Step by Step Guides Selling

If you have a property that you want to sell, this is your guide for the whole selling process.

Sections:

1. Overview
2. When to Sell
3. Agent - Self Sell
4. Estimate Costs
5. Appearance/Refurbishments
6. Advertise/Viewings
7. Negotiating/Accepting an offer
8. Conveyancing

3. Agent - Self Sell

The first thing you need to do is get an independent property valuation to tell you how much you should sell your house for. You should contact a Chartered Surveyor for this task, as Estate Agents only give you a rough estimate and can't underwrite valuations. Agents may also be influenced by their own agenda, setting the price too high to get you to use them, or too low to sell quickly. You can estimate your house's market value yourself by comparing sale prices for similar properties in similar locations.

The following table gives you some advice on which method to choose taking into consideration the aspect most important to you:

You're concerned about...	You should...	Pros	Cons
Money	Self Sell	- You can make as much money as possible out of your sale. - You're in control of marketing spend. - You don't pay commissions.	- It's time-consuming. - You have to be comfortable handling all aspects yourself
Time	Auction	- Guarantees the completion of the sale 28 days after the auction.	- You have to pay a commission. - You can set up a base price but you can't be sure of the final sale price.
Convenience	Estate Agent	- They are professionals in the area. - They handle all the aspects of the sale.	- You have to pay a commission. - This is the most expensive way to sell a house.

Self-sell (Private)
Selling your house yourself is really hard work but it's suitable if you feel you could use the extra money you're saving by not paying a commission. As a self-seller, you should:

• Set the asking price, based on your property valuation, but considering factors such as the desired speed of the sale and a reasonable negotiation buffer
• Communicate your offering, choosing the appropriate channels to reach your audience (word of mouth, newspapers, internet listings, signs on the property, etc.)
• Arrange viewings, maintaining your homeowner's position and not trying to become a salesman, since it might put off your potential buyers
• Negotiate potential offers, reasonably and sensibly

Auction
There are several reasons why you might decide to auction your house, such as:

• Your house would be hard to sell by other means (e.g. needs massive repair or investment)
• Your house is being repossessed, which means you have to sell quickly to pay off the debt
• Your property is unconventional, making them difficult to value and only appealing to a very narrow audience
• Your property is in high demand, which means that you might benefit from a much higher-than-market sale price for it because of bidding wars

The process followed by an auction is composed by:

• Setting a reserve price, based on the valuation and consulting with the auctioneer
• Preparing a contract, hiring a solicitor to draw up a contract with the terms and conditions, which will be attached to the auctioneer's brochure
• Opening your house for viewings, either by your potential buyers and/or their surveyors
• Once the property is auctioned, the sale is official and legally binding. You should receive 10% of the sale value as a deposit straight away, and the outstanding balance within the next 28 days. Remember that you have the right to sue your buyer if they fail to pay the agreed amount

However, as we said earlier, you can never be sure on how much your property will sell for. You should also take into consideration that you will have to cover the costs of the auction regardless of whether it sells or not. Auction costs include advertising fees and a commission of about 2.5 per cent of the final sale price.

Estate Agents
Estate agents can handle the whole process themselves but if you want to get more involved in it you have to let them know. After hiring their services, an Agent should:

• Suggest an asking price, which you should take as a rough guideline. You should then consider how quickly you want to sell the house and how strong the market is at that given time
• Present and advertise your property, starting by taking pictures of it and providing a list of details. After, the Agent chooses the most suitable method for reaching your house's audience (the agent's window, newspapers, brochures, the web, etc.)
• Arrange viewings, although you should ask whether you'll be charged an extra for this. You can do this yourself if you feel confident enough
• Negotiate potential offers, which you can do yourself as well, given that you are an experienced negotiator. Just remember to let the agent know what you will be handling yourself so you don't interfere with each other

Estate agents traditionally charge between 2 and 3.5 per cent of the final sale price of your property, although this is highly negotiable. You should, however, be careful not to fall for the lowest fee but to check the one that's most appropriate for you.

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