Selling our home?

Question

We do not have our property on the market yet, but someone has already heard we are going to move later on in the year..somebody has already approached us, and wants first refusal....so what do we do now? Looks like we do not need an estate agent....not sure what steps to make now...anyone help?

Answer 1

I would get some estate agents round anyway, and get some quotes in writing. Then you'll have a better chance of agreeing on a price with your prospective buyer.
Don't forget that after June 1st you'll need a HIP pack (=extra expense) - so if your buyer is agreeable, I would try to get the sale agreed now and get an exchange of contracts asap; that will make the transaction legally binding. You can always agree to defer the completion (the actual moving date). I think that if you already have a solicitor working on the case by June 1st you won't need the HIP pack (but check anyway with a conveyancing solicitor).
I work in an estate agency so I don't want to be biased, but in my experience some of the dodgiest sales we find in house move chains are those that have been agreed privately. When an agent is trying to check the progress of a chain, he/she can speak to any of the other estate agents in the chain for an update, but can only speak to the solicitor on either side of their client. With a private sale, therefore, you can see that it's harder to press people to agree on dates, find out if mortgage offers have been issued, etc, and to pass messages up and down the chain.
Either way, good luck!

Answer 2

Just be sure that the offer which this person is making will be a fair price. There is nothing to stop you going to your local agent(s) and asking for their valuations/estimations of sale price.Whatever figure the agents give you, remember that their fee will be deducted before the money gets in your pocket. Last time we sold it was nearly 2,000 pounds on a 120,000 sale.

We sold our last house by a similar method (postcard through the door). The only difference at sale time (completion) was that the handover of keys took place at the solicitors, not the estate agents. The big advantage is direct contact with purchasers. Your solictors deal with most of the paperwork anyway, so the only thing agents are there for is 'introducing' the sale. It rather sounds like you don't need their services for that....

Whatever you decide; Best of luck.

Answer 3

If the written offer from the individual is at an acceptable purchase price and terms than you don't need a Realtor, but I highly suggest you find out if they can qualify for the necessary loan to make the purchase and get good faith money from them.

But, if this individual who approached you is making the offer contingent upon the sale of their own house you might want to consider the possibility that they won't be able to sell it in the timely fashion needed for you to make your departure. And, if the individual made an acceptable offer to you, perhaps you might be able to get considerable more for your property, such that a Realtor may be a handy resource.

The bottom line is that I worry you the individual who approached you ight be low balling you so I suggest you interview a few Realtors anyway and have them do a comparative market analysis of your property so that you can look at its potential value. If you want you can even list your property with one of them and exclude the buyer who approached you from the listing contract such that if they buy the house, you do not owe any commission, but if the Realtor finds a different buyer you would be subject to paying commission (hopefully at a higher price)

Answer 4

Just sold an apartment in similar circumstances. Once we agreed a price, we exchanged solicitor details and kept in touch by text or phone call. The sale was finalised within 6 weeks, no hitches at all, and saved a couple of grand on estate agency fees.
Had another property on with an agent - its taken three and half months from offer to completion and I've got a fortune to part with for agency fees!

Answer 5

You just need a solicitor to draw up the contract with your buyers and proceed when you are ready. You do not need an estate agent. But make sure the price being paid is a good market price, before proceeding.

Answer 6

That would depend upon the price offered and the price you expect to get, wouldn't it? You must have had an idea of approx. how much money you wanted to get for your home. Are you going to go to a title company and have the person walk you through the sale? There are Assist to Sell companies that will help you with the paper work to finish the sale of your home, with proper papers, etc.. I would contact Assist to Sell in your area, and find out what they charge, and to make sure that when you HAVE sold your home, there are no loopholes. Serious business, as you know!

Answer 7

if you were planning to move later on in the year you might as well sell now and rent until you find something.i turned a sale down once and had to wait 3 years for another purchaser.a bird in the hand is worth 2 in a bush.all you need is a solicitor or you could even do the conveyancing yourself

Answer 8

Well it could make for an easy transaction. As an owner you can listen to every offer that comes in. If its a fair offer to you, than hire an attorney, or if you already have one, and have them draw up a binding contract. It could be easy, and you may be able to make the closing date easier on you. You are in a great situation. And remember, if they want it that bad, they may be willing to pay a premium for the property.

Answer 9

ask em for the money n ur done!