Philippa was very helpful and kept us updated. This made the whole process less stressful for us. All the staff in the Bideford office were and are excellent!
Mr & Mrs C
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A Guide To Selling Your Property
A step-by-step guide to selling your property with Bond Oxborough Phillips.
Find out how much your property is worth
The first task is to find out what your home is worth, and for this you may ask several local estate agents to provide you with a market valuation. You must remember that there is no guarantee your home will sell for the full asking price, so it's important to consider the local market conditions along with your expectations.
You may find that you get differing market valuations so it's important to remember that the highest price is not always the best to go with. If your property is 'too expensive', potential buyers are less likely to view and once a property has sat on the market for a long time, the final sales price achieved is likely to be much lower. In comparison, if you price your property keenly, you may receive interest from multiple buyers, this can result in the possibility of 'sealed bids', which can achieve in excess of an asking price.
So choosing the right price based on the current market conditions and bearing in mind your own situation and the reason for selling, is very important.
Free Sales Valuation
Clean, tidy and improve your home
Remember first impressions count, so start at the front and work your way through your property with a critical eye, as if you were a potential purchaser and don't forget about the outside, including gardens.
It is often worth tackling those minor maintenance jobs you have put off for a rainy day before viewings start, to make it more appealing to prospective buyers. A fresh lick of paint can make a big difference to the way people perceive your property and this is especially true if you have any 'individually' decorated rooms which might look bigger and brighter with a more neutral colour.
One very important tip is to minimise any clutter. Viewers need to be able to imagine the house with their personal belongings and furniture and this is easier if the rooms are clear and clean.
Minor improvements or repairs such as fixing a leaking tap, re-fitting cupboard doors that have slipped off their hinges or repairing broken lights cost little to nothing, but can make the difference between a potential buyer seeing it as their new home or seeing 'lots of work' to be done.
Wait for offers
There is no way to know how much time or how many viewings it will take before you receive an offer, but it is wise to have a figure in mind, based on the realistic market conditions, that you would accept for the property.
An estate agent is legally bound to tell you about and confirm in writing every offer that is made, regardless of its amount. While they will be happy to advise you on how good an offer is, it is your decision on whether to accept it or not.
When a potential buyer makes an offer, the estate agent will take on the role of managing the negotiations and, if needs be, encouraging buyers to increase their offers to a price you are willing to accept.
If several offers are received, the agent can advise, based on each buyer's position, which offer might be best for you. Remember once you are in receipt of an offer, this may put you in a stronger position for any onward purchase. Therefore it is worth considering what the offer allows you to achieve, even if it is below the level you had originally anticipated.
This is where an agent can help with negotiation and chain building. If you are buying a property, we'll also contact the estate agent concerned to find out about the ongoing chain.
Formal Valuation and Survey
Once the buyer has had their offer accepted they will usually begin the process of applying for their mortgage.
One of the requirements of this will be for a formal valuation of the property by an independent surveyor and many buyers will also ask for either a RICS Home Buyers Report or Structural Survey at that same time.
This can take anywhere from 30 minutes to 3 hours depending on which type of survey they chose. You will need to be willing to allow the surveyor into the property to complete their work.
Finalising the sale
On some occasions, the legal process may highlight issues that the buyer will want to discuss before proceeding.
For example, local and environmental searches may show details of proposed building plans, or telephone masts etc near to the property, or the survey can reveal damp or structural concerns, which may result in the buyer wishing to renegotiate the price.
Good advice from an experienced agent will help achieve the right outcome for you, if this situation arises.
Exchange of contracts
At the point of exchanging contracts you become legally committed to the sale, as does your purchaser. In other words, you could face legal action if you go back on your decision to sell after this point.
A completion date is agreed between you and your buyer, and they will hand over their deposit to their solicitor. You now need to start planning your move, so booking a removal van is likely to be the number one priority.
