Selling your House- A Step by Step Guide
Selling your house is not a simple task. It requires in-depth research for the best deals. The most competitive price and highest profit your house can fetch are what you are looking for. However, with the right information and necessary support, the whole house selling process should be the least of your worries. Keep reading to find out how you can make this process easier but exciting as well.
Make the relevant Financial Arrangements
Finances come first in the house selling process. Firstly, inform your mortgage company of your plan to sell your house. Find out from them if you face any penalties if you settle your mortgage earlier than planned. Secondly, consult your mortgage provider about another mega mortgage that is if you plan to sell and buy another house. The mortgage company should advise you on the best mortgages that you qualify for.
Start selling before Buying your House
It is most likely that you are selling your house so that you purchase another one. So before you start looking for the new home ensure that the house you plan on selling has already been marketed. Do not just plan in your mind; put your plans on the ground, you do not want to miss your dream house for the simple reason that your house hasn’t been listed on the market yet.
Compare Different Valuations
Your house is your property and you definitely have the final say on the price you want to sell it at. You may consult one agent from the ones available but that does not necessarily mean that you must sell your house at the price given at the agent’s valuation. It is advisable to get at least three different valuations. An important note to consider is that stamp duty is your cost and that buyers will always want to bargain so when setting your asking price set a 5-10% on your expected price.
Find a Trusted Agent
An agent is an expert in house selling matters. He will help you advertise your house on online portals. He is the man on the ground and will give you all the details on the area since he is conversant with it. You should, however, be keen on the agent you choose to deal with.
Put your House in Order
Like any item on sale first impression matters a lot. How organized or disorganized your house is will influence a buyer’s decision. Ensure your house is clean and organized. The photos in the advertisement will talk tons and will either send buyers your way or make you lose out on them. Remember online buyers always give a fast sell and at the best price, grab this chance by giving them an eye-catching view of your house that they cannot resist. De-clutter and keep the spaces tidy for very soon your house will be receiving many visitors. They need to find everything in perfect condition.
Choose a Solicitor or conveyancer
A solicitor or conveyancer will handle all the legal duties in the selling and transfer of ownership of your house. A solicitor’s job starts immediately after you accept the offer on your house. Some agents will recommend a solicitor and will even offer a discount for the services, but if such an arrangement is not available then avoid last minute hassle by ensuring that you find a solicitor so that when you reach this stage they are just a call away. To save on the cost of paying two different solicitors, if you are buying and selling consider using the same solicitor for both transactions.
Accept an Offer
You must be getting people interested in your house coming to view it. Buyers are always very good at bargaining so be prepared. Your agent will be needed here for advice on the most reasonable price you can accept but as mentioned earlier you have the final word on the cost of your house. The offer that you will settle for will take your house selling process to another step.
Negotiate the Draft Contract
The time between exchange and completion should be discussed between you and the buyer. If there are any fixtures or fittings to be made you need to arrive at an agreement on how much they will cost and whether they are to be part of the sale. The buyer’s surveyor will also give his report if it has any problem you may be asked to drop the price by the estimated cost needed to fix the problem. It is not a must that you do this but it will be a big blow to your buyer should you opt to do it. Either party can still walk away at this stage if you haven’t closed the deal.
This should be done after you have negotiated terms on the contacts and come to an agreement. The finalized contracts open the ground for payment of a deposit for the house and the completion of payment to follow shortly. There is no turning back now. Pulling out of the deal could get you sued you will be required to return the buyer’s deposit. If the buyer pulls out he will forfeit his deposit.
Your house has a new owner now. The time agreed on in your contracts is what is keeping you in the house. Make arrangements to vacate. It is time to say goodbye to the place that was your home.
You will hand over the keys and accept payment. The ownership of the house will now change officially. The deed and payment will be transferred by your solicitor and your buyer’s solicitor and your solicitor will register the transfer of ownership with the land registry.
Settle your Solicitor’s Bill
You are happy you have sold your house, the buyer is happy he has got a new home, it is now the solicitor’s turn to be happy too for the completed job. He will send an account and you will pay for the services.
You now have the basic information on your fingertips on how to sell your house. House selling should be the least of your worries.