The Selling Process in a Nutshell
Now let’s be honest, selling a home isn’t just as easy as putting up a For Sale board and waiting for the buyers to come. Selling a home is a long and sometimes complex process, so here’s a brief overview of some of the crucial steps involved and of course, don’t hesitate to get in touch if you’d like any advice.
Step 1. Discuss your finances with an experienced advisor
The crucial first step. Unfortunately, many sales have fallen through because a seller hasn’t properly looked at whether moving is financially viable. We’re sure in most cases it’s absolutely fine, although you should get advice from a qualified advisor who has the relevant experience to make sure you are in a position to sell. We are more than happy to discuss this with you, with no obligation.
Step 2. Get a valuation of your home
This is where you arrange for an estate agent to suggest a marketing price for your home and for you to get advice. If you have the time, we suggest you may want to do a little research yourself. So when an agent gives you a valuation, don’t be afraid to ask them to justify their reasoning. Be wary of agents valuing your home higher just to get your business (trust me, some agents do this).
Step 3. Choose an Estate Agent that will sell your home, and take you to completion
Your chosen estate agent will either make selling your home a smooth ride or add to your stress so it’s essential to select the right estate agent for your situation. Consider experience, quality of marketing (especially online based) and presentation (i.e. photography – one of the keys to selling your home, virtual tours and brochures), high street presence, active buyers, opening hours, etc. At the end of the day, you want an estate agent who will get you the best possible price in the shortest amount of time. You shouldn’t just base your decision on fee alone, and whilst you may expect us to say that, it is true when they say you get what you pay for.
Step 4. Find and instruct a solicitor
The successful sale of your property can also be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to do some research and make a decision before you put your property on the market as this will help to avoid delays. We like to make this easy for our sellers by giving them our recommendations as we regularly work with a wide range of solicitors to make sure a sale goes through smoothly, so we know the great ones who go out of their way and have good communication.
Step 5. Prepare your property
Consider basic DIY jobs that you think will give potential buyers a better impression of your home such as adding a fresh coat of paint, moving or removing furniture to create space, decluttering, tidying up your garden, etc. First impressions count and will definitely help to achieve a better price. Check out our full guide on preparing your home for a viewing.
We would be happy to recommend any improvements we think that will help the sale of your home. We have our own in-house property maintenance team who will be willing to help should you need a hand with any jobs.
Step 6. Place your home on the market
To get the best possible price and buyer, you need to have an agent who offers a comprehensive marketing package. Every agent is different. Make sure, at the very least, they market on all property portals (Rightmove & Zoopla being the primary) as this is where the largest audience of buyers are. Take a look at our unique services, we take the online presentation of your home to another level.
Step 7. Accompanied viewings
Make sure your home is ready for potential buyers. For example, if you’re selling your home in the winter, make sure the heating is on at a mild temperature and/or light a fireplace to create a cosy atmosphere. Small things can make a big difference.
With confirmation from you, we can cater for accompanied viewings at most times of the day, including weekends, to give interested buyers the best opportunity to see your home.
Step. 8 Accept an offer
In most cases, never accept the first offer! Discuss the offer with your agent and ask for advice on the best course of action, you may be able to achieve more. Many buyers will offer under their budget, hoping to get a bargain.
Once you accept an offer, in most cases the agent asks the buyer for proof of finances and ability to proceed, gather solicitors details and create a Memorandum of Sale which is then sent to all parties. The solicitors will then begin their conveyancing to finalise the sale. As part of our service, we have our dedicated sales team, headed by Tanya Burrows, who will ensure every party involved in your sale up to date with the sale progression.
Step. 9 Countdown to moving
Once you have found a new home to move into and all relevant finances are in place, the countdown begins. This begins two key stages; sales progression and conveyancing.
Step. 10 Exchange of contracts
Exchange of contracts occurs when the following has been confirmed and agreed:
- Preliminary enquiries following receipt of draft contract
- Evidence of a good title
- Specific issues highlighted in the Lease, if applicable
- Local search queries
- Fixtures and fittings to be included in the sale
- The buyer’s mortgage offer
Once the contract has been signed by both parties, the deposit (usually 10% of the purchase price) will be electronically transferred or paid in the form of a banker’s draft by the buyer’s solicitor to your solicitor. The completion date is then set by mutual agreement.
Step. 11 Completion
Completion is when the residual monies (usually 90%) are transferred from the buyer’s solicitor to your solicitor’s account. Your solicitor will call you when the money has cleared in your account and will inform your agent to release the keys.
Congratulations, your property is now sold!