Finding Solutions For A Smooth Transaction
One of the things that our team at Shelton & Lines often advises our home buyers in Worcester to do once their offer on a property is accepted is to request that the seller pauses the marketing of the property.
It makes sense for the buyer to want peace of mind, and we find that this goes some way in giving that reassurance.
But what can you do if a seller refuses to pause the marketing? Here, we have a few top tips to help you deal with this challenging scenario.
Communication Is Key
The first step is to communicate with your seller through us, your agent. We can address your concerns with the seller and help you understand why they might be reluctant.
We are trained negotiators with experience and expertise in property market dealings, so we can present your concerns, find a way of working together and find a solution that will satisfy everyone.
Consider An Exclusivity Lock-Out Agreement
Lock-out agreements are a helpful tool that can guard against gazumping while ensuring the seller is committed to taking their property off the market. These legally binding agreements prohibit sellers from discussing a sale with any other prospective purchaser for a specific period. During this timeframe, you can confirm your mortgage and carry out due diligence with no risk of gazumping.
The positive of a lock-out agreement is that it gives you a greater sense of security and enough time to complete your purchase without worrying about any other potential buyers. It also shows that the seller is committed to selling their home and is willing to work with you. Furthermore, it can help to speed up the purchasing process.
On the downside, drawing up one of these agreements can involve extra legal costs. Sometimes, sellers are reluctant to agree to exclusivity too, since it restricts their ability to consider other offers during that period. Should you fail to complete your purchase in the specified timeframe, the seller could lose out on other offers which may have led to a sale.
If your seller agrees to a lock-out agreement, negotiating fair and reasonable terms for both parties is vital. The timeframe should be realistic, you'll need to decide who’ll be paying the legal fees in connection with the agreement and discuss appropriate termination clauses.
Weigh up The Options And Consider Walking Away
While it’s disappointing to accept that not every property transaction reaches a successful conclusion, this is sometimes the case. You may find the seller refuses to budge, and if that happens, walking away from the purchase could be the best option for you. There will always be more opportunities out there as the market is constantly changing.
That said, don’t give up too easily! Make sure you’ve thoroughly evaluated the pros and cons of continuing with your purchase and considered any alternative properties before coming to a final decision.
The Shelton & Lines team is on hand to give you advice and help you come to a decision that’s right for you when you're buying a property in Worcester. Give us a call on 01905 616330 to learn more.