How it all works - buying and selling
Posted by Tom Kite
The 10-step process of buying and selling and what to expect in what order!
Every property purchase journey is unique, as numerous factors come into play that can influence the time it takes to officially own your new home and settle in.
Things are much smoother if you're not part of a property chain. If your purchase is straightforward – meaning you're not selling another property simultaneously, and your seller isn't relying on another purchase to make their move – you can feel reasonably confident that you'll complete the process within the 15-week national average after your offer gets accepted.
However, things get a bit trickier when you're part of a property chain. A delay in any link of the chain has a domino effect, potentially causing hold-ups for everyone involved. This risk increases with more sales being connected in the chain. In such cases, it's not unusual for the entire buying process to stretch from the time you make an offer to a six-month period until completion.
Property Search and Valuation:
- Buyers start by looking for suitable properties based on their preferences, budget, and location.
- Sellers may get a property valuation to determine the market value of their property.
Offer and Acceptance:
- Once a suitable property is found, the buyer makes an offer to the seller through the estate agent.
- The seller can accept, reject, or negotiate the offer. If both parties agree on the terms, they move forward.
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