The Sales Process: Start to Finish in 2021

Selling your home can be a difficult and stressful time especially if you have no idea on the sales process and what it entails. Not only will you be trying to sell your home, but you will also be looking for a new property to live in, whether it be renting or buying. Knowing the process should make this time a little bit less stressful and may even save you money. Here is a step-by-step guide on everything you need to know.

Even though most homeowners already have a good idea on what their home is worth you will still need to get an estate agent round to do a valuation. The good news is most estate agents offer free no-obligation valuations. There is no rule to stop you from getting more than one agent round. This will give you the chance to personally meet the future agent that may be selling your home which will massively help with the next step. Any good agent should know the area and be able to compare similar house prices close by to provide a good market value.

It is common to be told variations in this price, sometimes by quite a lot, but knowing your agent can help explain why there are differences. Always remember that whatever they suggest, you are not obligated to accept. You are the client, and they act on your behalf.

The Agent you choose is entirely up to the vendor. There are usually many within a local area, plus many online. Choose wisely.  The first things you ought to consider is what do you want from the agent? Do you solely want the best price for your property, or do you want a quick sale? All Agents that come to your property would be able to sell it, eventually. However, you need to ascertain how hard will they work for that sale? Ask the right questions> What details do they need?  How do they market the property and on what platforms? Remember, you have no obligation to use the agent that valued your home, despite whatever they may imply. One thing to consider is that any agent can say they can sell a house very quickly, but this is most likely be because the market valuation provided is lower than similar properties.

No agent can guarantee a sale, it is just not possible. However, a good agent especially a local one, should know what the demand is like for a property such as yours in a certain area. They should also know what current buyers are looking for in a property. These are the signs that the agent should be a knowledgeable one.

Often independent agents can be far more obliging than bigger chains. Each has something different to offer, but in terms of fees, the independents are more likely to offer a more ‘flexible’ tariff than the larger one.

All agents need to produce marketing details for the property. Floorplans always help and great photographs are essential. The description should be detailed yet honest. It is the law that the agent cannot be subjective. They cannot suggest that the local shop for example is only a ‘stone’s throw away’ that would depend on so many mitigating factors. An honest description would be, “the local shop is within 500m”.

Do not be afraid to ask the agent to see the description and the advertisement before it gets advertised. You are the client and again a good agent should understand that it would need your approval.

A good agent will arrange convenient viewings for the vendor and will be willing to conduct those viewings themselves if you so wish.

These generally operate from more remote locations. They may offer great benefits. This is

 mainly because they do not have locational offices. This will keep costs down.  There are advantages to online agents. The most advantageous is that most will be contactable 24 hours. The possible disadvantages are that they may not know your specific area. They most likely have operatives near your area whom they will send out, to take photographs etc. However, please be careful. There are online Agents that will claim they sell for free. This may true but what is not mentioned is that asking for a floor plan or indeed a sales board may cost you extra, along with an agent to conduct the viewing, which is usually left for the vendor to do.

All agents offer to sell your property for a fee. This will vary and can range between 0.5% to 2% or higher. These fees are taken from the pot once the sale has completed. It is here that you may wish to consider an independent Estate agent, their fees will be far more negotiable.

All sales must go through a formal process. The law requires the property to have a full survey. These vary in price but factor in at least £500 or thereabouts. A good agent should be able to suggest a suitable and trusted Surveyor. Always try to use a registered surveyor with a RICS qualification.

A solicitor must also become involved. They will be appointed by both the vendor and the purchaser. These are Conveyancing Solicitors. Their work is to investigate the sale on both sides. Legal fees are varied, but again do not be surprised if the total is about £2,500. Also always remember that there is normally a tax called Stamp Duty to pay. This will be fixed by the government; your solicitor should be able to advise you on this.

The agent will produce the Memorandum of Sale that will be sent to both parties’ solicitors.

Again, a good agent will be the intermediary between the solicitors of both parties and should be updating both the buyer and seller frequently. If there were to be issued, they should be able to help and advise.

These are the final processes, which are sometimes misunderstood.

Exchange. This is when the solicitors will agree that the contracts are ready to be passed on (exchanged) between themselves for final approval. It also indicates that the property is almost sold. Normally there is about a week between the two.

Completion.

Both parties’ solicitors have approved the contacts and signed them. It is now that the agent will call you to officially let you know the property is either sold or yours.

As soon as completion is announced the keys SHOULD be ready for collection from the agent.

The sales process is complete.