Choose an estate agent who can put your house in the right spotlight
PUBLISHED: 11:07 29 May 2018 | UPDATED: 11:50 29 May 2018
There will always be occasions where estate agents are asked to market what they know will be a highly sought after property, says Kate Mamo-Lewis, from Attik Property Services.
Typical examples of these are probate properties that require renovation, however it is questionable if all of these types of properties actually make it to the open market or in some cases, are simply passed onto the agent’s database of developers.
Neighbours and people who have driven passed them for years eagerly awaiting for a ‘for sale’ sign see instead the first sign that the property has become vacant -a skip on the drive.
It is commonly thought that the passing over of the property from the agent to a tried and tested investor with no chain will ensure a quick turnaround and of course, in some cases the dangled carrot of a resale after the works are completed has an appeal.
Achieving the best possible price is in the opening sales pitch of most agents, whether or not they actually see this through or not is another matter, but in the eventuality whereby the property is extremely popular - ensuring this can get rather complicated and surely a property has a ceiling price?
The complication with this type of sale is the mixing pot of buyer.
We are discussing properties in an affordable price bracket, in which first time buyers, developers and family home markets are all looking to purchase.
The majority of the time, the developers we are referring to, will be buying the project to flip or add to a portfolio not to lovingly refurbish and turn into a forever home and they will often be looking to buy with cash or a small mortgage.
These buyers are competing with the wannabe home owner, likely to have both a mortgage valuation and at minimum a homebuyers survey.
Even in the event of a bidding war between cash buyers with no required mortgage valuation, the investor will at least have either a professional survey or an experienced builder cast an eye over the property.
This is where professionalism of the agent really comes into play.
When putting a property of this type on the market, it is the juggling act of achieving the best possible price, understanding the ceiling price if mortgages come into play and having a system in place to conduct the viewings and put all of the offers forward in a non-biased light.
A balance act of alerting all parties of the high levels of interest without causing a battle of egos. Closed bids or best and finals by a set time frame is often the fairest way and can help with the avoidance of gazumping if all viewers and interested parties are made aware of the set timescales.
If you have a lost a loved one and are looking to sell their home, choose your agent carefully and make sure they have a plan to support and protect you in the sales process.
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