Date Published 08 November 2019
Selling a property could easily been seen as a complicated and confusing process. Here at Fahren Estate Agents we like to make things as easy as possible for property sellers and home buyers.
Here is our guide to selling a home in 9 simple steps:-
1. Work out your finances
Look at your budget and see realistically what you could afford. A quick way to find out how much you could borrow is to visit mortgage provider and bank websites, most of them having a basic online calculator. Tell your current mortgage provider you are thinking of selling and they can help. If you are a cash buyer, work out your budget and keep this figure in mind when looking at properties to buy.
2. Have a look at the market
If you are thinking of selling a home, then the chances are that you are thinking of buying the next one. Have a look at the market to see what is available, but make sure your home is being marketed for sale at that time, because you'll need to be in the right position if you find somewhere special and want to secure your next home. A confident and ready-to-move buyer is someone who already has interest on their own place and is ready to go.
3. Instruct a reputable estate agent
Invite local estate agents to your home to get a valuation or market appraisal. The agent's experience, track record and demeanour are very important. Choose an agent you trust and get a good vibe from. Selling homes is often about people, not property, so make sure you have someone experienced and confident representing you. A good estate agent will market your property to relevant buyers, negotiate offers and keep the process going as smoothly as possible, dealing with any issues that arise. If you see the NAEA PropertyMark logo (National Association of Estate Agents) on an estate agent's marketing material this means they are monitored and trained by the association – a great sign of professionalism.
4. Prepare your property for marketing
The estate agent will want to come to your home and take photos, record details of the property and measure for a floorplan. A home which looks tidy, presentable and attractive can receive more clicks and hits on online adverts, so make sure your place is giving a spruce up before photography. Also if you haven't got an EPC (Energy Performance Certificate) you won't be able to market the property for sale. You can ask a local EPC provider to create this or the estate agents can organise it for you. If you have previous rented the property out, you may have an EPC already. Visit www.epcregister.com to have a look. Also, provide your agent with all relevant lease, service charge and maintenance details. Most buyers ask for this before they even decide to view a property.
5. Accept an offer
Once the property is being marketed for sale, you will have people viewing your home. When someone decides they want it, they will make a formal offer to you, through the agent. Don't always accept the first offer. You can wait for the next offer or negotiate. Your estate agent should be able to guide you as to how much you could negotiate and if the offer is strong or weak and what the buyer's position is. Once you've accepted an offer, it's onto the next step!
6. Choose a solicitor
The legal process of selling a home and transferring ownership is called Conveyancing. This can be done via a solicitor. There are many local and online companies that can help - your agent might even be able to recommend a successful firm to use. They will quote you a fee for the process and once agreed they will act on your behalf through the sale.
Both parties' solicitors will communicate with each other throughout the sale. You and the buyer will need to decide when your property ownership will be transferred over and the sale completed. Fixtures and Fittings, Contracts and Questionnaires will need to be completed, so both parties are aware of what will be included in the purchase/sale, the property boundaries and if there any outstanding disputes with neighbours etc. If the buyer is a mortgage buyer, they will need to arrange a mortgage survey, where a surveyor will attend your home to assess its value.
Once all enquiries and negotiations have been satisfied, the property will exchange on a date agreeable to all parties. This is where the final contract is exchanged between solicitors. At this stage, both you and the buyer are legally committed to the sale. If you withdraw at this stage, you may be subject to legal action. If the buyer withdraws at this stage they would lose their deposit. Once you have exchanged this is the time to start preparing to move out.
The final stage. Once your property has ‘completed' the ownership has officially been transferred from yourself to the buyer. You hand over the keys and accept the payment. The property deed with be transferred and your conveyancer will register the completion with Land Registry.
There will be a redemption figure set by your mortgage provider, and your solicitor will pay this for you. Your solicitor will send you an account of their legal costs, the final sale price and mortgage redemption figure. Hopefully your own property purchase has also been a success and now you are the proud owner of a nice new home.
The team at Fahren Estate Agents are keen to help buyers with lots or no experience in selling their home and achieving the best price and smoothest transaction. If you have asked yourself ‘what is the value of my home' or ‘how do I sell a property' or ‘how to increase the value of my property' then contact one of our team.
We are more than happy to offer advice and provide a realistic valuation of your flat, house or bungalow in Bournemouth.
Contact us on 01202 551022, email email@example.com or contact us via social media.