Step by step Guide on Selling your Home
Here is A Complete Guide
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- Figure out your budget
- The first thing you need to do when considering to sell a home is to notify your mortgage lender of your plan. Your mortgage lender is the person who is going to estimate exactly how big your current outstanding mortgage is.
- You will also know whether there are any redemption penalties on your mortgage. Figure out the home’s estimated worth. From there, you can do the math and know an estimate of the amount of money that you may remain with even after you have paid off your mortgage. You can even contact estate agents who will provide a free valuation for your home.
- The same goes for if you are buying a new home. You also need to consider the total amount and size of the mortgage that you would need to have to get it. The mortgage lenders can also offer you an estimate of the amount they could be willing to offer you should you decide to sell.
- Decide who should sell the property
- You have a huge array of real estate agents to choose from. Both locally and online. Some real estate agents even run 0% commission selling fee for their services.
- Estate Agents London are currently running this offer (saving £5000 on average on the selling fee) with a free comprehensive valuation. Meaning that you have to agree on the fee with the real estate agent that you choose to sell your property. This fee is usually 1% plus VAT for a sole agent.
3 Decide on the price to sell it for
- The decision that haunts most home sellers is the overall total selling price that they should put on their homes. At this stage, it is best to do enough research on your local market and how it is currently running. Know it inside out, yes, that well.
- Also, you need to be prepared for discount negotiations from the buyers as well. So, you can do well to add at least 5% or even 10% to the amount that you can accept.
- Prepare your home
- From the moment you decided that you wanted to put your home up for sale, you need to ensure that everything about your home is in order.
- Know that you are more likely going to sell your home faster if it is in good condition. So, tidy up and rid your home of any excess clutter. Ensure that both the indoor and outdoor environments are welcoming.
5 Hire a solicitor
- Get a good conveyancer or solicitor who is going to handle all the legal paperwork before you agree on and home sale deals. There are many different firms that you can use for this process.
- Fill out any relevant questionnaires
- Upon putting your home up for sale, you will also need to fill out numerous forms and questionnaires which will give the potential buyer all the necessary information about your property and the sale of the home.
- Accept the offer that you receive
- However ridiculous an offer may be, your estate agent is obliged to avail to you all and any offers that pass through them regarding your home.
- Upon receiving the offer, you can either choose to accept or reject it. Depending on whether you are happy with the offer or not.
- Negotiate a draft contract
- If you do accept an offer, you and the buyer will then have to decide on the length and the time taken between the exchange plus completion of the deal.
- This time frame is usually between 7 and 28 days after the exchange f contracts. Whether there are any discounts that you will have to deduct as a result of flagged problems by the survey.
- Exchange of contracts
- An exchange of contracts between you and the buyer makes the agreement legally binding and the buyer now becomes legally committed to buying the property as you are to selling it.
- Choosing to pull out at this period will prompt the return of the buyer’s deposit back to him/her.
- Move out
- From the moment you and the buyer signed and exchanged the contracts, you are obliged to move out of the property as soon as possible. You will now be sitting on someone else’s property.
- So, it would be wise to look for a place to move to before the process has completed. You will save yourself a lot of unnecessary last-minute moves too.
- Complete the sale
- After you accept the payment and sign all the necessary contracts to transfer ownership, the sale is regarded as complete. The property will seize to be yours from that period onwards.
- Pay off your mortgage
- The transferred amount will then be used to pay off the mortgage balance you had to clear. This depends on your agreements with your mortgage firm.
- In some sense, the buyer will have helped pay off the mortgage for you.
- Finish up with your estate agent and solicitor
- Upon the completion of the sale and everything is done and dusted, you will have to settle up with your solicitor and real estate agent on any agreed upon sum for their services. From there, anything left will be yours to budget on.