Why selling your property subject to contract is only half the story
There's so much that goes on behind the scenes after you've accepted an offer on your property. At Giggs and Company, working hard to get you over the line is par for the course.
We’ve been working with a chain of 4 sellers recently. The top 3 were all vendors of Giggs and Company, and the bottom of the chain was selling through an online agent.
Over the course of 4 months, our sales progressors, Joe and Natalia, had to overcome an outbreak of Japanese Knotweed, a lack of building regulation documentation, meetings with tradespeople, overturning objections and working with a down valuation on a mortgage…
…and then the people who were buying the property at the bottom of the chain pulled out.
Que dramatic music…
The bottom of the chain was a one-bedroom flat above a commercial property, a takeaway. The vendors of the flat needed to sell because they were pregnant and, if they delayed, they’d lose their ‘Agreement in Principle’ forcing them to rethink the whole move.
4 months of hard work from everyone involved was about to go down the drain.
Well, not quite. Joe to the rescue!
With his years of knowledge and experience, he realised that the vendors at the bottom of the chain were never going to get a new buyer in time through the normal route, but he did know an alternative.
They could possibly cover what they needed by selling their home at auction, but he had to act fast. The auction house had a 6-week lead time but with a great bit of quick thinking, he managed to squeeze it in under the wire so it could go under the hammer before their AIP ran out.
An auction is a great solution in this situation, because as soon as the gavel drops, the sale is legally binding and is exchanged and completed 28 days later.
He talked to the vendors and explained why the auction could be their best option and together they worked out what the house had to sell at and what the reserve needed to be to make the move possible.
They took the plunge and it sold for more than they needed. Sighs of relief all round!
The vendors of the flat are in the house they wanted, and so are the rest of the chain. All of them happy clients who, if it wasn’t for Joe and Natalia, wouldn’t be.
We’re really proud of Joe and Natalia. They were there for their clients at all the moments that mattered.
If you want to read more about how we’ve helped other people, click here for more.