‘I have to sell my property quick’ is a common enough statement from today’s sellers. And unfortunately right now is a very difficult time to sell property owning mainly to the inability of a lot of would-be buyers to get suitable finance. I met with a lady last week in Manchester who wanted to move up north to be closer to her daughter and was having a very tough time selling. ‘I need to sell my property fast’ she told me and I listened to what she had done so far. ‘It’s been on the market for over 12 months and it’s only had a few viewings, even though its priced very low and I’ve changed agents 3 times’, she said. This I told her was quite common at the moment.
There are people who would really like to buy but just can’t get a mortgage and there are other people who are too frightened to buy for fear that they would lose their jobs just after taking on a big mortgage. I asked her what her main objective was and she repeated ‘I just want to sell my property quick. I want to move to be closer to my daughter and I’m not able to do that unless I sell my property fast’. I asked if she had considered entering into an auction and she said she had but too frightened of it selling for far less than she needed to achieve. I explained that she could put a ‘reserve’ on it where the property won’t sell below a certain figure specified by her but she found the whole approach very unnerving which is understandable. I asked if she had considered selling to a private investor and she said that she had but decided against it again because she felt she wouldn’t get enough for her property.
I asked her how much she needed and I told her that a lot of investors would in fact offer than much. She was delighted at this bit of news exclaiming ‘so I can get enough to pay off my mortgage and have enough for the move and get to sell my property fast?’ I nodded that this was the case and we left it at that. I met with her a few weeks later and it looked like the weight of the world had been lifted from her shoulders. Although the sale was not finalised yet it was well on the way to being so and she was just thrilled. She was getting lower than what the estate agents told her she would get but they had failed to do anything in a year so she was very pleased with this result. In any case she was getting enough and more importantly her life was no longer on hold.