Jan 12, 2011
When it comes to selling your property, it is often complex and stressful. It can be complicated and time consuming from choosing the right agent to negotiating with interested parties.
Problems may crop up at different stages during the process and may cause delays and long interruptions.
For example, buyer may declare void at the signing of the Sale & Purchase Agreement or the buyer decides to bring down the price at the last hour. There are many disagreements that may happen in the midst of this process.
Below are some pointers on how to get a handle on the process if you are deciding to sell your property.
The most common way of selling your
property is through estate agents. However, you can market your
properties privately to save on the estate agents' commission but
this incurs many disadvantages:
As you are lack of the skill, personality and recommendations of estate agent, you might get fewer viewings which may elongate the time to sell your house.
When you get little viewings, you may end up selling at price below value.
You have to market, advertise and ‘tour' the interested parties and answer to their enquiries which can be very time consuming.
Thus, the best way is to seek the expertise of professionals to assist you. You will require a property valuer to determine the price of your property, an estate agent to market and sell your property, and a solicitor to handle the legal documentation.
However, keep in mind to be involved and work closely with your agents to market your property as well. Property search websites are popular in this era as they are new means of advertising at a much reduced rate. At any point of time, prepare yourself and your property before any viewings for prospective buyers. The value and attractiveness of your property can be enhanced by carrying out a major spring clean or adding a new shine of paint or polish. To add on to other means of advertising, you can do it on flyers as well as newspapers.
When someone is interested in your property, the buyer will make an offer through your agent. It is up to the owner to accept or turn down the offer however, be prepared to be involved in some negotiations.
The price you are likely to get usually depends on:
Whether property prices are accelerating
Where your property is located at
If the asking price is realistic compared to other similar properties
How quickly the buyer wants to move
Once you accept the offer, your solicitor will ask for certain information to begin the legal preparation for the sale. When the buyer signs the Sale & Purchase Agreement, the buyer will pay the balance of the first 10 per cent of the Purchase Price (less the earnest deposit). The remaining balance 90 per cent will be payable to you within three months from the date of the Sale & Purchase Agreement or three months from the date the Sale & Purchase Agreement becomes unconditional.