Knowing When to Let Go: Expert Advice on Navigating Property Sale
ShareWe’ve all been there scrolling through properties on the internet, looking at the hundreds of great houses for sale in Basildon and you instantly start imagining your new life in these properties. When property hunting, it is very easy to be swept up in a dream and become one track minded on a house. Knowing when to walk away from a property you’ve fallen in love with is a skill! Luckily, Balgores can inform you of all the signs, tips, and red flags on when you should walk away from a property sale. And who better to teach you than the leading estate agents in Essex, Balgores?
Inspection Shows Major Issues
If your inspection results in some major structural issues, then it could be time to walk away. The main issues to be aware of is: dampness, roofing problems, subsidence, poor drainage systems and pest problems just to name a few. Of course, the severity of the issues depends on the house and is subjective to each situation so don’t rule a house completely out due to finding some small specs of mould. Some repairs may be relatively easy, but usually when it comes to fixing structural repairs is often when costs quickly run into the tens of thousands of pounds making the property investment no longer financially worth it.
Unrealistic Seller Expectations
Unrealistic expectations can refer to, many things.
A property transaction is filled with negotiations, that often will result in compromises and new terms being added to every party that has an agreement they feel is fair. However, if the seller is unwilling to negotiate or compromise, and is firm then this is often a sign to cut your losses and walk away from the property transaction.
For example, if the seller's asking price is significantly higher than the market value of the property. If the seller is unwilling to negotiate or compromise, it might be a sign that the transaction won't be fair or in your best interest. However, price isn’t the only thing that negotiations will take place over, but also repairs and maintenance, a closing date, and most terms of a sale.
Obviously, take this with a pinch of salt as all property transaction negotiations look different but if a seller is unwilling to budge although it may be hard, it might be time to walk away.
Listen to Your Gut
Overall, only you know when the right time to walk away from a property transaction and every property transaction will be different. But always listen to your gut, and your trusted estate agent, so you can be certain when to walk away. If you want to find out more about navigating the property transaction process, then get in touch with a member of our team at Balgores today.