Things to Know Before Buying a House
There are many things to know before buying a house, that’s undisputable. Many of the legal things are discussed often and most people know what to expect.
Then there are other things to know before buying a house which may not be discussed very often. This is because each house purchase journey is unique and it can be hard to distinguish what to look out for, what is a red flag and how to proceed to a resolution that is in your interest.
Here’s an insider secret; sometimes, vendors can make the buying process difficult and can be the reason a property sale doesn’t go through -but this might not mean that the house is not worth the effort! We’re going to talk to you about vendor behaviour as we believe is important for all buyers to be aware of when buying a house.
Things to Know Before Buying a House: Vendor Behaviour
Over the recent years it has been a strong seller’s market when it comes to property. This has resulted in some behaviour which is frowned upon when it comes to selling a property. Although less than ideal, there are no rules that are being broken, so unfortunately there is nothing stopping this from happening. However, vendor behaviour is one of the important things to know before buying a house so you can anticipate and prepare against the possibility of disappointment.
This behaviour includes;
- Changing the goal posts at the last moment – this could involve moving the exchange date.
- Pulling out of the sale altogether.
This can be disheartening for the buyers, so how can you minimise the risk of this happening?
Things to know before buying a house: Prepare yourself!
So, how can buyers avoid getting burned? Is there anything they can do to better prepare or even avoid entering a purchase with a vendor who may leave them high and dry?
At Stacks, our Regional Directors have come together and collated the following checklist to help you.
- Find out as much about the vendor as possible.
What is their situation? Have they found a property? Are they going into rented? Are they moving back in with family members?
Ideally you would want a vendor who has already found or is close to finding a property to purchase. In our wealth of experience, we have found that this has the lowest rates of vendors pulling out of the purchase at the last minute.
Buyers should be pressing the estate agents at an early stage for information about the vendor. If their next steps when it comes to property are unclear, then this could be a reason to proceed with caution on the purchase.
- Stay in touch.
Keep in touch with your solicitor and estate agent, or your property finder will for you! With property purchase it is common that there are delays, however it’s important that you understand where the delays are coming from – if they are from the estate agents or solicitors then there is not necessarily cause for alarm. If the delays come from the vendor this could be a red flag.
- Set deadlines.
This doesn’t always work because there can be miscommunication between various legal bodies and solicitors don’t like to be rushed. However, if everyone is on the same page then setting deadlines that both you and the vendor agree on can help instil confidence that you are all on the same page.
- Keep your options open.
With all house purchases, even with the best vendor in the world, it’s best not to consider the purchase complete until all contracts are signed. So, until then keep an eye on the market. If there is a property you think you could see yourself in there is nothing stopping you from viewing it.
- Protect yourself.
There are ways to protect yourself in a legal sense when it comes to buying a house. A Reservation Guarantee will protect both the seller and the buyer financially against one party pulling out of the agreement, but can’t keep a deal together by itself.
How Stacks can Help
At Stacks we work with home buyers from start to finish. From finding your property right through to handing you the keys.
We can be there to help you navigate many of the things you need to know before buying a house, including how to deal with vendor behaviour and all the highs and lows of a property purchase.
Contact Stacks today to start your journey.
