How to Sell a House?
People are often faced with many tasks and the process of how to sell a house can prove to be a daunting one. Going forward, you certainly want to be really careful with the decisions you make because they can prove to be very crucial.
There is no happening without a cause. A seller may decide to sell a home. However, some stipulated processes are bound to be followed to bring the same to fruition without a hitch in a real state. In this article, we shall talk about the steps involved in selling a home.
How to Sell Your Home- Guides to Help You Make the Right Choice
There is no escaping the fact that many home sellers are often faced with selling dilemma. However, there are a lot of things to be known and steps in order to pass through this stage. Here are the guides that will help you weigh up your choices to making the right decision at a time.
Ready For a Quick Quiz?
You need to know why you are selling
Your seller may decide to sell a house based on some reasons. It may be that you wish to have more space. However and whatever the reason you may want to put forward, you must be ready to sell the property.
This decision, however, will swing you into action. It is expedient that you decide what price you wish to take for the house. This is because changing prices can affect the decision to sell a house. Having considered the current prices, pros, and cons, you think of the time to sell the house. This can affect the price for which the house is sold.
At this juncture, you then invite the home inspectors to ensure your property is in good condition so that it can attract a good offer. You should deep clean your house, ensure that it is equipped with natural light and get it listed.
Consider your financial position
You obviously need to consider your financial position and get committed to the mortgage. You can decide how much is to be left off after paying off the mortgage based on your financial position.
It is important that you be on the lookout for somewhere to buy or rent during this period. This is because you need to have a place of abode. Whatever you do, do not sell at a low price simply because you’ve got a house of your dreams you intend to buy.
If you rush to buy a less than a perfect new home because you’ve got a buyer for your current home, you are likely to break out the housing chain. The closing cost and comparative market analysis should be done by you and in consultation with the estate agents. This is to allow for multiple offers.
Also, there must be a closing date for the offer so that the potential buyers will be made aware of time.
Consult With a Real Estate Agent
This is another important step you have to take. You can decide to sell the house yourself or employ the service of traditional estate agents. Using online real estate agents can be a fantastic decision also.
Real estate agents will then take your intention to social media. Their job is obviously to put the property up for sale on the internet. However, it is advisable that you consult at least three of the estate agents for a good valuation.
An open house especially one blessed with basic and fascinating basic amenities usually attracts many competitive bids from buyers. All that you need to do is to get the online estate agents to list your home, enclosed with all the features it has and then wait for rivers of suitable offers to start flooding in from all angles.
Most times, the offer may reach a crescendo and it gets to a point where you feel you have got a very nice value off your property.
Employ the services of a solicitor or conveyancer
Having decided how much you wish to sell your home, you need to employ the services of professionals like a solicitor or conveyancer for legal work. This is to ensure that the ownership of the property is transferred to the potential buyer.
In order for the whole home for sale processes not to become exasperating, hire a solicitor. It is germane that you hire a professional that is vastly attuned to the details of his work. Many legal works out there are fake and that could annul the validity of the ownership transfer process.
However, you need to fill in the relevant questionnaires to enable the buyer to get ideas about the property being put on sale.
Accept a suitable offer
A thoroughly furnished house will assuredly attract many handsome offers. It is very quintessential you know that the basic quality people look out for in any house on the market is the home improvements it has.
The agents pass to you multiple offers from which you may reject or accept, depending on the sale price you deem fit. You may instruct the agents to negotiate the offer upwards if you feel dissatisfied with the current offer. It is of paramount importance that you instruct the agents to take the property off the market once you finally agree on an offer.
Draft the contract offer
The draft contract is prepared between 7-28 days after the exchange of the contracts. The moment you exchange contract with your buyer, he is legally committed. It is not advisable to pull out at this stage unless there is a solid reason. Your buyer may find this act dissatisfying and you may be sued.
Truth be told, you must make sure that the details of the contracts are lucid enough. Basically, both parties want a situation whereby the deal is pulled through without any issues or complications. It is obviously your duty to look after the house being sold until the sale is completed.
Start packing your things and move out
Having completed the contracts, you should start preparing to move out. The moving out is less stressful if it is done before the day of completion of the contract. The movement is better if one has somewhere in place to move to.
At this point, you are already handing off the property to your new buyer. As a good sign of gesture, you must do all you can to ensure the new owner has a smooth transition to his new home. Do not procrastinate the plan to move out before the due date. If you do, your reputation may become negatively affected while at the same time leaving your buyer seriously annoyed.
It should be noted that at the time of completion, the property has to be in the agreed condition and even in line with how it is stated in the contract. The fixtures and fittings have to be intact.
Ensure that you complete the sale
The sale is complete when the property changes ownership. At this point, you accept payment and then you hand over the keys to the buyer.
It is of great importance that your solicitor or conveyancer registers the change of ownership with the Land Registry. This is to ensure that everything is put in place for the success of the transaction.
Make sure you pay off the mortgage
It is equally germane to see that the mortgage company is paid off the redemption figure. The employed solicitor or conveyancer helps to do this job. On the day of completion, the buyer should transfer the money to the solicitor or conveyancer and the mortgage should be paid on your behalf.
Finalize things with your solicitor and estate agent
When the sale has been completed, an account of the total amount spent which covers all costs and expenses will be sent to you by your solicitor. The price for which the house is sold and the redemption figure of the mortgage are also enclosed in the account sent.
It is equally important that your solicitor registers the change of ownership with the Land Registry.
In a case where you want to buy and sell simultaneously, you can make use of your solicitor to ensure that the transactions go as it ought to, without any hitch. Also, it is expedient of you to ensure that stamp duty is paid for the new house you are buying.