Understanding the property sale process – what you need to know
So, you’re ready to sell your home, but don’t understand the property sale process?
You’re not alone.
Selling your home is one of those big life events that happens maybe only once or twice for most of us, yet few of us understand exactly what to expect when it comes time to put our house on the market.
Whether you opt to sell your property yourself or whether you decide to list your property with a licenced real estate agent, it’s important to know what’s going to happen and when.
From choosing a real estate agent to getting to grips with the different methods of sale, I’ve put together a simple guide to understanding the property sale process.
This part of the process is carried out by a licenced real estate agent of your choice. Please note, you are not obligated to sell your home through this agent, and you may get more than one appraisal from a range of agents working for different real estate brands.
The appraisal is a comparison between your home and sales of homes that are similar to yours within the same area, and will give you an indication of what your property is worth.
Hire a lawyer
If you don’t already have one, it’s essential that you get a lawyer or conveyancer to help you navigate the legal aspects of selling a house. They will make sure you’re aware of all your legal obligations and that you keep to any deadlines.
Choosing a real estate agent
If you do wish to list your home with an agent, then this is the next part of the sales process. Choosing the right real estate agent for you is an important part of the process as you will rely on their experience, knowledge and contacts to get you a great result. You can read my blog about choosing the right real estate agent for you for more insider tips.
Choosing a method of sale
Auction, exclusive listing, tender or general open listing?
Each method of sale is different and choosing the one that’s right for you is an important part of selling process.
Your real estate agent will take you through the pros and cons of each way to sell and help you make a decision that suits you. If you’ve done your homework and chosen a real estate agent that knows the local market, you can rely on their knowledge to help you decide how to sell your property.
Marketing your property
You won’t sell your property if no one knows it’s for sale, therefore this step of the selling process is crucial.
Marketing your home requires a good understanding of what’s happening in the local market and how to reach that market. Your agent will put together a marketing strategy that taps into current trends, reaching as many of your prospective buyers as possible.
This may involve including your listing on their website, in publications such as the Property Press, use of Trademe or will utilise other digital marketing options.
This is one of the most exciting (and at times nerve wracking) parts of the selling process and involves interested parties viewing your property.
Whether you opt for open homes or private viewings organised by your agent, you will be required to vacate your property while prospective buyers look around. Your agent will be there and record the details of everyone who inspects your home, so you can trust that they will keep an eye on things!
Interested buyers – accepting offers
This is the part when someone makes an offer in writing, through your agent. Your agent is required to present all offers to you. If this offer is acceptable, you can let the other party know, through your agent.
Sale and purchase agreements
Your agent will have the sale and purchase agreements drawn up for you, taking you through all the legalese to ensure you understand your obligations and rights.
In most cases, the buyer will add conditions to the agreements such as finance, building or engineering inspections and valuations.
You can add conditions too, such as date of settlement, so make sure you give yourself plenty of time to pack and vacate!
Once those conditions are met, the sale goes unconditional, and from that point both you and the buyer are obligated to go through with the sale.
The final part of the real estate sale process is when the final balance is paid into your account and your property officially changes hands.
You’ve sold your property and a new chapter begins for you – congratulations!
If you would like to talk to an expert about understanding the property sale process, give me a call. I’m more than happy to answer any questions you have in a friendly, no-obligation chat.