FARUKI

A seller’s guide is important especially for someone who is new into the business of selling property.

1. The best time to sell property in the UK is during early or late summer, when the demand for buying property is highest. However, in property valuation, the three most important considerations are location, location and location. The nicer the area of the property (for the intended purpose), the higher the demand for it regardless of the season.

2. It would be good to check out properties being sold in your area to get an approximate going rate. The price also goes up when the seller can afford to wait for the best offer. When the sale has to be made in a hurry, the price usually drops because you are working from a position of weakness. Recent developments in the area also increase value of your property.

3. Alternatively, when mortgage rates are low and there is a rush of releasing equity activity, the demand and price goes up. All these factors conspire to affect the price and valuation of the property, so these must be taken into consideration before a bottom price for the property is established. Note: a spot of paint goes a long way to increasing the value of your property, so make sure it is looking at its best when you bring it out into the market.

4. Once the floor price is determined, the next step would be to choose an estate agent. Of course, you can always opt for a direct buyer but the chances of getting the best price are lower, which is why 90% of property sold in the UK is done through estate agents. In choosing an estate agent, it would be good to choose one accredited by the Ombudsman for Estate Agents (OEA) and the National Association of Estate Agents (NAEA), which are bound by a code of conduct in an otherwise unregulated profession.

5. The estate agent can suggest the going rate for property in your particular area, perhaps based also on mortgage values in anticipation of a sale. Agents also help in marketing your property by taking pictures of it and providing copy that paints the best possible picture for your property. They then either post it in strategic areas or include it in the property listings in magazines or newspapers. They may also be asked to arrange for viewings but this may cost extra so be sure to clear it with the agent at the outset.

6. Agents are expert negotiators, but ensure that they will follow your bottom price over making a quick sale. You want it to be quick but also fair, so it would perhaps be better to handle negotiations yourself. As to fees, estate agents usually charge between 2 to 3.5 percent but this is negotiable. Depending on the value of the property, the commission of the agent may go as low as 1.5%.

7. However, choosing the agent should not rest on how low the charges are alone. As in anything, you get what you pay for. Moreover, low rates may involve a contract that stipulates a sole agency, meaning you are stuck with one agency for several weeks rather than allowing multiple agencies to compete for the sale. Healthy competition is always good in getting you the best deal possible. Lastly, you should be aware you are required to pay the VAT of 17.5% based on the agent’s commission.

8. When negotiating, depending on the time available to you, always hold off until all offers are in before starting to negotiate with a buyer. In choosing buyers, the offer is only one factor. You should also consider the fact that the prospective buyer has the ability to pay the mortgage rates. The buyer must also have a source of the funds for the equity aside from the proceeds of a sale or remortgaging. The risky buyers are buy-to-let investors, first-time buyers and cash buyers. Once a buyer is selected and an offer is accepted, the conveyance must be prepared and signed. Nothing is binding until then, even a letter of confirmation.

9. An important sellers guide in the preparation of the conveyance is this: It is recommended that the seller employ a professional to prepare the paperwork. It is a complicated process and errors in the documents can be costly for the seller.

10. These are tasks at hand which you should be ready to prepare either personally or through the aid of a professional agent:

Drafting the sale agreement

• obtaining title deeds
• providing the property information form to be approved by both seller and buyer
• answer buyer inquiries
• drafting the contract subject to revisions and the final draft
• signing and exchanging of contracts
• receiving the deposit
• transferring the money
• Executing the transfer of deed.

These tips in the sellers guide merely ensure you get the best price for your property. Ultimately, the decisions are made by you.

About Author: Irfan Faruki runs a property investment company specializing in Fast cash property sale . They have cash buyers ready to buy your house within days and will make you an offer for your property in 48 hours. They also provide sell and rent back service