Selling probate properties are different to any other property type. It’s easy to get wrong, especially for executors that aren’t local.
Get up to speed super fast, with minimal risk and don’t fall into the traps.
- Price risk – Not testing the market. Selling to preferred buyers can cost sellers thousands of £’s. Selling to a favoured builder might sound convenient, but selling to a different builder might be just as suitable but for a lot more £.
- Overpricing. If you’re not local, it’s easy to fall into the overpricing trap. It’s called the get them on and get them down approach. It’s pretty old school but used so often still. A sale will take forever, and the eventual end price is lower.
- The property becomes a carrot. Often probate properties are attractive to would-be buyers. Many agents use the property as a carrot to entice sellers to list their homes for sale. Great for the agent, but this means they keep the property on the market for as long as possible whilst dissuading or making it difficult for cash buyers and ready buyers to visit the property.
So how do you avoid falling into these traps?
Process. Understanding and agreeing on the process the agents are going to follow through with is vital.
Combine this with a contract tie-in period that aligns with the process, and you will have immensely lowered your risk.
Ask potential agents for a marketing plan. I’d advise understanding plan B also. Plan A is always fascinating, but what if that doesn’t happen? What are the agents’ next steps?
Once you have the marketing plan and the contract terms, you will have an excellent feel for the sale you will experience.
As always, if you have any questions, please do ask.
Simon.
