We hope that we can help at some point in the future
We understand that we were unable to persuade you to use us at this stage to sell your home, but we wish you well and hope that we might be able to help at a later stage.
We have no doubt that you are getting all the guidance you need from your chosen agent but just in case we have put together a Q & A checklist that we hope might come in handy.
· Your home is on the market, and you are getting viewings, what should you expect from your agent?
You should be receiving regular communication from your agent providing clear and relevant feedback received from buyers attending viewings on your home.
· What if I receive negative feedback?
Not every property will suit the taste of every buyer, however if the feedback is consistent, a good agent will be able to advise you whether there is anything you can do to remedy what you are being told. It might be something as easy as a lick of paint in one of the rooms or sprucing up the garden.
· You receive an offer, do you accept?
Acceptance of an offer will be a personal decision but doesn’t have to be immediate, you can take a few days to think about it.
If you have already found a property you are interested in buying, prior to accepting, you will want to consider whether the offer you have received allows you to reach the asking price on your forward purchase.
Your agent should be skilled at negotiating the best possible price for your home and offer realistic advice on what is achievable based on the level of interest shown to date and what price other properties in the area might be attracting. Being armed with this advice will help you make an informed decision.
· What else should I consider?
In addition to whether the offer is agreeable and within your expectations, you may want to consider both your timescale for moving and the financial position of the buyer.
If you need to move quickly then you may be more interested in considering offers from more proceedable buyers. A cash buyer or a buyer with a mortgage agreed in principle will be in a more advanced position to proceed a sale than a buyer with no mortgage agreed at the date of offer being made.
You may also want to consider, if you have a timescale in mind, whether there are many parties involved in the chain. Delays in completion are more likely to occur the more individuals involved in a chain because co-ordinating timelines for each party can sometimes be a challenge.
Whether you receive a single or multiple offers for your home your agent should be able to advise you which buyers are the most proceedable based on how the purchase is being financed. Your agent will also be able to identify whether there are likely to be many parties involved in the sales chain.
If on the other hand you are more flexible and not in hurry to move, you may be tempted to hold out for a better offer. To ensure you make the right decision for you, listen to your agent for advice on what the market is doing and the level of prices being agreed for similar homes in your area.
· I have accepted an offer, what are my next steps?
Once you have accepted an offer, it is advisable to take your property off the market immediately, instruct a solicitor, and start the conveyancing process. There might be a temptation to keep advertising your property in the hope of achieving a higher offer however this is only likely to instil a lack of confidence in your buyer who may decide to pull out of the sale.
Once an offer is accepted your agent should be giving you regular progress reports on how the sale is moving forwards. An agent’s role is to support the sales and conveyancing process by liaising between all parties, solicitors, mortgage brokers, buyers, and sellers, communicating the up-to-date position on your sale. If you have a query arising from the sales process a good agent will be quick to respond and put your mind at ease.
Expect a few issues to occur, such as delays, however your agent should be a problem solver and able to smooth these out along the way to make your move as stress free as possible.
· When does my sale become legally binding?
On exchange of contracts a sale will become legally binding. If everything moves along as it should, you will reach the stage where all the necessary paperwork has been completed, all enquiries answered, and you are ready to exchange contracts. You and your buyer will be asked to sign and swap contracts at which point your buyer will be asked to make a deposit. Once contracts are signed the sale becomes legally binding and at this stage you will agree a date for completion, i.e., moving day!
· When will my sale complete and I can move in?
When contracts have exchanged a completion date will be agreed between buyer and seller, this will be the day that you move. Typically, this can be 7-14 days after the date of exchange, depending on the size of the chain though simultaneous exchange and completion can occur. Once you have agreed a completion date, you will want to book you removal company.
On completion day, once all parties’ solicitors have received the necessary funds, you can arrange to pick up the keys from the agent you are buying from and move in.
The final part of the process involves your solicitor settling your account with your agent and the registration of the sale/new ownership at the Land Registry.
We hope this Q & A provides you with a useful guide to the selling process but if you require any additional advice on the buying or selling process, please do not hesitate to get in contact one of the team at Mishon Mackay on 01273 416732.