This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.
This contributed post is for informational purposes only. Please consult a financial and real estate professional before making any decisions.
There are a plethora of reasons why the whole buying and selling a house thing is more stressful than divorce (or at least on a par), but the top of that pile is the dreaded house-buying chain stress. Just when you think every little has been ironed out and you are ready to move into your new place, the sale on yours falls through and so does all the progress that lead you to this point. It is infuriating.
The ideal situation is avoiding a chain at all costs, or at last only getting yourself into a small chain. That can be a simple matter of choosing the right seller-slash-buyer, learning what selling a house fast entails, buying new-build properties or selling first, renting and then going on the house hunt.
Of course, this isn’t always possible and that is when it becomes your business to keep a chain moving forward. This is where things can get tricky. So, to help you be as well positioned and prepared as possible, here are some sage words of advice to keep that ball rolling:
1. Employ The Right People
In theory, it is the responsibility of the professionals involved to keep things ticking along nicely. However, not all real estate agents are born equal in this respect. As such, you should make sure you only hire a well-respected and experienced agent and make sure you are happy with them by asking relevant questions. The same goes for any legal representatives involved and conveyancers.
2. Keep in Contact
The more in the loop you are the more you will be able to act – and react – accordingly. As such, you should make it your business to speak to all your representatives on a regular basis. We don’t mean every fifteen minutes, but every time you get a twist in your gut, make the call. Find out what is going on and if you can be doing anything to ensure a successful transaction.
3. Be Prepared
The earlier you can get your finances in order to better your chances are of completion. This starts with your deposit. You need to have the deposit on hand so that the property becomes yours. Once you have this, make sure you have the rest of finance in place, whether that means an agreement in principle or the mortgage loan in your bank. To exchange smoothly, be ready to exchange. It is that simple.
4. Organize Your Files
Everything – and we mean everything – needs to be filed. This means the contact details of your service providers, your correspondence with anyone involved, notes of any telephone conversations you may have had and any other document that may need to be handed over at a moment’s request. Even the smallest delay on this front could see the chain break, so make sure you are doing your organizational bit to keep everything running smoothly.
5. Sign & Handover
As with above, the quicker you can sign and deliver any paperwork that needs your autograph the better it will be. Of course, don’t rush anything and read everything but, once you are happy, sign it and then a) deliver it by hand, b) use a courier or c) send it special delivery, with tracking.