Every time we list a property for sale we cannot stress to the owner enough, how important it is to be completely prepared by the time we go to market. One of the biggest fails in real estate is receiving a very generous offer on a property, but not having the required paperwork to lock that offer in and nine times out of ten, by the time the contracts are prepared, the buyer has likely overanalysed the whole purchase and either pulls their offer out or drops the price down.
People don’t seem to understand, it doesn’t matter how many times you explain it, that without a Section 32 (Vendor’s Statement) and a Contract of Sale together, we cannot put together a legally binding offer. Even if an offer is sent via email or some intent to make an offer form, none of them have any standing and either buyer or seller can back away from the deal.
The key to real estate is how quickly we can act. If people have too much time to think about things, they can overthink a situation and start back peddling really quickly. In most cases the initial offer you receive will never be revisited by any other buyer and you as the owner can only see that as a loss.
If you’ve made the decision to sell, then immediately contact your conveyancer and get the ball rolling. Do this before you choose your agent, believe me, the agent will have a huge amount of appreciation if you are well organised.
On the other hand, ensure that you do everything to have your property aesthetically ready as well. Have any problems rectified, declutter, stage with furniture if needed and don’t take any short cuts. If you can present an immaculate property to the market, well-staged and ready for somebody to move into and have all your paperwork together, then your agent is able to act swiftly and lock in your potential buyer immediately. This is how records are set in a neighbourhood, make sure it’s your property setting it.