SELLERS FREQUENTLY ASKED QUESTIONS

SELLERS FREQUENTLY ASKED QUESTIONS

How much is my house worth?

The value of your house is dependent on several factors such as, location, size, number of bedrooms, number of bathrooms etc. All these different factors, plus many more, form the valuation of your house. There are a number of online valuation tools available, but for an accurate figure an accredited local estate agent has the best knowledge of the area and experience of selling property. At Keylet we are able to provide an experienced team that will understand your local market and current conditions. The value of your house is affected by market conditions, and the number of buyers currently looking in your area. Ultimately, your house is worth what a buyer will pay for it.

What is the valuation process?

Once we have attended the property, we will consider every factor from age and size right through to additional extras such as garden and parking space. The local market needs are also taken into account, looking at comparable recently sold and on-market properties, and what type of features are higher in demand for buyers. Your motivation will also be considered; as if you need a quick sale then your price will have to adjust to achieve this. Although your needs are the priority, the buyer must be considered when valuing the house as it must be a price that is attractive and generates the most interest in the property. There are online calculators available, which give you an idea of the value of your home, this will help set your expectations, although not always accurate.

How long will it take to sell my house?

Every property sale is different. Each has its own individual characteristics and different factors which affect the speed of the sale. Due to the complex nature of these transactions, from time to time a number of delays can stall a sale – arranging the conveyancing to finding the right mortgage. Try and stay motivated, and patient, our sales team will always keep you involved with how the sale is progressing.

What are the costs involved with selling and moving?

There are a number of fees to consider when selling and moving, our sales team will quote you the fee we take for the actual sale of the property, and this will be included in the agreement you sign. The solicitor and financial advisor will also require a fee, it is worth budgeting in all the other things as well, including removals, changing your utilities and insurance for your new home. The sales fee will be taken out of the money you receive for the property.

What do I need to do ahead of viewings?

Make your property as attractive as possible. Have a thorough clean, and de-clutter the property. You would be surprised to see the difference that a touch of paint makes. For more information on getting your house ready for buyers visit our home staging advice page.

We also would love to find out about all the special things at your property that have made it a home. Let us know of both positives and negatives so we can address these with the buyer. 

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Should I take a lower offer from a cash buyer?

The advantage of a cash buyer is that they are financially able to proceed without relying on the sale of a house to complete. This means that you will be able to move forward with your sale, and subsequent purchase, with minimal delay. As with many of these decisions, you will need to weigh up whether you can realistically afford to accept the lower offer.

What are the risks of a chain?

With a chain your sale or purchase relies on other transaction to go through. For example, the buyer of your house will not be able to complete until they have sold their current property. Chains can be a number of transactions long, as there is no set limit to the size of the chain. The risk of this is that chains can fall through, or be delayed, by transactions down the line. We will help manage the chain on your behalf to ensure that all deals go through. Due to the nature of chains, some of the properties may be listed with other estate agents, and therefore information may be restricted.

Can I negotiate the price up?

You can negotiate any offer you receive. It is likely that the buyer will test your resolve with a slightly lower bid initially. This may not always be the case however as the buyer may be so keen to purchase your property that they offer the asking price. If this is the case then you should consider the benefits of accepting the offer, or whether you are bold enough to ask for an increase.

If I accept this offer, how long will it take to complete?

On average, it takes around 8-12 weeks to complete following the acceptance of an offer. During this time the new mortgage for the property will need to be agreed, any searches will be carried out and the solicitors will need to be instructed.

What do I do if I have more than one offer?

This is a great position to be in, consider your options and the pro and cons of each offer. One may be a cash buyer with a lower offer and another could be tied into a complicated chain. Whilst we can provide you with all the information of each buyer and advise you on the strengths and weaknesses of each offer, ultimately the decision comes down to you.

I have received an offer but haven’t found a house yet, what do I do?

You have a few options at this point. You can continue your search, hoping to find the right home. You can reject the offer, in the belief that you won’t find your new home. Or you can look into selling your home and moving into a rental property whilst you continue your search. Please be aware that, even after accepting the offer, the sale takes on average 8-12 weeks – so you still have time to find a new house.

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Why have I not received any offers?

There are a number of reasons this may occur. It may be a market starved of buyers, it may be that your house is not ticking the right boxes or it may be that your pricing structure is not correct. We can provide advice in the ways in which you can make your property an appealing prospect to potential buyers.

What do I do if the offer is too low?

The offer represents what the buyer believes to be a good offer. They may just be testing the water, so you are in a position to decide whether to accept, negotiate or reject the offer. We aim to get you the best deal, without overpricing you from the market. Although you may have your own valuation figure in your head this may not reflect the current property market.

When will they change the For Sale board to Sold STC?

We will do this as soon as possible. Expect the board to be changed within two working days by our external contractors.

When will I exchange contracts?

The exchange of contracts will usually take place in approximately 6-8 weeks. During this time the solicitor will need to be instructed, any mortgage arranged and surveys carried out by the buyer, or their mortgage company. You can then expect to complete two weeks after this.

Do I need to speak to a solicitor/financial advisor?

Yes, speak with our solicitor about your impending sale so they begin preparing the necessary documents. You should also speak with your current mortgage provider, as well as any lender that you may be using for your next home. Getting this process underway early is advisable, to avoid any delays or complication.

How will I know what’s happening?

Your solicitor and our team at Keylet will keep you informed at all times. If you are anxious, do not hesitate to contact us and we will be happy to update you. We can keep you up to date via phone or email, just let us know. With the exchange of contracts so close you may want to think about your moving preparations – for instance, redirecting your post, cancelling your utility bills etc.

What does the exchange of contracts mean?

This is the point at which the transaction becomes legally binding. The buyer and seller legally agree to the deal and a date is set for completion.

How long until I can move in?

From exchange to completion usually takes around two weeks. At this point you can tick things off your to-do list by redirecting your post, cancelling your current utilities and arrange the removal van for the moving day. Be proactive in ensuring that all the loose ends are tied up. Speak with us about the sale, your solicitor about the required legal documents and your lender about paying off your existing mortgage.

Do I need insurance to exchange contracts?

Your contract will stipulate whether you need insurance at the exchange of contracts. In the majority of cases the solicitor will request a copy of the insurance document from the buyer and will not exchange until this is produced.

Should I get cleaners in to clean my house?

It is your choice what state you wish to leave your house in as the contracts have been exchanged and the deal is legally binding. However, common courtesy would dictate that you keep the property in a nice and hospitable condition. If you require any contractors get in touch with us for a list of our recommended contractors, that can cover all aspects of maintenance and cleaning. 

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When shall I move out?

This rests on your next property, if you have this already set up and prepared then you can move out as soon as possible. It is advisable to move out a day or two before the completion date as this will avoid any hassle or clash on the day. In terms of time of day, arrange the move for the morning as this will give you flexibility in case of any delays later on in the day.