Useful to know

Estate Agents are all pretty much the same aren't they?

No: are all plumbers the same, supermarkets, solicitors? The confusion comes because estate agents all tend to use the same kind of marketing resources; press adverts, websites, sale boards, brochures, and software; but that is where the similarity ends. However slick an agent's marketing is, it is only as good as the people behind it; they in turn can only be as good as their working environment dictates. Many agents become too reliant on adverts and software systems to do their selling for them, reducing the role of staff to passive message conveyors. Software and marketing can't ever qualify buyers, chase & conduct viewings, vet offers, chase solicitors, surveys, mortgage companies, or the 101 other things that can crop up in the process of finding a buyer and getting a sale through to completion. Assume we are all the same at your peril!


I've seen a property, when's the best time to make an offer?

There isn’t a right or wrong time, but consider your circumstances. Sellers are likely to take a more favourable view of an offer if it is likely to result in a completed sale sooner rather than later. If you need to sell a property and it isn’t yet sold or even on the market, sellers may reject an offer that they may have accepted if you had a buyer.


What\'s the difference between exchange of contracts and completion?

Exchange of contracts is the point at which your sale/purchase becomes legally binding, and neither party can pull out without incurring serious penalties. Completion is the point at which the property title transfers to the new owner in law. All outstanding monies are paid to the seller, and the property is now owned by the purchaser. A date for completion is fixed at the time of the exchange of contracts, this can be any time after exchange (it can even be simultaneous with the exchange if necessary) and will occur at a date mutually agreed between buyers and sellers. On the day, completion normally happens late morning/early afternoon. It is not possible to predict exactly when it will occur, funds need to clear through the banking system. Once cleared funds land with the sellers solicitor completion has occurred and the buyer can collect the keys to their new home.


How long will my property take to sell?

Much will depend on market conditions, your pricing strategy and the type and condition of the property you are selling. Some properties sell as soon as they go on the market, others can take several months or more. Our free valuation service is designed to assess your properties market potential. We listen carefully to your reasons for selling and advise you on a pricing strategy to suit. While marketing your property we regularly review interest levels and strategy with you, followed up with a monthly marketing summary


Why should I use you to sell my property?

Grays & Co has over 70 years combined experience in selling property of all types. We have adapted and evolved our service as technology and consumer expectations have changed, adding new features and being bold enough to cease those that no longer work.

Our livelihood relies on our ability to deliver successful sales for our clients. From initial instruction right through to completion of your sale, our staff and the way they work are what sets us apart from other agents. We provide a market leading commission package, better than anything else we are aware of in the area. The commitment and enthusiasm we get in return makes our people the most valuable asset we, and therefore our clients have


When's the best time to put my property on the market?

If you've made the decision to move, there is no real gain in deferring putting your property up for sale. Economically driven factors and consumer confidence tend to have a greater effect on market activity than seasonal variations and there are always people looking to buy even at traditionally quiet times. There are less people actively looking to buy in December but you often find that those who are can be very good buyers – no one wants to look at Christmas unless they really need to!


I've had several valuations and they're different amounts, which one do I trust?

This is not uncommon, particularly for unusual properties and as the saying goes, a property is worth what someone is willing to pay for it. This means you can, to a degree, tailor your exact asking price to suit your circumstances, but consider that a slower market will require more realistic aspirations.

The common advice of ‘take three valuations and pick the one in the middle’ is misleading. We base our valuations upon knowledge of the local market, current market trends, land registry sale figures and reviewing likely ‘competitor’ properties that have recently been, or are currently on the market. This information should form the basis of any sound valuation, and is provided to substantiate our opinion.

You may find some agents provide ‘unsubstantiated’ valuations, not backed by any evidence. Ultimately any valuation that seems too good to be true very probably is, and the market will always be the final arbiter.


Once it’s agreed, how long does a sale take to go through?

The time taken will be influenced by the circumstances surrounding each individual transaction. In principle a straight cash transaction with no chain could take just a few weeks. Purchases that are subject to mortgage applications or that are part of a chain could take several months.

As a general rule the fewer factors involved in a sale, the quicker it should go through but a chain free sale is no guarantee of a fast, easy transaction, neither does being in a chain necessarily mean a long and stressful transaction. Ultimately any sale can only move as fast as its slowest constituent, and things don’t always go exactly to plan.


What's the difference between exchange and completion?

Exchange of contracts is when a transaction becomes legally binding, neither party can pull out without incurring serious penalties. A date for completion is fixed at the time of the exchange of contracts at a date mutually agreed between the buyers and sellers respective solicitors.

Once a transaction is agreed, buyers and sellers are often very keen to know when they will be moving, it is important to note that a completion date cannot be determined until solicitors are ready to exchange contracts.

Completion is the point at which the property title transfers to the new owner. On completion all outstanding monies are paid to the seller, and once the funds are received by the seller’s solicitor the property is legally owned by the purchaser.


Get in touch


Beverley Hub: 01482 867979
beverley@graysandco.net

Commercial: 01482 240211
commercial@graysandco.net

Pocklington Hub: 01759 305265
pocklington@graysandco.net

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Grays & Co (Holdings) Ltd Company: 05306239