“Congratulations, you are now under offer!”, this must be the number one phrase that every seller or buyer wants to hear, but unfortunately, too many this can be the start of a tricky journey – as sales do fall through.
Is there a way to avoid this?
Well, no one can guarantee 100% that it will not happen, but we can honestly say that selling and buying a property through James Anderson gives you a better chance of completing your sale.
And this is where dealing with a customer focused Estate Agency like James Anderson, instead of a DIY or call center agent, comes into its own, as we simple love this part of our job. We will liaise daily with you – our client – along with the buyer, solicitors, mortgage companies and other agents in the chain, to ensure that any problems are met “head on” rather than when it is too late. We will simply spend hundreds of hours ensuring that your move is successful.
What is sales progression?
Sales progression is the process of getting your property from the “under offer” stage to the “completion” stage. In between, there’s lots of admin and legal work that needs to be compiled to ensure the best outcome.
What is the process of sales progression?
The Sales Progression process has 6 key stages:
- Under Offer
Once you’ve accepted an offer, you are considered “Under Offer”, and the first thing to do is to issue a “memorandum of sale”.
- Memorandum of Sale
A memorandum of sale is a document that will have the contact details of all parties involved (vendor, buyer and solicitors). As well as the brief chain details of the other involved parties should there be any.
- Mortgage Valuation
Prior to any funds being released by the mortgage provider, a mortgage valuation will be carried out by a RICS Chartered Surveyor.
At this stage, the buyer’s lawyer will raise enquiries to the owner and to the local authority. Once all the information is collected, both lawyers (vendor and buyer) will draft the contracts for each party to sign and make any agreed alterations.
Once the contracts have been signed and a deposit has been received, the contracts are now “exchanged”.
The sale is “complete” when the balance of the purchase price is paid to the vendor’s solicitor, and once the solicitors have completed their final checks.
Why use James Anderson’s Sales Progression services?
You may think, “why should I get anyone to do this sales progression services? It seems simple enough that I can do it!”. Well, if you have the spare time to continually call all parties involved in the sale – all the way down the chain – then please go ahead. It is not uncommon to spend 4/5 hours every day looking after just one sale.
Our many years of experience has taught us the ins and outs of the business, and typically, dealing with buyers, solicitors, mortgage consultants and agents – and depending on the type of chain, more buyers and solicitors – has proven to be a hard and stressful process that requires a certain level of knowledge of the industry as well as tenacity that many buyers/sellers lack.
When using an estate agency that focus on the relationship with its customers, such as James Anderson, you are working with a dedicated and expert team that will go the extra mile to ensure the best outcomes for you and your family.
Our team will keep in constant contact with you to ensure that you are aware of all aspects of the sale and its progression.
What is a chain?
In sales, a chain is the string of sales that are required to take place to ensure that your sale goes through.
Think of it like this: unless you’re selling your home to a first time buyer, an investor or a financially stabled person, it is likely that they will need to sell their home before they can buy yours. The same is probably true for their buyer, and their buyer’s buyer, and so on.Get in touch