George Berry, Residential Area Manager asks should you sell first or buy first?
The wonderful rhetorical question of: “chicken or the egg, what came first?” is synonymous with the moving home process. I hear you asking yourselves, where on earth is he going with this? When we sit discussing homes and think we may want to make a move, the first thing we do is hit the portals, either to see what is available or alternatively what our own homes may be worth. Having made the decision to move, this then leads on to the bigger question: do we sell our house first or do we look for our perfect new home first? Hence, the chicken and egg analogy.
Of course, both scenarios pose issues, hence the dilemma. If we sell first but can’t find, then what do we do? ‘We can’t rent as we have animals’ and ‘it will be dead money and we cannot afford to do that’ are two comments I often hear. Alternatively, ‘if I find my perfect home but haven’t sold, will I lose it because I can’t proceed?’. It is a really tricky conundrum. However, I do feel there is a solution and that involves transparency and openness.
My advice and especially in a challenging market, is always try and get a buyer on your property first. However, ensure your agent makes it very clear to buyers that it is subject to you finding a property. If your property is the dream home of that buyer, they will be patient and be prepared to wait. If it emerges down the line that you need to find, then that will be where things go wrong. Buyers are far more prepared to be patient and work with you if you respect them and are open and honest from the start.
I am a firm believer in fate and when you have secured a buyer, then start looking and more often then not, the right house for you will appear. I would not advise trying to view houses if you are not on the market. You will not be taken seriously as a buyer as you are not showing any commitment. The selling process is stressful and many owners spend a great deal of time getting their homes ready for a viewing. If you are not on the market, then most owners will see it as a waste of time and in many cases not allow the viewing in the first place.
Another scenario affected by the ‘chicken and egg’ is the selling of probate properties. In this case emotions are heightened for obvious reasons so getting the right advice is crucial. I often hear executors saying they will not launch till probate has come through as it can take a long time. Or I get told ‘I understand I can’t sell until probate has been granted’. It is correct that you can’t exchange until probate has been granted but you can market the property and agree a sale. The conveyance process can take place too but will just press pause until probate has come through.
It would always be my advice to commence marketing as soon as you are emotionally ready and run it in tandem with the probate application. Again, if potential buyers are made aware that probate is awaited and they know that when they offer they are far more likely to be patient. If you wait until probate comes through, then you may miss a big chunk of the marketing window and the market conditions may have deteriorated by the time you come to launch. As executors of an estate, you have the responsibility to get the best price, please listen to the agents when they feel the right time to launch is and don’t just assume it should be when you have the probate certificate.
So, in essence my advice is to lead the process with marketing your home first and then let the search follow. That way, you will not be disappointed if your dream home comes to the market and you can’t secure it.
This article first appeared in the Diss Express.
