How To Sell In The Credit Crunch
How to sell in a credit crunch
There is no shortage of properties up for sale - the challenge is snapping up the few buyers ready to commit their mortgage and buy your house rather than the one down the road.
Over the past 14 years Baggy Tiwana has bought and sold hundreds of houses. As director of The Property Buyers investment syndicate he has developed a sharp eye for what makes us say good buy - rather than goodbye!
Based in Nottingham, The Property Buyers, part of the Goldman Hunter Group, finds property for its investors, who are too busy to build their own portfolios, and receives hundreds of enquiries from people keen to sell.
So what does Baggy recommend sellers do to make theirs the hottest property on the street?
• Get your home valued by three reputable established estate agencies, try to choose an agent which has experienced a falling market before and can provide good advice
• First impressions count – does your home look inviting? Does it have ‘kerb appeal’ to passers by and those approaching the front door? Is it clean, tidy and free of children’s toys, litter, bikes etc?
• Make sure the grass is cut and the garden is presentable.
• Price your property realistically – compare it to properties which have already sold in your street or local area. Trying to get a ‘top price’ in a falling market could mean you’ll be waiting months and its value could go down further
• Make special offers to attract buyers such as ‘legal fees paid’ or half of the stamp duty
• Don’t just rule out low offers, weigh up how much you need to move and how long you could be waiting for another offer
• Consider ‘part exchanging’ your home for a new house
• Always get an independent RICS (Royal Institute of Chartered Surveyors) valuation carried out so you can prove to potential buyers that it is worth what you are asking for.
• Finally if all of the above fails some companies can offer to buy your property for fast cash and rent it back. Beware that, although some companies such as The Property Buyers offer fair schemes and work to a strict code of conduct, others can be far less scrupulous and even leave you homeless. Do your research first before speaking to these companies and fully check their credit history.
(Friday, August 15, 2008)