Selling On The Open Market

Estate AgentsIt is possible to sell your home on the open market. This is done through estate agents or auctions or private sales.  It is currently difficult to get mortgages for the concrete properties on the estate so the likelihood is that your property will be marketed for cash buyers.

If you want to sell your property on the open market you can appoint an estate agent. They charge a fee for selling your home. These fees vary and are usually only applied if they successfully sell your home. Make sure you check the terms and conditions of an estate agent acting on your behalf. Your contract should include a get out or break clause – that means you can end the agreement after a specified number of weeks if they are not successful.  They first come and value your property and you agree a price that you wish it to be marketed at. Once the terms of them acting on your behalf are set and they have signed you into a contract, they begin to try to sell your property by advertising it, arranging and conducting viewings and dealing directly with anyone wishing to make you an offer.  It is important to bear in mind that as much of the estate is concrete build, mortgages are difficult for people to secure, so you will probably be attracting cash buyers who want your home as an investment property. This has an effect on value. You can see the current market values for properties on the estate by visiting auction sites or the website zoopla.

If your estate agent receives an offer on your home they are obliged by law to let you know. The offers are usually LOWER than what you have advertised the property at – but are the start of a negotiation.  Always have in mind a price you are willing to accept.  Once you are made an offer you are happy to accept, you will need to appoint a Solicitor. Your estate agent could recommend one. Remember the SOLICITORS will charge you a fee even if your sale falls through. So, be sure to check their terms and conditions.  Solicitors will conduct relevant searches and verify legal documents and prepare financial and ownership documents for your sale and liaise through the estate agent.

When you are looking for your estate agent you should consider their location – have they a good local knowledge ?  Have they experience of selling similar properties to yours ? You should get 3 estate agents to value your property, try and get a range of big chain agents and small independent agents to visit. There are no estate agent regulatory bodies but ARLA (Association of registered letting agents) & NAEA (National Association of Estate Agents) are organizations that agents can voluntarily belong to, so it is worth checking your agent is registered with them.

Click here for a useful Checklist when considering an Estate Agent