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

7. Negotiating/Accepting an offer

First thing to keep in mind is that your house does not have a fixed price. Stay flexible and always allow room for negotiations.

Remember that you should clearly instruct your Estate Agent, if you're using one, if you want to carry out the negotiations by yourself.

• Your Estate Agent is a professional and knows how to manage haggling and negotiations. Maintain constant communication with him so that you are clear on whether he wants to sell the house fast or get a good price for it
• If you're conducting the negotiations, you should be aware that the initial offer you'll receive is usually 5 to 10 percent lower than the asking price. The property market has clear rules and you are expected to have set your price high for this. Negotiations are give and take, so think before making any concessions. You're the owner or the property and can ultimately decide whom to sell it to. You have the upper hand.

You don't have to accept or reject offers straight away, you can bargain with the potential buyer before making any decisions.

Even though offers are not legally binding until contracts are exchanged, you should be careful not to accept an offer that you will reject later. Talk to the buyer before accepting any offers so that he/she can avoid paying the legal an admin fees for the offer to go through.

If you already have some strong potential buyers, you should consider three things before jumping into an offer:

• The offer is high, which is good, but you shouldn't get carried away by this
• The buyer has an agreement in principle, which guarantees him access to a mortgage and thus means that you are more likely to get paid quickly
• The buyer is involved in a chain, which means your sale is dependent on his/her sale, therefore being potentially disruptive to your planned timeframe for the sale

And finally, remember that as a seller you have the strongest position but you should consider two things when evaluating offers and negotiating:

• How many potential buyers does your property have? The more you have, the more bargaining power
• How soon do you want to sell the house? You might have reasons to sell as fast as possible, and should consider these reasons too when negotiating

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