The Negotiation Process
What will my property search company do after the right property has been found?
Finding the property is the easy bit, and it's after the property has been found that the work really starts. After the property has been found we start to appraise the property, evaluate its value to our clients, we negotiate, and we go through the whole conveyancing procedure with the client's solicitor. Of course, the property also needs to be surveyed after it has been found; that needs to be put into place and the survey interpreted.
How involved in the negotiation process will my property search company be?
As property search agents, we expect to do 100% of the negotiations. The whole point, or one of the points, of having a property search agent to represent you is that you have a third party that can take a position for you, in the negotiation process. We also are able to give our clients time to reflect, to think about, what has come back in terms of a counter offer, so we always do 100% of the negotiations.
How do you avoid gazumping?
Gazumping is a terrible, awful thing, and we will do everything in our power to avoid gazumping. I think first, agents don't like to gazump us. We have retained clients, and we're going to come back and buy properties from them again. But crucially, to avoid gazumping, you need to get contracts exchanged. So we will work as hard as we possibly can, and as fast as we possibly can, to make sure that everything is completed with due diligence, the survey is conducted, the conveyancing process is undertaken, and we exchange contracts as soon as possible.
What is gazundering and is it ever acceptable?
Gazundering is the process by which a buyer will make an offer for a property, an offer is accepted, and a deal is proceeding. But, at the last minute, will suddenly say, " I don't want to pay that price, I'm going to offer you a lower price." Gazundering is not acceptable, it's a terrible, awful process, and we will not engage in it. However, sometimes an offer will be made on the basis of the survey. Now, if the survey comes back with a huge number of faults, and a huge number of difficulties, and a huge number of remedial actions that need to be taken and that are going to cost a lot of money, then we might renegotiate, and perhaps gazunder.
How much will the property search company knock off the price?
When it comes to the negotiating process, the property search company will get as much off the price as we possibly can. However, the property search company is here to help build and create a fair market. It is not our job to crucify vendors, but we will be looking to negotiate to secure property at the very best price that we can for our clients.
Will a property search company arrange a survey?
A property search company will always arrange a survey for their clients. And in fact, the property search company will always insist that our clients have a survey. Even if the house is brand new, we will insist that they have a survey. They may not want to have a survey, and if they don't, then that is their prerogative. But we would like them to have a survey. And we would be looking to extract a lot of information from that survey, beyond just whether the house is of the value that they say it is, and whether it is of sound condition.
Will a property search company deal with solicitors for me?
We will always deal with the solicitors for our clients and we have a very good relationship with solicitors. Solicitors have a huge amount of paperwork that they have to plough through and often do not visit a property. We do encourage solicitors to come out and have a look as best they can, but that, of course, makes it more expensive for our clients. However, we have been on the grounds many times and may well have viewed the property sometimes five, six or seven times. So, whenever the solicitor has a question about the property; about access, about boundaries, about footpaths, or whatever, we're usually able to answer that in a second.
Is the deal less likely to fall through if I use a property search company?
A deal is much, much, much, much less likely to fall through if you use a property search company, the reason being that the clients that we have are retained. They have demonstrated to the market that they're very serious about seeing this deal through. We will be very, very upset indeed if an agent decides to pull the rug on an offer that we have made. We will work with them to make sure that deal does go through.
What will a property search company do once I have moved into my new home?
Once a client's moved into a house, then the property search company will help them in any way that we can. Employees of the property search company live locally, we know the area; the clients who have just moved in may be new to the area. The property search company can help them find appropriate architects, builders, and landscape designers, and the property search company will help them in any way that we can. A client rang me last week who had been living in his house for two years and he rang and asked me where he could get his hair cut. If they're friends and they often are because we've often got very close to our clients before they move into a new house, then we'll meet them for supper and a drink in the pub probably.
