Selling a home is no easy task - and the hardest part is saved for last: closing the deal. After listing your property and hosting a property viewing, you have to convert your enquiry into a sale. But what is the sales process and how you manage it without an estate agent?Follow these six simple steps:
Negotiating is the first step to closing a property sale: only once you have agreed on a price can the transaction take place. It is important to be fair and realistic, but also be firm so you do not fetch less than the property is worth. Make sure you are able to be contacted easily so that you do not lose your buyer mid-negotiation.
2. Write down your official acceptance
It is important to accept the buyer's offer officially in writing, as opposed to over the phone or saying so in person. Email is acceptable.
3. Hire a solicitor
Solicitors might often come recommended by your estate agent but, if selling privately, you will have to hire one yourself to handle the legal steps of recording a transaction, transferring title deeds and drawing up a contract. Solicitors' fees can be expensive, but can also be offset to some degree by the decision to not use an estate agent, who would normally expect their own commission on the deal.
Your property will be assessed by the buyer's own surveyor to make sure that it matches the price and description they have been given and to check for any unforeseen or unknown problems. You will have to be on the premises to meet them.
After the survey has been completed, the buyer may lower their offer, depending on any structural problems or repairs that need to be resolved. be prepared for renegotiation, even if you do not think that work needs doing to the property.
6. Sign the contract
Once you have agreed on the final price, your solicitor and the buyer's solicitor will confirm the final legal details, leaving you and your buyer to sign the contract. Congratulations, you have sold your home.