13th July 2010

There is no such thing as a ‘bad market’ – only a ‘different market’

A frequent frustration of mine is the lack of advice given to buyers and sellers in the property market. I regularly hear that we are in a difficult or bad market and I am concerned that because of a lack of advice not all opportunities are being fully explored and investigated. To combat this Blackadders has launched a Home Buyer Service. This is part of the service that we offer anyway but I felt that by giving it more focus and clarity more people will take advantage of this service which will hopefully increase the activity in the property market. In general it would entail discussing with a potential purchaser (who also has a property to sell) the other options that may be open to them if they cannot get their property sold or they have in fact received a lower price than anticipated for their own property. We feel that with a combination of our property market experience, access to the whole of the mortgage market and our negotiating skills that we can perhaps open other avenues for you that would be worth exploring.

I recently dealt with a case where we managed to convert the client’s existing house into a buy to let mortgage, raising enough money to pay off the current mortgage on this property and have a deposit for the new mortgage. This gave the client breathing space to purchase their new house. And because we were able to move quickly they were able to purchase at 20% less than the anticipated valuation – thus more than covering any extra cost and securing the client’s dream home. They subsequently managed to get their old house sold earlier than expected and for a higher price than anticipated – winning at both ends!

Whilst every case will not work out as well as this, it does show that it is well worth exploring all the options.

Lindsay Darroch
Head of Property Services

 

 

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