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Getting ready
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Selling a house can be a very daunting task. It should also be planned to get the most of the sale however at times due to job or other personal reasons one has to move quickly.
There are different ways you can sell your house either through an agent or privately. Selling through an auction is also an option however generally properties which need to sell immediately or need a lot of work done generally come up in auction.
- Make sure that your house is ready for presenting to the prospective buyer or if you are selling through an estate agent.
- Make sure the exterior of the house is good, the driveway, garden, have a new coat of paint on the window frames and doors
- Keep the rooms tidy and fresh
- Ensure all the rooms are appealing in appearance even if furniture is not included in the price. Keep the rooms uncluttered to give a more spacious feel to it.
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The Right Price
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Once you have prepared your house for selling, its time to let the estate agents have a look around your place and tell you the price you should put your property up in the market. Agents charge on commission basis generally 2-3% on the paid price, they will give you a free valuation in hope of getting an instruction from you to sell the property. Its advisable to get in at least 3-4 valuations before you decide on your selling price. The price is determined broadly depending upon the following factors
- Local and national housing price trends
- Demand in your area in terms of both properties and buyers.
- Current rate at which properties in your and nearby area have been sold.
- Condition of the property
Over pricing your house can result in putting off prospective buyer and delaying the sale of the property. If there are any major defects in the house which you feel could affect the price then ensure that your selling price reflects that and your agent is already aware. That way, the price will reflect a realistic picture and expectation will be managed more fairly on both sides
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Find an Agent
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Most people sell their property through an agent rather than privately as it is more convenient, effective and most often faster. Selecting the right agent is important keep in mind the following points while making your selection
- Check for any additional costs which the agent may charge in addition to its 2-3% commission
- Check and agree upon the terms of selling before you formally instruct an agent to sell. Some of the terminologies are
- Sole agency: Where only one agent has the authority to sell the property. This does not affect the owner's right to sell privately.
- Sole-selling rights: Where one agent has complete control of the sale, and is entitled to his fee however the property is sold.
- Multiple agencies: Two or more agents are acting for the vendor. The agent who introduces a successful purchaser is the only one paid.
- Joint sole agency: Two agents are acting as sole agents, the commission being divided equally, no matter who sells the property.
- Check how the agent plans to market your property, as in nationwide, online , local papers etc…
- It is always advisable to choose an agent who is affiliated to professional bodies as this safe guard you against improper service as well as gives a positive credit to the estate agency.
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Marketing
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To sell anything profitably it has to be marketed well. Higher the numbers of buyers better your prospects of getting your desired price. Now-a-days there are lot of channels through which you can market your property,
- Online: Almost 75% buyers search for their new home via the web. It is an ever increasing medium. Coverage is better and is more cost effective that offline adverts.
- Local and National News papers: these are one of the oldest and popular forms of marketing.
- Other offline mediums: Such as property publications, sign boards.
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Negotiation
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Negotiating the price will depend upon lot of factors, as a seller you will have an upper hand if
- There is lot of demand for your property so you can be selective in chossing the offers to accept.
- The condition of your property is good and requires minimum work.
- Duration that your property has been on market and time frame you have to sell your property.
- Finally, the general property market conditions will also play an important part.
However, while negotiations do bear in mind if the buyer has a pre-approved mortgage and/or is not part of a chain etc… Try to keep your negotiations emotion free; it is a property to be sold, so don't let your personality get in the way of negotiations.
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Offer is accepted
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Once you have accepted an offer its time to get the legal and financial process in motion. In England you can back out of sale without any penalty however in Scotland it's legally binding. Don't take your home off the market for a buyer who hasn't exchanged on his home yet.The property can be advertised as "Sold Subject to Contract or Under Offer." This means simply that, barring any higher offers or unforeseen problems with the property, your home is sold. At this point, you are not committed to the sale, and may entertain higher bids from other buyers.
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Exchange Contracts
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Exchange of contracts is the stage at which a property sale becomes legally binding on both sides. This will be done by the lawyers acting for you and the buyer and once contracts have been exchanged, both of you are committed to the deal. If for any reason, the buyer pulls out, they will lose their deposit. Conversely, you as a seller are bound to sell the property and cannot accept a higher offer. This is also when the completion date is set i.e. when the keys are handed in.
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Arrange completion date
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Once contracts have been exchanged you can formally set a date when the keys will be handed over. This can be anywhere between a day to 28days from exchange of contracts. The complete payment for the house will be made and your conveyancer will manage it. He will hand over the final amount to you after deducting his fees and expenses, remaining mortgage payments (if any) plus any additional costs incurred.
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