Parish: St Clement
Sold: July 2021
Selling a property with asbestos doesn't mean you'll have to reduce the sale price. But you will need an estate agent who's prepared to work a little harder to find the right buyer.
Earlier this year our senior negotiator Kate Warren was contacted by the owners of a beautiful bungalow situated just a stones throw from La Mare beach.
On first viewing the bungalow, with its spacious rooms, private garden, attractive location and plentiful parking, it was sure to attract plenty of buyers.
But there were concerns that the amount of asbestos used in the construction of the walls and roof may negatively affect the sale price.
How can asbestos affect the sale price of property?
Just the mention of the word asbestos can give people the jitters, so it's important the estate agent is open and honest with both sellers and buyers from the start of the sales process.
Typically, there are two factors which stop properties with asbestos achieving the sale price they should.
- The presence of large amounts of asbestos can be deal-breaker for mortgage lenders, meaning potential buyers cannot secure the money required to purchase the property.
- Potential buyers use the price of the work required to remove or make the asbestos safe to negotiate a lower sale price.
Finding the perfect buyers
In the case of the bungalow, the amount of asbestos was a deal-breaker for mortgage lenders - immediately ruling out a large proportion of potential buyers.
Kate knew she would now have to focus on finding buyers who either had the cash reserves to buy it outright or a property they could sell in order to become a cash buyer.
In true Jersey fashion, the eventual buyers already knew the property well, and had previously mentioned their interest in purchasing the property to the vendor's father who has since sadly passed away.
There were plenty of viewings and multiple offers however due to the connection with the vendors father and their cash situation, they seemed the perfect buyers for the property.
Kate followed up this promising lead and quickly shortlisted them as suitable buyers. All that was left to do was to tap into our extensive list of waiting buyers and find somebody suitable for their current property.
A quick sale of their existing home ensued and the prospective buyers now had the cash reserves to purchase and place a competitive offer which was gladly accepted by the vendor.
The bungalow sale went through without any major hiccups and both the vendor and the buyers were delighted with the result, acknowledging Kate's efforts with these kind words:
"Thank you very much Kate for all your help and I know how hard you have worked for us to be where we are today. Best wishes for now. "
Have a property with asbestos you're thinking of selling?
We understand the 'asbestos questions' can be a tricky conversation to have with potential buyers.
Our advice is to be upfront and honest from the very start of the sale process and choose an estate agent who's handled it before.
If you'd like some free advice on selling your property with asbestos or any other issues, please contact us using our valuations form or call Kate Warren on 01534 766689