If you’re thinking of selling up, understanding the steps involved at each stage is really key. In order to help you navigate the process, we here at Ruralco Property have put together a quick 7-step guide to selling your property.
1) Property Appraisal
The first step in selling any property, is to have an appraisal carried out. You can get a Ruralco Property agent to appraise it for you. Ruralco agents specialise in answering the question “how much is my home worth?” – running it by comparative market data for similar properties sold within the last few months.
The closer an agent is to matching your property to recently sold ones in the same area, the more accurate the appraisal will be. Ruralco Property agents also think about the current competition, wider market trends, and the structure and condition of your property.
Property appraisals are a solid way to understand the potential of your local property market, and to get an insight into how much your property is currently worth.
2) Choosing A Sales Method
There are 4 ways in which you might want to sell your property – and the good news is a Ruralco Property agent will be able to guide you through which is the best for your property. The options include auctions, tender, expression of interest, and private treaty.
At this point it’s also important to decide on your selling price – which should help with the appraisal of the property.
3) Signing With An Agent
As someone looking to sell your property, you’ll need to sign an agency agreement. A standard agency agreement will last for 9p days between seller and real estate agent.
At this point, you’ll also need to provide the agent with two keys, and give them dates when they can show people round. Normally you might have 2 open home events for your property.
4) Marketing Your Home
It’s now the time to really sell your property to potential buyers. In order to attract the attention of possible clients, you may want to get some professional photos taken of the property. This can be organised through your agent, who will ensure that all the legal copyrighting of the images goes through the proper channels.
Your Ruralco Property agent will be able to run an extensive marketing campaign for you, which will reach a wide audience – giving your property the exposure it deserves on the market.
5) Opening Up For Inspections
Open inspections allow buyers to get a feel for your home. You should make sure that you spend enough time tidying up in preparation for inspection from potential buyers. First impressions are often everything in this industry – with people making up their minds within the first few minutes.
6) Negotiations And Contracts
If you’ve gone for sale via private treaty, tender, or expression of interest, you’ll be receiving offers via the agent. Your Ruralco agent will discuss these offers with you, and then negotiate the best price and conditions of sale for you.
If you’re selling your property at auction, it will be open to the public for bids. This auction will be governed by strict rules and will take place on a specific time in a specific place. Once terms are agreed upon, contracts are signed by the buyer – who will then pay a security deposit.
7) Property Settlements
Property settlement is the simple process of transferring property between owners. Settlement dates are specified in the contract of sale, and is normally within 30-90 days after the exchanging of contracts.
As settlement dates approach, the solicitors from each side will be in touch to ensure that all conditions of sale have been met, so that everything can go ahead as planned.
On the day of settlement, the lenders authority will authorise the payment of the balance due on the property. This means that you can expect to receive payment for the property on this date.
Lastly, on the day of settlement the seller will transfer the property to the new owner, who takes possession by way of exchanging keys.
For more information on the selling process contact your local Ruralco Property office today, they will be only too happy to help.