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  • Should You Go With Estate Agents In The Property Chain?

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Dated:
Dec 11, 2022
Read Time:
Topic:
Estate Agent

Should You Go With Estate Agents In The Property Chain?

Estate agents play an essential role in the property market in the United Kingdom. They are responsible for marketing properties and helping to find buyers. They also provide advice to sellers on how to best present their property.

The role of estate agents has come under scrutiny in recent years, with some questioning whether they are necessary. This is because there have been many high-profile cases where estate agents act up, such as charging exorbitant fees or giving misleading information.

What is a property chain?

A property chain is when more than one buyer is involved in a purchase. For example, if you were buying a house from someone who was buying it from another person, you would be in a property chain.

Why do people use estate agents?

There are several reasons why people use estate agents when they are buying a property. One reason is that estate agents have a lot of experience and knowledge about the property market. As a result, they can advise you on how much to offer for a property, what type of property is a good investment, and where to find properties for sale.

Another reason why people use estate agents is that they can help negotiate a property's price or to check the property chain. Several people might be involved in the purchase if you are in a property chain, and it can be challenging to agree on a price. An estate agent can help to negotiate a fair price for the property.

Finally, estate agents can help to organise the paperwork for a property purchase. This includes the contract of sale, the mortgage, and the conveyancing.

What are the benefits of using an estate agent?

There are several benefits of using an estate agent when buying a property.

● One benefit is that you will have someone with a lot of experience and knowledge about the property market. This means that they can advise you on how much to offer for a property, what type of property is a good investment, and where to find properties for sale.

● Another benefit of using an estate agent is that they can help negotiate a property's price. Several people might be involved in the purchase if you are in a property chain, and it can be challenging to agree on a price. An estate agent can help to negotiate a fair price for the property.

● Finally, estate agents can help to organise the paperwork for a property purchase. This includes the contract of sale, the mortgage, and the conveyancing.

What are the drawbacks of using an estate agent?

There are some drawbacks to using an estate agent when buying a property.

● One drawback is that you will have to pay the estate agent a fee. This fee is usually a percentage of the purchase price of the property.

● Another drawback is that you might not be able to get the best deal on the property if you use an estate agent. This is because the estate agent will be working for the property seller, and their goal is to get the best price for the seller.

● Finally, you might not be able to get the property you want if you use an estate agent. This is because the estate agent will only show you the properties listed.

Property chain problems: what can you do?

If you're buying or selling a property, you may have encountered the term 'property chain'. This occurs when the sale of one property is directly linked to the purchase of another and can often cause delays or even fall through entirely.

If you're in a property chain, there are a few things you can do to try and keep the sale on track:

  • Keep in regular contact with your estate agent and the other parties in the chain. This way, you can be quickly updated on any changes or delays.
  • Be as flexible as possible with your move-in date. If the chain above you falls through, this could delay your move.
  • Be prepared to compromise on your property. For example, if the buyers of your property are also in a chain, they may need to sell their property to buy yours. This could mean accepting a lower offer than you were hoping for.
  • Get a mortgage in principle. This shows that you're serious about buying the property and can help to speed up the process.
  • Use a conveyancing solicitor. They can often help speed up the chain by dealing with all the legal paperwork involved and checking property chain documents.

Things to consider when deciding whether to use an estate agent in the UK

It is important to remember that not all estate agents are the same. Many reputable and reliable estate agents will provide a good service. However, it is worth researching before selecting an agent to ensure you get the best possible service.

Here are some things to consider when deciding whether to use an estate agent in the UK:

1. The costs involved:

Estate agents typically charge a commission of around 1.42% of the sale price of the property. They may also charge additional fees for marketing and other services. Therefore, getting a breakdown of all the fees involved is essential before selecting an estate agent.

2. The level of service:

Estate agents vary in the level of service they provide. Some simply list your property on their website and hope for the best. Others will provide a more comprehensive service, including help with marketing and negotiating with buyers. It is essential to discuss your expectations with the agent before selecting them.

3. The experience of the agent:

Estate agents have different levels of experience. Some have years of experience working in the property market, while others are new to the industry. Therefore, it is essential to ask about the agent's experience and whether they have any specialist knowledge.

4. The track record of the agent:

Estate agents should be able to provide you with a list of recently sold properties. This will give you an idea of their success rate. You should also ask for customer testimonials to get an idea of the level of service they provide.

5. The agent's reputation:

Estate agents can build a good reputation by providing a high level of service and achieving results for their clients. Unfortunately, however, some agents have a bad reputation. Therefore, it is essential to do your research and read online reviews before selecting an agent.

Conclusion

So, should you go with estate agents in the property chain? Estate agents can help when selling or buying property, but it's important to research and find the right one. There are plenty of estate agents out there, so take your time and find the one that's best suited to your needs.

TRPE, The Real Property Experts, is here to help you find the perfect property. With years of experience finding homes and managing listings, they'll ensure your journey goes smoothly from start to finish! Whether looking at properties online or negotiating contracts - these experts know how much stress can be eliminated when working with them by providing personalised service for every client--no matter what their needs may happen too.

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