Garrington Property Finders: Find and deliver
- Credit: 2020 Lucy Clark/Shutterstock
Buying property is tough at the moment. Jonathan Hopper from Garrington Property Finders discusses some of the biggest challenges property-buyers are facing and suggests how best to tackle them successfully
While there has been much talk about the shortage of homes for sale, most buyers, having been through the process recently, have realised that this is only half the battle. The competitiveness of the market, pressures on service providers who support the industry, and rising house prices mean that currently, the buying process is far from plain sailing. Indeed, it is often more precarious after a property has been found and there are many anecdotes locally of disappointed buyers, failed transactions, and properties returning to the market due to unforeseen circumstances.
How do you ensure that you purchase successfully?
It is very exciting to find the perfect home, but sadly there are many reasons why this may not result in a successful transaction. Most people considering reasons for a property purchase to fail will imagine a poor survey and it is true that a major structural issue can act as a serious deterrent. However, in the market we find ourselves, there are several other reasons for disappointment to occur.
How to win best and final bids
Also known as sealed bids, the competitiveness of the local market means that many selling agents are relying more and more on this tactical method of identifying a successful purchaser. Increasingly, set against a tight deadline, best and final bids feel very pressurised and difficult to play. The good news is that the successful bid is not necessarily the highest bid. Agents and vendors will consider the whole of a buyer’s position including their ability to proceed, plans for financing, timescales and, on occasion, personal circumstances that make them more appealing. The art here is to understand what the seller is trying to achieve and presenting yourself in the best position to match that ideal.
Being told that a property’s buyer is going to be decided by best and final offers shouldn’t really come as a surprise to active buyers. In this market, if a property looks special then the chances are it will go this way and the time to start researching and planning an offer could even be before viewing.
Can you avoid being gazumped?
Gazumping remains a real fear for many buyers, but the risk can be mitigated by showing commitment, having a solicitor ready to act, asking to have the property removed from the open market, and booking the survey quickly. Also, throughout the diligence and conveyancing process, it is important to have excellent communication between the parties, so both are reassured that the transaction is progressing as agreed and if problems arise, the other side is made aware of what is being done to overcome the matter.
The right team makes all the difference
Before making an offer, the most successful buyers surround themselves with the best support team possible. Engage an excellent solicitor ideally recommended by someone you know and has personal experience, and similarly have a surveyor lined up. If required, work with an experienced mortgage advisor to obtain a Decision in Principle or have proof of funds from your banker, ensuring that both are aware you are looking for a property and are ready to speak to a selling agent to confirm your position as and when it is needed. In pressurised scenarios, these factors can make the crucial difference between being successful or not.
Finding and delivering
Buying agents do more than just find properties for clients. Acting in the market every day, a good professional buying agent will have a reassuring reputation to carry out transactions efficiently, problem solve where necessary, and skilfully guide all parties towards a successful completion. Indeed, in some circumstances being represented by a buying agent can make a crucial difference as to whether an offer is accepted in the first place. At Garrington, we have over 25 years’ experience acting for buyers in the property market, so while the current market is not easy for anyone, whatever the challenge, we will probably have successfully dealt with a similar situation many times before.
Garrington’s consultants help buyers find and purchase properties that meet their lifestyle requirements. Their local expertise and in-depth knowledge of the property market assists homebuyers to consider a wider choice of properties and purchase more effectively.