8th August 2015
If rising house prices have tempted you to put your home on the market, it is prudent to consider the different ways to sell your property and achieve the best price.
Most of us still look to our high street estate agent to negotiate a successful sale. Agents tend not to charge a fee upfront, instead they will take a percentage of the sale price on completion.
Assess the skills and reputation of the agent, not just the one who gives you the highest price. Look for personal recommendations. Your conveyancer will have worked closely with lots of different agents and will know who is the most efficient and proactive.
Selling your home yourself can save you money. However, consider whether you have the time and experience to do all the things an estate agent would do. Think carefully about how you will describe your home, and check with us to make sure you stay on the right side of the law.
While 95 per cent of people now start their property search online, the main property websites do not take private advertisements, so you may find reaching out to potential buyers harder than expected if you decide to do it yourself.
Most online estate agents charge a fixed fee, whether or not they sell your property. However, the cost is usually a lot less than the commission a conventional agent would charge.
Some online agents provide little more than an alternative way of listing your property for sale. Others offer a more comprehensive service. Always check what is included and then ask yourself how you would cover any gaps. For example, would you be comfortable conducting the viewings?
This type of arrangement can suit a straightforward property that is in high demand. However, if your property is unusual, or you run into problems, you may need more tailored assistance. High value or heritage properties, in particular, can benefit from the efforts of a specialist agent.
If you are thinking of putting your home under the hammer, you should take legal advice from the outset. Any prospective buyer must check your title to the property before the auction through a specially prepared legal pack. Your conveyancer can boost your chances of getting the best price possible by identifying and resolving any title issues early on.
Sealed bids are similar in some ways to an auction sale. Prospective buyers submit their best offer by a certain date. However, the seller does have to accept the highest bid, or any offer. This means you can choose to sell to the buyer you think is most likely to proceed quickly or you can choose not to sell at all. Sealed bids can be a good way of generating interest in a buoyant market but unlike an auction, there is no guarantee the sale will proceed.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.