From Worst Month to Sell a House to Market Slowdown, Here Is Why Selling a Property Can Get Delayed

Did you know, the issues like worst month to sell a house can also delay the selling of your property?

Selling a property is a tiring task. Either you are selling a personal property or an invested one, the aim is to complete the process with all the required legal formalities and to have a profitable price. The real-estate agents can sort things out for you. They have the experience and government approved real- estate licenses using which the transaction of the property can be completed. Even then, certain factors like selecting the worst month to sell a house or holding up of completion of the transaction from the buyer’s end can sometimes delay the whole process of disposing of your property.

Choice of a real-estate agent is very crucial here. It is of utmost importance to hire an agent who has an experience with the correct market trends, especially of the area around your house for sale. If you have an urgent need for selling your house, the incomplete legal document can pose difficulties. Apart from this, there are many more reasons that could inflict a delay in the otherwise smooth process.

Missing out on planning permissions

It is the duty of your conveyancer to obtain all the required planning permissions and building regulations approvals in respect of constructing as well as making changes to your house. Any missed outs in procuring these can delay the outset of the conveyancing process.

Waiting for the market to pickup

The real-estate market upheaval can pull you back from listing your house for the purpose of sale. You may become doubtful for waiting a bit longer till the market booms again. But this is uncertain and so, your wait is extended too for an indefinite period.

Trying in the worst month to sell a house

This may not hold true for most of the countries, but in certain states of US, the winter months, especially the holiday season (November to January) claims to be the worst months to sell a house. This is mostly because everyone likes to checkout a place to buy while the weather is great. And the holiday season is off chart because everyone is engrossed in celebrations, including the real-estate agents and authorities who would investigate conveyancing for your deals.

Incomplete documents for concerned property

It usually happens that a seller gets to know about missing some of the required legal documents when they are asked for it, by the agent or buyer, at the time of making house deal. Then they had to rush themselves into acquiring the same so that they do not lose on a good property deal.

Increased waiting request from the buyer’s end

You may have done with accepting the best offer of a buyer, but things are not over till the final contract is signed by the buyer(s). The buyers have to arrange a large amount of money and sometimes, their mortgage issues lead to delay in signing the final contract. Since you have accepted the best offer, you are too hesitant to let go of the buyer. Hence you must decide to wait a bit longer.

Delay in transferring funds to Solicitors

All collecting and transferring of money during the sale of a property is the responsibility of solicitors. Most banks restrict the fund transfer over $10,000. They would require additional verification documents for this purpose. So, the money transfer has to be done in series and this further delays the deal.

Take a marginal time for pre-planning before putting your house listing up in the market. Though you can’t control some of the factors, you can still know what to expect. And probably, you may find the best alternative solutions for those time of impatient waiting.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.