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How To Speed Up The Sale Of Your House?

Property Saviour » Selling » How To Speed Up The Sale Of Your House?

The sale of your house can be tricky to speed up.

The process of selling a house involves many different parties, which provides ample opportunity for delay and frustration. 

If your house sale is taking longer than expected, then you are not alone.  In this article, we’ll cover what you can do to speed up the sale of your house.

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How long does it take to sell a house and have house sales slowed down?

No doubt, the property market has seen a dramatic slowdown in the past year. It now takes around 50% longer to find a buyer for a property than it did this time last year.

Recent figures show that it takes an average of 65 days from listing the property to accepting an offer.

From offer acceptance to sale completion, it takes an average of 139 days.

Altogether, it takes an average of 204 days – just under seven months – to sell a house.

Why is my house sale taking so long?

It can be difficult to speed up the sale of your home. To avoid problems, it’s essential to be aware of the most common causes of a slow sale. These include:

  • Difficulty finding a buyer
  • Lengthy property chain
  • Slow solicitors
  • Buyers having difficulty getting a mortgage
  • Delays in obtaining property searches
  • Needing further surveys

By understanding these issues, you can work to avoid them and ensure that your house sale goes as smoothly as possible.

how to speed up the sale of house
Recent figures show that it takes an average of 65 days from listing the property to accepting an offer.

Difficulty finding a buyer

In the post-pandemic property market, homes have been known to sell in just a few weeks. But now, it’s not uncommon for a property to stay on the market, without a buyer, for months.

If you want to get your house sold quickly, it’s important to price it right and make sure it looks its best. In a buyer’s market, you must make your home more attractive than the competition. Price is the key to that.

If you need a fast sale or are having difficulty finding a buyer, a cash home-buying company can help. We will purchase your home on a date of your choosing, providing you with speed and certainty.

Bear in mind, though, that you will get less for your home than you would on the open market. Get in touch with us today.

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Lengthy property chains

Property chains can be a major issue, often causing house sales to fail before completion. The longer the property chain (the number of related sales), the more likely you are to experience delays or even chain collapse.

Even if no unexpected issues arise, coordinating a larger number of sales will take more time.

Solicitors holding up house sale

Conveyancing solicitors have a lot of cases to manage. If you want your house sale to be processed quickly, it’s essential to stay in close contact with your conveyancer and take action to get the sale finished.

Both of you must be proactive in order to move things forward.  Read our article on how to put pressure on solicitors.

Difficulty obtaining a mortgage
Property chains can be a major issue, often causing house sales to fail before completion.

Difficulty obtaining a mortgage

Mortgage lenders are becoming more cautious due to the high inflation rates and diminished affordability of customers.

They may need more information from you before making a mortgage offer. This extra due diligence can slow down the house sale process.

It is estimated that around 25% of failed sales are caused by buyers not being able to get a mortgage.

Sluggish property searches

Property searching is an important part of the legal process of selling a house. It looks into any possible historical issues with the property or planned developments in the area.

Most homes have to go through the following searches before they can be sold:

  • A local authority search
  • An environmental search,
  • A water and drainage search.

There are also other discretionary searches which you can choose to include or exclude.

You can usually get the results of your searches within 2-3 weeks. However, if any areas require further investigation, it can lead to delays. To avoid this, it is best to order your searches as early in the conveyancing process as possible.

Additional survey reports

If your property survey reveals the need for further investigation, it will delay the sale of your house.

This could be due to signs of potential structural damage or dampness that the surveyor has noticed.

Getting experts to inspect the property and waiting on their report will slow down the process of buying. Depending on the outcome, you may have to renegotiate the sale price with the buyer.

How to speed up the sale of your house
Property transactions are expensive, so don't be tempted to go for the cheapest quote. Make your decision based on reputation rather than price.

How to speed up the sale of your house – top tips

If you want to sell your house quickly, these tips could help:

  • Be as prepared as you can. Doing as much of the ‘admin’ before you list the property will help it sell faster. This includes making sure your credit score is good, having all of your financial records ready (at least three months’ payslips and bank statements, plus annual accounts if you are self-employed), and getting an ‘Agreement in Principle’ from your mortgage lender.

You should also gather any paperwork related to the property. This might include lease information (if it is a leasehold property) and any warranties or guarantees that apply to the property, such as double glazing FENSA certificates or boiler servicing records.

  • Choose your estate agent and solicitor wisely. As we mentioned, both are essential for a successful and quick sale. If you don’t have any personal experience with reputable estate agents or conveyancing solicitors in your area, ask people you trust for recommendations.

Property transactions are expensive, so don’t be tempted to go for the cheapest quote. Make your decision based on reputation rather than price.

  • Choose your buyer carefully. This might be difficult in a buyer’s market, but if you have a choice, think it through. Selecting a buyer in a straightforward, proceedable position is always a better move.
    • An ideal buyer would be chain-free (or in a very small property chain)
    • Have an Agreement in Principle with their mortgage lender.
    • Be employed (not self-employed) and have been in their job for a few years, and have a significant deposit available.

You may not find the perfect buyer, but any one of these factors (the more, the better!) will likely speed up the sale of your property and increase its chances of completing successfully.

Keep talking

To ensure a speedy sale of your property, it is essential to maintain regular contact with both your solicitor and your estate agent. This will help you keep track of the progress of the sale and stay informed of what is required for completion.

Furthermore, your estate agent should be in frequent communication with the buyer to update them. It is important to check-in with them regularly to maintain the sale’s momentum.

Be realistic and objective about your current property

When it comes to your property, it is important to remain realistic and objective. It is not uncommon for lenders to down-value a property, which means determining it to be worth less than the agreed sale price.

In addition, buyers may attempt to renegotiate the sale price should any issues arise in the survey. In such cases, it is important to remain calm and consider all possibilities.

If one lender down-values the property, chances are that others will do the same. If this is the case, you have two options: you can either accept the lower price or put the property back on the market.

However, the latter will delay the sale and may result in you losing the property you intend to buy.

If the buyer tries to renegotiate after the survey, there are various courses of action:

  • You can refuse to alter the price, which may cause the buyer to pull out and the sale to terminate, or you can agree to their desired price reduction to keep the sale on track.
  • Alternatively, you can try to meet halfway and negotiate a smaller discount than the one they have suggested. This depends on how much the buyer wants the property and the cost of fixing the issues identified in the survey.
  • Negotiating with sensitivity is key in such a situation, and having a knowledgeable estate agent can be helpful.

Be responsive

If you’re hoping to speed up your house sale, it’s essential to respond quickly to any queries from your solicitor or estate agent. Make sure to provide as much information as you can to any questions.  This will reduce the back-and-forth and help you get the sale through faster.

If you need a fast or guaranteed sale, Property Saviour can provide you with a no-obligation, free cash offer for your home. Get in touch with our friendly, helpful team today!

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