Many of you out there will have seen the adverts on the television saying how many thousands of pounds you may or may not save by selling your house via an online estate agent such as Purple Bricks or Tepilo. However, before you decide which estate agent to instruct, do you know what they do and how they can assist in getting the sale to Completion?
If you have not bought or sold recently then you may think that the estate agent finds you a buyer and then sits back waiting for the commission, some might, but the good estate agents are part of your team working towards the common goal of Exchange of Contracts and Completion of your sale. The team working towards Completion are you, the Estate Agent and your Solicitor.
What does the Estate Agent do?
All of the above seems straightforward, however, it is extremely rare for a transaction to proceed in 9 simple steps……..
You, the Estate Agent and your Solicitor are a team. Your solicitor cannot speak directly to your Buyer, so if there any delays the Estate Agent can chase your Buyer (to make sure funds are paid to apply for searches, to obtain progress reports on the mortgage offer, that the Buyer signs the contract and pays the deposit to their solicitor, to agree Completion Dates), your Solicitor can chase the Buyer’s solicitor to make sure searches are applied for, enquiries raised, contract sent to the Buyer to sign, to exchange contracts and to complete the sale. In tandem the good Estate Agent and Solicitor push the transaction to a satisfactory conclusion; the sale of your home.
Whilst I agree that the level of the Estate Agent’s Commission is a factor in deciding who to instruct, now you know what they do and how they can assist your Solicitor in progressing the sale to Exchange and Completion, pick one that will go the extra mile, pick one that will work with you AND your Solicitor.
If you are thinking of selling then do not be afraid to sound out your solicitor and find out who he/she would recommend, sometimes the relationship between the Estate Agent and the Solicitor is the difference between your Buyer pulling out or the Buyer moving into your home…