The Estate Agent has Valued Your Property Incorrectly
The “offers over” price suggested by your agent at the outset of your sale may prove to be higher than its true value.
After all, the property sales specialist that arranged your valuation will likely be trying to attract your custom - and they may think that a slight exaggeration of their perception of the property’s worth may make their services more appealing.
However, buyers are savvy - and many will not wish to “waste their time” by placing offers below your asking price, as they will expect to be rejected. This means that you may not receive any interest at all.
Alternatively, an “offers over” price that is too low may convince house hunters that there is something wrong with the home - whether that be structural problems, ongoing legal issues or anything else besides. This may also dissuade potential buyers from placing an offer.
There is a Chain
If a potential buyer is stuck in a property “chain”, it may take them some time to complete their side of the transaction.
A chain occurs when the buyer of one property must wait for their own home to sell before they can access the funds to complete their transaction. In turn, their own buyer may be waiting for a sale to complete before they can pay your buyer for their property.
Chains can continue almost indefinitely, and if a sale falls through several links along, it may cause serious delays. In the worst cases, it may result in the entire chain collapsing.
The Buyer may Drop Out Before Missives are Complete
The main risk when you use an estate agent to sell a house in Scotland is perhaps the potential for the buyer to drop out before the transaction becomes legally binding.
If you reject a condition that they have requested when placing their offer, or if their personal or financial circumstances change, a buyer may well abandon the sale, leaving you to try and attract more offers.
This may happen multiple times before your sale is complete, and could lead to the process dragging on for months or event years.
Your Property is “Difficult to Sell”
There are certain kinds of property that tend to be less attractive to buyers than others. The types that usually prove harder to sell often include:
- Buildings in a poor condition or state of repair, or with structural issues (even if adjustments such as underpinning have been made)
- Properties that present potential hazards, such as an excessive amount of asbestos, a flood risk of a nearby mine shaft
- Homes in areas that are considered “less appealing”, such as those with high crime rates or “off-putting” features like sewage works
- Mixed-use buildings, such as those that are part-commercial and part-residential
- Properties that are affected by invasive species like Japanese knotweed
- Homes with notably difficult neighbours or with problem tenants in situ
- Properties that are the subject of ongoing legal disputes, or that feature restrictive covenants
- Buildings that have been designed in a highly unusual style or that feature bold or divisive features or high-maintenance materials
While estate agents may struggle to sell the above property types quickly - or at all - there are other specialist property sellers and house buyers in Scotland who may be able to help you complete your transaction far more quickly.
We’ll explore these below.