A Guide to Selling your property privately
Firstly, you have to consider how quickly you want to sell your property.
If you are not in a rush and are prepared to wait for the right buyer at the right price then you always have the option of renting out your property either short term or long term and earning extra income whilst it is on the market.
But, if this is not an option and you just want to sell it as quickly as possible then our guide will help you through each step.
Valuing your property:
If you are serious about selling, put a reasonable price tag on it.
The asking price is the price you want for it, but maybe not what you will actually get.
Take a long hard look at the property, compare it with similar ones on the market and be true to yourself about what its worth.
If you do feel that your property is worth more than the others, you will need to beable to justify why to potential buyers. Take full advantage of any particular good points your property has.
These are the 'Unique Selling Points' (USP's) that will differentiate your property from any others on the market at that point in time.
Photos & Description:
You do not have to worry about writing a description as we will help you to do this but remember to tell us about your USP's. You can upload up to 10 photos but don't worry if you don't have access to a digital camera, you can send us your photos in the post and we will scan them and upload them for you.
Taking Enquiries & Viewings:
If the potential buyer is an enquiry from Wisebuy, then we will inform you of the buyers details by what ever method we have previously agreed, ie. Via email, text, telephone etc.
If possible, to start with, it is best if you communicate with the potential buyer by email, then when you know they are serious you could talk to them on the telephone.
Ask questions:
What is their selling situation? Are they first time buyers, do they have a property to sell etc.Do they have their finances in place?
Try not to appear desparate, even if you are desparate to sell your property, the potential buyer will pick up on this and it could reflect in an offer they may make.
Once you are happy, arrange a convenient time for them to view your property.
On the day of the viewing:
- Make sure the property is clean & tidy, including outside.
- Try to ensure there is a parking space available close by for the viewer.
Put your car in the garage or leave the driveway free. - Make sure the house isn't too hot or cold
- If you can, clearly define the function of each room, this will help to sell the property
- Give them an overview of the property as you lead them into the first room
Relax and don't be too pushy. The hard sell is generally not a good idea. - Talk to them about the area, where the local shops are, schools etc.
- Offer them a drink of some sort, they may be keen to talk and then you can build a relationship and you may get some good feedback.
Don't be afriad to ask a potential buyer questions:
- How long have you been looking?
- Is this the sort of property they are looking for?
- Are they in a chain
- How soon are they looking to move?
From these questions you may be able to judge their interest.
They will probably also be asking you questions, try to be confident when answering:
- How long has the property been on the market?
- Why are you selling the property?
- Have you had any other parties interested in the property? (Yes, of course)
- Have you had any offers?
Negotiating an offer:
Assuming the potential buyer likes the property they may want a second viewing or they may just wish to make an offer. If they call to make an offer you are now entering the negotiation stages of the sale:
When you receive the offer, do not enter into a negotiation there and then. Listern to the offer and any conditions they wish to impose, go away and consider the offer carefully.
Be sure to understand the terms of the offer - they may be asking for something to be included in the sale, such as kitchen appliances, that you had planned to take with you.
Discuss and think over.
For the majority, an offer will come in below the asking price. The question is, how much less is this than your desired selling price?
If you feel the offer is not acceptable then call the buyer and explain why you feel it is too low, remember to stay calm and be polite, all is not lost yet, many buyers make a lower offer just to see if they can get away with it.
If you reject someones offer try to keep the negotiations going by asking them to consider making a higher offer or maybe asking them what is the highest price they are prepared to go to.
Once you agree a price you should ask the buyer to confirm it in writing and also ask for details of their solicitor. Provide them with details of your solicitor so they can inform their own.
Once you have received their offer in writing and obtained all their details you need to hand this to your own solicitor. They can then make contact with the buyers solicitor and start the legal process of selling your property.
