Quoting James Greenwood of Stacks Property Finders
“A shortage of stock means buyers are resorting to begging letters
The hit rate for begging letters is about 5%, estimates James Greenwood, managing director of Stacks Property Search. People who have been contemplating selling up might be persuaded by a personal letter, especially if it means avoiding estate agents and the hordes traipsing through their house. Yet there are dangers in going it alone, too.
“If someone responds to our letter, we encourage them to get an agent,” Greenwood says. “Private buyer and seller is a recipe for disaster — 40% of all transactions fail before exchange — but an agent can smooth things over. And a private seller might overvalue by 20% to 40%.”
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