Maybe you have discovered the home of your dreams and your offer has been accepted? Or, maybe you are intrigued to know what will happen when you reach this stage? Sales Progression is the hidden hard work of estate agency and it's where a good agent truly earns their fee.
In the current market almost any agency can get a Sold board up in the garden, and more often than not the majority of estate agency TV adverts focus on how many properties they have "sold".
More accurate adverts would focus on how many sales have actually reached completion. For many people a purchase or sale will drag on and on and on because in a lot of cases, cheap online estate agency services do not provide a thorough sales progression service.
What is sales progression?
Once an offer is accepted the estate agent will send out the memorandum of sale to the solicitors, the buyer and the seller. This document outlines all the details of the offer. Solicitors cannot progress the purchase until the memo's of sale have been sent out by the estate agent. A failure to send these documents out in a timely manner can add a couple of weeks to the process and there are a few things that have to be done before it can be sent.
Confirmation of acceptance
Once your offer is accepted, your estate agent will almost certainly contact you to congratulate you, and they will need to confirm a few details with you, to finalise the offer.
Generally, you will be expected to send confirmation for the following:
You have enough funds to make the purchase
A copy of your mortgage agreement in principle
Proof of address
Your solicitor details
Your Mortgage broker if applicable
An anti-money laundering check should be done by the estate agency to comply with current legislation.
Get in touch with your solicitor
Instructing your solicitor as soon as possible is likely to assist in speeding up your purchase. If you have not already found a solicitor, request a recommendation from your estate agent.
Once a memo of sale has been received, your solicitor will begin conducting property checks and searches. Depending on the solicitor, they may require payment in advance for some services.
Completion of your mortgage application
You will need to submit a full application for your mortgage once your offer has been accepted, to apply for the specific amount of money you need to purchase the property.
If you are working with a mortgage professional, they will walk you through this procedure and inform you of the information you will need to provide. If you are needing a reputable broker please check out our mortgages page for information on our recommended provider.
Arrange a property survey
While surveys are not mandatory when purchasing a property, they are a wise investment. Surveys can assist you in determining any present or prospective difficulties with the property. To arrange a survey, ask the estate agent to schedule a time with the sellers.
An experienced sales progressor will keep in touch with all of these different professional service providers and ensure that nobody is getting confused or missing key information.
Often a buyers survey can throw up a query that confuses a lender or causes a chain of questions from a solicitor. Your estate agent should be able to get to the bottom of the matter quickly and keep your purchase or sale on track.
At The Agent, our team members have to have a minimum of 10 years experience to work with us. This is one of main reasons we have an outstanding sales completion record. We won't just get you Sold, we'll get you Moved.
If you're still on the lookout for a property or you're thinking of selling, get in touch to chat through your requirements.