Selling property – the process
You know how great your home is, but when you sell your property, you have to convince someone else. We’ve been selling property for over 30 years and we know what works.
We’ve got buyers looking for flats and houses for sale in and around Cheltenham right now. We’ll show them your property online, in the press and in our office.
The selling process can seem complex, but we’ll use all our experience to make sure it runs smoothly. Here’s our quick guide to the main steps
Step 1: Appoint an estate agent
The first step in selling your property is to appoint an estate agent, who’ll value your home and show it to potential buyers.
Our local office in Tivoli is staffed by people who know their local area. We’ll help with every stage of your sale, from valuation to marketing and conveyancing.
There are two ways you can appoint an estate agent.
Sole agency is where you give the job of selling your property to a single estate agent for a fixed period of time. The commission rate for a sole agency sale will be lower than that for a multiple agency sale, because that agent has a greater chance of being the one to find your buyer. Accept an offer via another agent and you might have to pay more than one fee.
Multiple agency is where you instruct several estate agents at the same time, who will all try to sell your property. The commission rate for a multiple agency sale will be higher than for sole agency.
Most of our sales are on a sole agency basis.
When you first meet your estate agent, they’ll give you an estimated value for your home, and a commission rate for both sole agency and multiple agency.
Step 2: Spruce up your home
We get so used to the places we live in that it’s sometimes hard to see them through others’ eyes. But if you want a successful, quick sale, that’s exactly what you have to do and first impressions count for a lot.
A few hours spent making your property look its best or even spending a bit of money to clear up some niggling problems could add to the price you get from a buyer. Here’s a few tips to get you started
Making your home more saleable
- Think like a buyer – don’t overlook flaws just because you don’t mind them or you’re used to them
- Reduce clutter – get rid of everything but the bare essentials
- Decorate neutrally – buyers need to be able to see it as their own home
- Keep it light – clean the windows and use light colours
- Outside and in – buyers will often walk or drive past first, and fresh paintwork and well cared for outside spaces make a great first impression
You’re ready for your estate agent to start showing buyers round.
Step 3: Agree the sale
As your estate agent we will start to generate offers from interested buyers. We will present each offer to you and negotiate on your behalf to get the best result.
Here’s what information we will discuss with you:
- Price – how much are the buyers offering to pay?
- Are they in a chain? If a buyer is still trying to find someone to purchase their home, you will be dependent on their successful sale. It can be quicker to sell to first time buyers, investors, or people who have already sold their previous place.
- Your position – are the buyers able to move in time to suit your plans and timescale?
- Should you accept? Ultimately the decision is yours, but we’ll provide all the help and advice we can to help you make the right decision.
Once you’ve accepted an offer we’ll pass on the good news to your buyer and start drawing up the paperwork.
Step 4: Up to exchange of contracts
Your buyer will provide us with their solicitor’s details, which we will pass on to your solicitor, so they can get on with drawing up the contracts.
The next stage is where the buyer and their mortgage lender carry out any valuations and surveys on the building and check that everything is as it should be with the paperwork. It’s quite normal for a few queries to be raised, so this stage can take a little while.
When this stage is complete, you’re ready to exchange contracts and set a completion date, when the money gets transferred, and the property legally changes hands, the conveyancing process will be complete.
Completion is normally two weeks later, but can be earlier. It might even be possible to exchange and complete on the same day if you need to. Leaving a gap gives you time to make arrangements for moving out and tie up any loose ends.
After you’ve formally exchanged contracts, you’re legally obliged to sell the property to your chosen buyer and they’re obliged to buy it from you.
You should plan to move out before your completion date. As soon as you have completed the sale the property belongs to your buyer and they can move in immediately.
Step 5: Complete the sale
Completing the sale is usually as simple as getting a phone call from your solicitor telling you that everything has gone smoothly.
This means both parties’ mortgages have been paid off and new arrangements put in place, the conveyancers have successfully arranged the legal transfer, and the property officially belongs to your buyer.
Selling your property is now complete – congratulations!