service, Paul strongly suggested that the young couple consider selling their property with Belvoir Shrewsbury and then renting through Belvoir Shrewsbury (& possibly buying through Belvoir Shrewsbury!).
And how does this story end? We’ll keep you posted!