House Sale Case Study – Client on a Financial Deadline
At Higgins Drysdale we are committed to ensuring best advice for our clients. We pride ourselves on our market knowledge and adaptability to ensure desirable outcomes whenever possible. The following case study demonstrates how our experience and tenacity is crucial when the situation looks concerning in respect of a property sale timeframe.
The background
The seller had already attempted to sell his property via private treaty through an estate agent. This process had produced many offers but, for various reasons, each transaction had fallen through. The seller wished to liquidate the property in order to fulfil a time-limited financial opportunity and we therefore had a very short window in which to complete the transaction if the seller's plans were to be realised.
The seller was naturally very concerned about the amount of time it might take to sell the property and we felt that putting it to auction would provide him with a more concrete timeframe.
When selling a property at auction it is marketed intensely for a specific amount of time before the action date and then, on the day of the auction, remote buyers are able to bid on the property from wherever they are in the world.
When the property is sold by our modern method of auction the successful bidder pays the fees and commits to exchanging contracts in 20-working days. This provides the seller with a clearer idea of how long it will take to sell the property from the outset.
The Instruction
We were introduced to the seller through a third party and we contacted him to explain this modern method of auction. The seller informed us that he had already spoken to a number of large auction firms but found their fees to be high and felt this would be off-putting to buyers.
The pragmatic approach of Higgins Drysdale was attractive to the seller and, he told us, our proposed fees were much lower than other auctioneers he had spoken to. The entire property sale was tailored to his needs with a specific view to fulfilling his timeframe. We also discussed a contingency plan that could be put into action if the auction did not result in a sale.
We conducted a full property appraisal and took time to understand the complex issues attached to the sale. We fully understood the impact of failing to sell the client's property in the allotted time.
The property sale
Despite our best efforts, the property did not sell in the first instance. At this point, and partly due to market conditions and the type of property involved, we felt it might be more appropriate to attempt the sale through private treaty again.
We already had buyers in mind and we knew each buyer's position. The seller agreed that he would give private treaty another try and, due to our knowledge of the market and of the interested parties, we were quickly able to bring in a strong offer.
We kept the seller fully informed through the entire process and he was pleased to accept the offer. We began to advance the sale and, understanding the seller's tight deadlines, we drove the sale forward with speed; liaising with the buyer, surveyors and all solicitors so that the conveyancing process could be achieved as quickly as possible.
Thankfully, we met the seller's financial deadline and he was able to move forward with his plans as he wished.
Client testimonial on Trustpilot: "Paul was a thorough and conscientious agent and advisor. He is extremely knowledgeable of all aspects of property and can translate this effectively to a property outsider. He is driven and tenacious, taking significant personal pride in his work.
"Without Paul, I would almost certainly still be stuck with a property and unable to move forward. Probably for quite a long time too.
"I cannot recommend Paul enough and he would be the first person I would reach out to if I need assistance with buying or selling property in the future."