Selling a House
A step by step guide to owning your new home
Requirements for selling a house
It can involve a long and complex process to sell a home, but there are some steps you can take to make it as smooth as possible.
Know how much your home is worth.
Reach out to different estate agents to value your property. Also, check out your local paper’s property section and the internet to find out the asking price of related homes. Then again, you can acquire an online estimate. Note that the ultimate price it sells for may not necessarily be as high as the asking price.
Decide if you want to use an estate agent
Almost everyone trying to sell a home often do so through an agency. With the help of estate agents, your property can be brought on to the market and introduced to buyers. Nonetheless, you may choose to market the property yourself so as to avoid agent’s fees, which is usually between 1.5% and 4% of the sale price of the property.
If you choose to use an agent, don’t just go for the one that offers the highest valuation; instead consider which one you got on with best, what you have heard from other people, and which one you have seen the most Sold signs for. It is okay to try to negotiate a lower agency fee.
Prepare your home
Ensure your home ready and looks its best for any viewings. Don’t forget to tidy any mess around as well as clear unwanted clutter so as to maximise space. If you have the time, you can try to make the decoration as neutral as possible so as to attract buyers, as well as make any minor repairs including fixing leaking taps. You also need to have all your household bills ready for potential buyers to review.
Go & find your mortgage illustration
The mortgage offer must be accurate
Check the mortgage conditions
Offers to buy your home
You have to wait for offers. Your estate agent will contact you as soon as an offer has been made on your property. He/she will inform you about every offer made, irrespective of whether you will likely accept it or not. Also, your agent should be able to advise you whether an offer is good or not. Notwithstanding, the ultimate decision is up to you.
When you are satisfied with an offer, you can then choose to accept it “subject to survey and contract”. Your estate agent is expected to write to you, the buyer as well as to both sets of solicitors to confirm the property sale. The writing will also request that the solicitors create a draft contract. At this stage, you are not legally required to take the property off the market, but your buyer may suggest you do so.
Instruct a solicitor
You have to select a solicitor or conveyancer that will handle the legal work that the sale demands. They will, for instance, release details of the deeds to your buyer’s solicitors as well as create a contract of sale.
The buyer’s surveyor reviews your home
This usually occurs a few days after the offer to buy has been made. It will be arranged through your estate agent (that is, if you hire any). The agent will inform you about when the surveyor will be coming to see the home. Also, you can handle over the keys to the agent so that you don’t have to be there.
Renegotiate the price, if necessary.
If case the buyer’s survey discloses that there is the need for a number of work on the property, he/she may want to renegotiate the offer. The renegotiation process will be carried out through your solicitors. Try to be realistic when discussing the price. If you are aware that there is truly the need for such, it might be fair to lessen the price accordingly.
You may ask the buyer to send you quotes for the work required from at least two contractors and check to see if you could handle the repairs yourself. However, if you cannot come to a compromise with the buyer, you can simply pull out of the sale. Note that you may lose money by starting the selling process all over again
Exchange contracts and agree on a completion date
At this stage, you become fully legally committed to the sale. You have to sign the contract and your solicitor will handle the rest. The buyer is expected to pay a deposit, which is around 10% of the sale price, to your solicitor.
Organise your move
ou be required to move out of the property on the day the sale is completed. This means that you have to book a removal van and begin to pack out for the buyer.
At this concluding point, you have to hand over the keys, and say a farewell to your old home, which now belongs to the buyer.
The material contained in this article is intended for information purposes only and not as advice.
You should obtain professional legal or other advice if you are unsure about the effect on you of any matter in this article
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