Step by step
Thinking of selling your home or investment property? Selling a house is not complicated but done poorly, it can be one of the most stressful and financially disastrous events in someone’s life. Whether or not you use me as an agent, these are the steps to selling a property in NSW:
Research the market
Take your time to look around at what is happening. How are prices in your area? Are properties selling?
It is important you have a good idea of your home’s value as well as what properties will be competing with yours, once on the market
Select an agent
Whilst the fee is important, make sure you choose an agent that can prove they can get you the highest price possible. Be careful of agents that try and ‘Buy the Listing’ by over-promising a sale price that is not backed up by facts. This will waste months of your time and usually result in a lower sale price.
Complete the paperwork
Your chosen agent will ask you to sign an Agency Agreement which outlines the property details, their commission and any other important information.
Order a Contract for Sale
This needs to be done by a solicitor or conveyancer prior to any advertising. Your agent should be able to provide you with some reliable options
Preparation of your marketing plan
Your agent will prepare a marketing campaign that is tailored to your property and budget to generates the most amount of enquiries possible.
Preparation of your home for sale
A professional agent will be able to guide you on the small details that buyers look for when inspecting your home. They can provide important suggestions on the home presentation that can have a significant impact on your sale price.
Property goes on the market
This is where all the marketing comes together. Based around your requirements, open homes and private inspections will be arranged. The more buyer interest that is generated, the higher the likely sale price.
Buyers visit your property
Your agent should provide you with detailed feedback on market activity and buyer feedback. The agent should also discuss your options if an immediate sale is not forthcoming.
A buyer makes an offer
Your agent will negotiate the best price possible and discuss any terms of the offer. They will then present these to you for your consideration.
The offer is accepted
Once you are satisfied with the price and terms of the offer, the agent will work with both parties and solicitors to collect the deposit and exchange the contract. Different agencies have different procedures for this step, so ensure your agent explains this important stage in detail. Once the 10% deposit is paid the contracts are exchanged, each party is committed to the sale. Usually during or prior to this time the buyer organises their finance and any reports such as Building, Pest or Strata. Your agent will liaise with each party during this period to ensure that the process is managed effectively.
Once the contracts are exchanged unconditionally a date is set for settlement. This is where the banks and solicitors finalise loans and title information. This usually takes 4 to 6 weeks.
You prepare to move out
Your agent will be able to provide information on removalists and any other services needed.
Just prior to settlement, the buyer usually completes an inspection of the property to ensure that the condition of the property is acceptable and that the agreed inclusions are present in the property.
Once confirmation has been received from both solicitors, the keys are given to the buyer who then takes possession of the property.