Private Property Sales Process
With 70% of potential home buyers looking online to find property and with estate agents charging up to 4% in sales commissions, more and more people are starting to consider selling their property privately.
Estate agents usually charge a sales commission of between 1.5% to 4%, plus VAT.
This means that on a £200,000 property where the sales commission is 2.5% you would have to pay £5,000 sales commission plus £875 in VAT.
If you sell your property privately, you don?t have to pay any sales commission.
In this article we have outlined the private property sales process to help you understand the different steps involved.
Step 1: Valuing your Property
A property valuation is necessary whether your selling privately or using an agent so that you know what is a reasonable asking price for your home.
You can do this by looking to see what other similar properties in your area have sold for recently or by asking a qualified surveyor to make a valuation for you.
Step 2: Marketing Your Property
If you are looking to sell your property privately you might want to think about advertising on some of the private property sales websites.
Step 3: Viewings
If you sell your property privately, prospective buyers will contact you directly to arrange to come and see your home. Make sure that it is clean and tidy before viewings and don?t be afraid to ask your visitors for feedback.
Step 4: Offer
If you are selling your property privately, then you will need to negotiate any offers that are made. Once you have accepted an offer you and the buyer need to instruct a solicitor to sort out the conveyancing. This is where your solicitor prepares the draft contract and necessary paperwork and the buyer's solicitor looks over contract, contacts land registry, begins searches.
Step 5: Exchange of Contracts
Once a completion date has been agreed, both parties sign the contract and the buyer gives you a deposit.
Step 6: Completion
The completion of the sale is where the buyer pays the seller through solicitors and ownership is transferred.
About the Author: Property for me.co.uk (http://www.propertyforme.co.uk) is a private sales site covering the whole of the UK designed to help you save money in estate agents commission fees.