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What you need to know about your seller when buying a home


It's a sad fact that despite accepting your offer, some sellers might not exchange contracts. Fees payable for structural surveys, property searches and legal representatives cost unlucky buyers an average of £2,700 when the selling process breaks down before the day of completion.

Whether you are a first-time buyer or an old hand at the house buying process, you'll want the property purchase journey to be as straightforward as possible. From the first viewing to your removal company rolling up at the front door, there are steps you can take to avoid potential risks from unreliable sellers.

What to look for when viewing a house

When viewing a property, aim to look at more than the house. Ask the estate agent about the seller's situation. Research from Which? shows that 52% of buyers who spend less than 10 minutes viewing a property end up paying the full purchase price, but 71% of buyers who spend 90 minutes or more on viewings pay less.

Estate agents are legally obliged to disclose fair information to a home buyer and make material information about a property clear. In doing so, they are not allowed to be ambiguous or deliberately misleading, and they cannot withhold information. As a prospective buyer, you need to be proactive in asking questions before agreeing to any property transaction.

Why is the owner selling?

It's really important to understand why the owner is looking to complete a property sale. An unreliable seller might be concealing problems with neighbours or the local area that typical precautions, like a structural survey, can't reveal.

If you discover that they are in a hurry to move for legitimate reasons, it will strengthen your negotiating position and help you secure a better purchase price. It's wise to keep a written record of these conversations. Even though your notes won't carry the same weight as legal documents, in the worst case they can serve as evidence in disputes between estate agents or in court if the selling process crumbles.

If any information seems suspect, you can ask your conveyancing solicitor for expert advice. Your legal representative should be well aware of common scams and, if they believe you are at risk of fraud, will advise you on the legal aspects. 

How long have the current owners possessed the property?

Check when and for how much the property was historically sold for on a website like Zoopla. If it was only bought a short while ago, discover why the current owners are planning to move so quickly. If the property has several recent owners, it could be a warning sign of hidden problems such as  structural issues or the local area. 

For a similar reason, finding out how long the owners have had the property on the market is a good idea. Houses that have remained unsold on property search websites for quite some time carry a stigma in the eyes of some potential buyers. You may be able to get the home for less than the market price in these circumstances but be sure to discover why the current property has gone unsold before making an offer.

When do the owners intend to move out of their current house?

This is important because if your timescale doesn't match that of the seller, you could incur extra costs. If you are a first-time buyer, you may need to rent for longer than you intended, and if you're selling your home, you could end up having to stay in temporary accommodation like a hotel rather than delay your sale.

It is vital to discover if the current owner is part of a property chain. If they are purchasing another house, and the sale falls through, or someone in the chain pulls out before the exchange of contracts, then your hoped-for completion day may be postponed or cancelled.

What is the owner's financial situation?

In situations where your seller is moving to a more expensive property, find out if they have approached mortgage companies. Until a mortgage lender has agreed to finance the move, the seller may not be in a position to commit to the sale of their current house. Despite verbal assurances to the contrary, their intended move is only speculative until they have a mortgage agreement in principle.

Similarly, be cautious if the seller has not started to look for a new home. Occasionally, estate agents pressure sellers to accept an offer from potential buyers when they aren't in any position to move, which can lead to a cancelled sale.

Housecure can help you make the right move

As failed transactions cost buyers and sellers hundreds of millions of pounds every year, Housecure is committed to making the entire buying process stress free, from initial search to exchange of contracts.

Wouldn't it be easier if you had instant access to all this information when you view a property? At Housecure, we encourage buyers and sellers to provide this information from the outset to ensure they are as prepared as they can be and to make it easy to share. 

It's easy for both buyers and sellers to share details and present themselves in the right way. This makes discovering all the information you need to get out of your current house and into your dream one straightforward. We calculate how committed buyers and sellers are, so all parties can feel confident about transactions.

Register today and start using our platform to make a more informed decision about sellers and you can make your next property purchase in weeks rather than months.

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