Settlements Agents and Selling Your House
You may have thought that the initial purchase of the house was difficult, but the selling of the house is just as hard. Firstly, you need to ask yourself: is it the right time to sell? This is a big decision, and not one to be taken lightly.
Once you’ve decided to sell, you need to find an agent if you aren’t willing to sell privately. Your agent will be in charge of advertising, as well as ensuring that the legal requirements are all met. This is someone you will want to choose carefully. From this, you and your agent will work out a plan that best suits the property you are selling – this plan will include listing, showing and the eventual sale of the house, as well as whether you are to have an auction, a fixed date sale or a private sale. Whether to have an auction or not is a big decision and can dramatically change the price that you get for your house when it sells.
There are both advantages and disadvantages of selling privately, as a fixed date sale or through an auction. An auction increases the urgency between bidders, however the prospect of an auction can also put potential buyers off. A private sale means that the buyers can negotiate with your agent, so this can sometimes result in a lower selling price. Private sales are attractive to buyers because there isn’t the same sense of urgency that an auction or a fixed date sale has, this meaning that these sales can sometimes take longer. Whereas a fixed price sale means that you and your agent will work out a price for your house and the agent will invite prospective buyers to put in their best offer, though fixed date sales are often slower in the modern house market.
If you aren’t sure of what is best for your property, you can speak to your agent about this and they can determine what method will help you achieve the highest sale from your house.
When you and your agent come to a price on the house, you’ll sign an agreement with your agent about the commissions, estimated sale price, duration of the agreement, advertising costs and all the legally binding stuff that needs to be sorted out before your house goes on the market.
You then prepare a Vendor’s statement and your house will go on the market. This will include advertising and showing your property. Photographs will be taken of the property and prospective buyers will come to evaluate the house. Your agent will take care of this, and negotiate with potential buyers.
Once your agent negotiates or auctions the property, the buyer will pay a deposit before you and the buyer are legally bound under a contract. On settlement day you will leave the keys and legal rights of your property behind and in return receive the balance of payment from the buyer or their bank. And then, your house is officially sold!