Think selling a house is easy, right? You just need to contact a real estate agent, get them to take some photos and value your home, and then wait for all the offers to start rolling in.
Similarly, lots of people think that buying a new home is a walk in the park too. You call up a real estate agent, see what kinds of houses they’re selling at the minute, and then put in an offer for the one that suits you. And then you just need to organize a day to pick up the keys!
Well, unfortunately, buying and selling property isn’t quite so easy. After all, this isn’t your ABCs we’re talking about – there’s a lot that goes into property transactions! And every real estate agent across the land wishes you knew that dealing in property isn’t easy peasy. But that isn’t the only thing they wish you knew…
It’s All About How Quick You Are
These days, the property market is red hot. It’s fair to say that houses are selling like hot cakes! So, it is imperative that all buyers don’t waste any time when it comes to putting in an offer on a house they like. Once you’ve made up your mind that you want to make an offer, pick up that phone and sort it out. If you wait around for too long, you might be too late, and someone could have snapped it up! But you should also be wary even if your offer is accepted. That’s because you could still get gazumped. Gazumping occurs when an offer on a house has been accepted, but then gets disregarded because someone else has placed an even better offer on the table. So, to avoid this happening to you, you need to swap contracts as soon as possible once your offer has been given the green light. Once the contracts have been swapped, there is no going back.
Changing Real Estate Agent Isn’t Going To Help
Some people get really frustrated when their property ends up on the market for a long time. Even though some houses are selling like hot cakes, it doesn’t necessarily mean that yours will! So, you need to be prepared for the long haul. However, some people don’t have much patience and think that changing to a different real estate company will help them sell their home quicker. Unfortunately, this isn’t the case – if one estate agency is having trouble selling your home, then another probably will as well. That’s because the problem probably lies with your property or the asking price. Rather than switching estate agent after a few months, it’s a much better idea to talk things through with your current one and see how you could better prepare your property for the market.
It’s Not Us Slowing Things Down… It’s Your Lawyer
Another part of buying and selling houses that tends to frustrate people is waiting around for the deal to be confirmed and everyone signed on the dotted line. Sometimes, when the buyer or seller starts to lose patience, they can lash out at the real estate agent. But this isn’t entirely fair. More often than not, the person slowing down everything is the lawyer as they have to confirm the legality of the transaction. If you are determined for a quick sale, you should give your lawyer plenty of warning so that they have an idea of when they will be needed. That way, they can leave their schedule free so that they have plenty of time to dedicate to the sale or purchase of your property.
There Are Other Legalities To Cover Too
When most people buy or sell a house, they think they only need a lawyer to oversee the deeds during the sale of the house. Unfortunately, that isn’t the case. It’s wise to get a couple of others on board as well. For starters, it’s a good idea working closely with an estate lawyer if you are buying a house. This is so that they can take a copy of the deeds to add to your last will and testament. It is also necessary to talk to a property and structural lawyer so that you can carry out a building survey. Carried out by construction specialists, the survey will check the current state of the building and flag up any repairs or damage that might need seeing to. The structural lawyer will help figure out which party is responsible for taking care of these and paying.
The Time To Buy Is Always Now
Even though house prices are at an all-time high, every real estate agent knows that there is no better time to buy than now. That’s because renting will always work out more expensive than buying, even at current property prices. When you rent a house, the money you spend every month on rent is going straight into your landlord’s pocket. However, when you have a mortgage, all the money is going into an investment. And once you have paid off your mortgage, you will have your very own home, and you will have invested in property!
Real Life Isn’t A Home Show
These days, there are tons of TV shows that focus on buying a house. They are normally filled in a reality TV style and follow a couple or a family searching a town or city with a real estate agent for their ideal home. Sadly, though, real life rarely works out like these shows. These types of TV shows make buying and selling a house look extremely easy. It’s just not like this, though! You need to remember that these programs are filmed over a few months and are heavily edited. So, if it seems like the TV real estate agent found the family the perfect property in hardly any time at all, thank the editing suite in the production company!
Once you understand everything that your real estate agent wishes you knew, you will find that buying or selling your home becomes a lot less stressful!