Selling is all about being organised. Early spring and summer are peak selling periods when traditionally demand outstrips supply and therefore prices are usually their most buoyant so it’s important before placing your home on the market that you have everything ready to go.
Even though first impressions are critical to target your audience, you also have to follow it through to make sure the transaction runs as smoothly as possible and painless, to avoid any issues raised later on in the transaction which could cost the sale of your home and or related purchase.
We have provided simple guidelines that will ensure you are prepared before going onto the open market and your sale can be achieved without the additional stress: –
Instructing the Estate Agent
Don’t necessarily go for the one with the highest valuation, this is an old trick used to win instructions. You’ll want someone you can relate to personally; someone who is very active in the local market; and someone who is keen to sell your property and has fair agreement.
The key to selling is sensible pricing to generate serious buyers to achieve the best price. However choosing not to be realistic, you’ll experience a long and frustrating time on the open market with lack of viewings, no offers and the property being over exposed and not competing in today’s market.
Whilst records are still being achieved, majority of buyer’s will have a wide range of access to data and are very much in tune with the market and the values in the area, so it’s important that the price of your property is accurate.
Instructing the Solicitor
Success of a property sale is all down to solicitors so seller’s should talk to their agent about using a recommended solicitor who will be proactive in helping to push the process along. Preparation is key, so it’s a good idea to instruct a solicitor to do your conveyancing early. Ask them to prepare a draft contract and apply for the title deeds, while you pull together all your own paperwork on the property – that is, all building certificates for any structural building works carried out, and any valid work guarantees for word worm, damp, etc.
Choosing the Best Buyer
The person who offers the highest price is not always the best choice. Listen to your estate agents advice on buyers and your agent will find out as much about the buyers circumstances as possible. First, how are they financing the purchase? Cash buyers are best, but if they are raising a mortgage ask to see a mortgage ‘in principle’ letter from their mortgage broker / lender. Are they first-time buyers? If so, they will need some handholding by the estate agent. Do they have a related transaction? If they have something to sell, then it should be under offer before you take your property off the market. Also, find out about any forward chains that could complicate agreeing completion dates further down the line. Additional purchasers and buyers returning to the market are usually good news – as long as their finances are in place, then there should be less potential hurdles here. A buyer who is represented by a professional home search consultant is also very good news, as the consultant will push the deal through on their side of the fence too.
Your estate agent will be the middleman and will present every offer that is made. Your estate agent will provide all the background information to hand on the buyer’s position, and the ability to move quickly and ask that offers be made in writing. Market conditions, competition and how much the buyer loves the property will determine what the buyer is prepared to offer. Similarly, the price you will be prepared to accept will depend on market conditions; how quickly you need to sell; and the size of your moving budget. Compromise on both sides is often the key to securing a deal. Also, know whether you want to keep all your furniture, curtains and white goods, as many of these items may not suit your next home, and can be used as effective bargaining tools to get the price you want.
Holding the Deal Together
This is where the hard work starts, and the longer it takes to reach exchange of contracts, the higher the chances of the deal falling out of bed or of the buyer gazundering (i.e. dropping their price). So keep in weekly contact with your solicitor and estate agent to ensure that channels of communication stay open. You need to be kept informed of where the conveyancing is at, and how your buyer is feeling about the progress of the transaction – you need to know whether they are still highly motivated, or off looking at other things to keep their options open.
If you are thinking of selling or letting your home, please do not hesitate to contact us today:
T: 020 7924 4181
T: 01508 218398