Selling Houses Quickly For Cash
Selling a property can be a very tricky affair. And on this video we’ll take you through the process of how to sell. Making sure you get a good deal out of the Estate Agent. Making sure you can sort out the contracts, dealing with solicitors, that sort of thing, to make sure that you don’t waste money.
The first step in the selling process is getting evaluation. But remember, the overpricing is probably the single most common mistake that people make when they’re trying to sell their home. First of all, research the market. Find out what people have actually sold properties for in your area. Now the great place to go to here is the Right Move website where you can find out how much homes down your street have actually sold for; rather than what the Estate Agents are telling you.
Next thing is to get the agents around to your house. Get at least two or three around. Valuations are free, but do remember one of the oldest tricks in the estate agency book is to over-value your property so that you go with them. And all you end up doing is having to drop the price a few months later. Now remember, everything in the world of estate agency is negotiable. They’re probably going to ask you for something like 2% of the value of your property. That’s madness… don’t give into that. Get two or three agents round and aim to get the fee down to 1%, or possibly 1 1/4%. You can play them off against each other quite easily. Also, check what you’re going to get for your money. What sort of brochure are they going to produce, is it gonna be really high quality photography, proper floor plan, all of those sort of things. Because that’s what need if you’re gonna sell the property.
You don’t have to, of course, sell your house through an estate agent. There’s no law that says you have to use them. And there are a growing number of independent, online only agents. The crucial thing is to make sure your property is up on Right Move or up on Prime Location, all those sites where people now search for property. But you can use something like E-Move, or My Online Estate Agent, for about 400, 500 pounds then get it up onto Right Move. Compare that with the 4 or 5 thousand pounds that you’ll pay an estate agent for a 250,000 pound house sale; that is pretty impressive. If the market’s very slow I’d be nervous about these sites. I think you really need an agent to sell on your behalf. In a fast market these sort of services are a pretty good value.
You can, of course put your home for sale through an auction. And probably the biggest in this market are Allsop, but in truth, in the residential market, these auctions are for repossessions or problem properties. You’re probably not going to get the best price.
Finally, there are the pure DIY route, you can stick an ad in the local newspaper, you can go on a gumtree, these things are very, very cheap. My own view is, you may save money, I don’t think you’re gonna get a sale though.
To get a sale I think you’ve gotta be really flexible about viewings. Don’t be one of those people that makes it so difficult for anybody to come round your property you never flippen well get a buyer. Look at open house as an idea. This is where maybe on a Saturday morning between 11:00 and 1:00 O’clock the house is thrown open to as many people as possible to come around. It creates quite a buzz, and it can really help shift property pretty quickly. The other thing to do is to incentivize your estate agent for an early sale. Perhaps give them 500 pounds or 1,000 pounds if they sell the property at a certain price by a certain date. And that’s a great way to make sure that they work for you.
Hopefully now you’ve got an offer from a buyer, but should you accept it, well firstly don’t always accept the highest offer. Because it may not actually be the best offer for you. Secondly, look at the quality of the offer. Now the person buying, what is their mortgage situation? What is their financing situation? Do they have a property to sell themselves, which they haven’t yet got anywhere near to selling? Because if they haven’t, that’s no good to you. Now once you’ve got an offer, it’s getting pretty serious and you’re gonna have to put that offer over to your solicitor, or conveyancer, and start the ball running on the legal front. So what do you do to get a solicitor? Well, if you’re selling a house you obviously used a solicitor or conveyancer to buy a house, so if you’re happy with their service, then go back to them. There are now hundreds of online conveyancers, you don’t have to use a solicitor or conveyancer who lives in your area. It can be done remotely, and therefor much more cheaply. Sites such as moneysupermarket.com do offer a conveyancer service. The thing to look out for is the fixed fees versus the variable fees. Is the fee your gonna pay, the one that the offer you, the final amount? Or are there going to be lots of add-ons? That’s crucial because that’s the area you can really be stung on.
When you’re selling your property, and most people are, of course, buying another one, and they need a mortgage on that next property. One of the good things about the modern mortgage market is that you can port over your existing mortgage. So you can take your existing terms, the interest rate you’re paying, that sort of thing, over to the new property. You don’t have to cash in that mortgage and get a new mortgage. And the reason why it’s great for you at the moment is that a lot of people are on very low interest rates on their existing mortgage product. And if they cash it in, the next one they go to will be a lot higher interest rate. For example, there are hundreds of thousands of in the nationwide building societies 2.5% deal. You really want to port that over to the next property. And maybe perhaps borrow a bit more money, or if you’re selling at quite a large profit, cash in some of it But you can still keep hold of the deal.
The whole process of selling your home finally becomes binding when you have what’s called ‘exchange’. That’s the exchange of contracts, where the buyer puts down a deposit on your home, usually about 10 percent. And if they drop out you get to keep that money, so virtually nobody drops out at that stage. Now after that there’s a final tying up of the contracts between the solicitors on your side and their side. And you move to what’s called completion. And that’s the moment when you hand over the keys and it’s no longer yours. Make sure that you go to the post office and redirect your mail, there’s a website, very easily done, just go on to this. Do all the meter readings for gas and electricity. Obviously your bank and your GP. But also things like the DVLA, for your car. And finally, and I think this is nice, clean the house thoroughly. Get professional cleaners in if necessary. Leave out a bottle of wine and some flowers. It was your house, hopefully you had a great time.