Sales Information for Landlords

Sales information for Landlords

Selling your home can be stressful so it is important to choose an agent you can trust who will make this process as smooth as possible. We at Primemove Property & Finance, aim to eliminate the stress and make the experience as easy as possible.

What to Do Next

Buying or selling a home? Do you require a valuation? Please contact Primemove Property & Finance for advice or fill in the valuation form.

In the meantime, here are a few guidelines which we hope will assist:

Valuation

Firstly, if you are selling, you will require a valuation. At Primemove Property & Finance we can offer you a free, no obligation factual and accurate appraisal of the current market value of your home. Our experienced property valuers will provide you with a valuation based not only on their in depth knowledge of Ilford and surrounding areas, but also utilising our extensive database of recent properties sold.

Instruction of the Agent/Property Details

Having received your valuation, and provided that you are satisfied with it, we will then proceed to prepare full sales details of your property. Bearing in mind the importance of presentation, we will ensure that your sales details highlight the vitally important aspects of your property and ensure that your home is shown to its best possible advantage with the aid of full colour photographs.

Marketing

Once you have seen and approved our particulars of your home, you will then be in a position to receive prospective buyers. Appointments to view your property are made by Primemove Property & Finance and accompanied viewing can also be arranged to show prospective buyers around your home should you be unable to do so.

Your property is now ready to market and we offer the following:

For Sales Board
This is the most simple and effective marketing tool, available 24 hours a day.

Office and Window Display
External and internal photographs will be prominently displayed in our premises in order to optimise exposure to the market place.

Email
Wherever possible, all prospective buyers who register with us are asked to provide email addresses in order to ensure that they are notified of any new properties as soon as possible within 24 hours of receiving your instruction.

Mail Shots (and telesales)
We will contact registered prospective buyers as soon as possible after receiving your instruction and your details will be forwarded to any new registered buyers immediately.

Website
This is updated daily and full colour details of your home are placed on our website within 24 hours of being placed on the market.

Besides the exposure on our own site, Primemove Property & Finance is also affiliated with the following national property websites which will feature your home:

www.rightmove.com, www.gumtree.com

Updating On Your Sale
At Primemove Property & Finance we pride ourselves on our conscientious sales management. We aim to keep you regularly appraised of your sales process right through to completion and liaise with your purchaser, the legal representatives, surveyors and mortgage lenders in order to ensure that your sale is progressed as smoothly and as stress-free as possible.

Offers
Any offers we receive are promptly verbally notified and then followed up in writing. Our competent sales team will negotiate between you and your prospective applicant in order to achieve the strongest buyer.

We will inform you of the position of the buyers and liaise with you until an accepted offer has been agreed.

Should you require your sale to be completed by a certain date, this is when you should notify us and we will endeavour to satisfy your request wherever possible.

At this stage, you should also provide your list of Fixture and Fittings which will be negotiated separately between the solicitors and forms part of the final contract.

Agreed Sale
At this point (if you have not already done so), you will need to instruct a solicitor and, should you require assistance, Primemove Property & Finance will only be too pleased to recommend local firms.

The solicitors will then write to all parties and the buyers will instruct a surveyor to conduct a survey of your property (the "agreed sale" is subject to the contract and any survey) and the buyer' mortgage offer (if required) will also be subject to the results of the survey.

The sellers' solicitors will request the TITLE DEEDS from the lender (if appropriate) or yourselves as the seller and the FIXTURES AND FITTINGS form must be completed at this stage.

The solicitors draw up the DRAFT CONTRACT which sets of the Terms of the Sale and sends it to the buyers' solicitor together with all relevant documents. Any enquiries will then be raised, the Title Deeds and Lease (if applicable) will be checked and LOCAL SEARCHES carried out.

Once the draft contracts have been approved, it can be signed by both parties.

Exchange of Contracts
As long as the mortgage offer has been received and cleared funds placed with your buyer's solicitor, a mutually convenient date can be agreed upon for the exchange of contracts.

Completion
The completion and your actual house move and take between 7 to 28 days depending on the buyers, sellers and their respective solicitors.

A guide to selling your house at the right time and at the right price

If you are not in a hurry to sell your house then you have the luxury of timing your sale for the best possible price.

When is the right time?

  • Generally, the market tends to be stronger in the Spring and then picks up again in the late Summer and early Autumn. Your property will obviously sell quicker when the market is strong and demand is high. Therefore, keep an eye on the property market and time your sale well.
  • House sales are also affected by interest rates. Few people are willing to take out a £200,000 mortgage when the Bank of England has just voiced intentions of raising interest rates by two percentage points.
  • What is happening in your neighbourhood? If there are already a few "For Sale" signs on your street, it might be better to wait a while. Ask Estate Agents what they are selling and search online property transaction databases for sales in your area.
  • If you are looking to buy a new home as well as selling your own home, it is recommend that you put your house up for sale before you start looking for new properties. Some buyers even wait until they have had an offer made on their property before they start looking. You will then be able to time the process much better because you will have an idea how quickly you can sell and you can estimate the price your new home can be.

Negotiate the right price

Your negotiating power as the seller will be affected by the following factors:

  • Amount of interest in your property - if offers are flooding in, you pick and choose as you wish, however if your property has been on the market for some time with no real interest, the weaker your negotiating position as a seller
  • Current market conditions - if demand exceeds supply, then you can expect to receive a favourable price for your home. However, if the market is slow, you will not have the same negotiating power
  • Condition of the property - you will find it harder to negotiate the more repair work that needs to be done on your property
  • Time pressure - the tighter your time scale to move, the weaker your position in negotiations
  • Sentiment - Selling your home can be a very emotional time. But you are selling it so try to keep your emotions out of negotiations.

The negotiating power of the buyer will be affected by the following factors:

  • Chain or no chain - buyers who are not involved in a chain (someone has to buy their property before they can buy yours), are in a better negotiating position to those who are. Look for those who are:
    • First time buyers
    • In-between homes (might be renting now)
    • Buying with cash
    • Investing (this won't be their residence)
  • Mortgage status - buyers whose mortgages have been pre-approved will be a better position than those who have to wait for the paper-work to be processed.
  • Time Pressure - as with the seller, the tighter your time scale to move, the weaker their position in negotiations

The Estate Agents role

  • The estate agent works for the seller and they will try and get the highest possible price for your property, as their commission is directly affected by the sale price
  • While the agent wants the highest commission possible, they also would rather get something than nothing. It is therefore in their interest to put both parties in a win-win situation.
  • The agent will be more realistic than the seller about the sale of the property as they should know the condition of the market

Not Selling?

It can be frustrating to not sell your home within your expected time frame. You have a few choices when this happens:

  • Reduce the price - if no one is buying, chances are the price is too high. Talk to your estate agent and check the prices of similar properties in your neighbourhood. What have they been selling for? Should you wait a bit longer? After all you can't put the price up again...
  • Play the field - if you are currently only dealing with one estate agency, you might consider instructing more agencies. This may introduce some healthy competition between agencies.
  • Take it off the market - if you are selling because you want to not because you need to, then this is a viable option. You may want to wait months or years for a slow market to recover.
  • Wait it out - if your property is not sparking much interest at the current price, and the market conditions are not dramatically changing, there is little reason to believe that keeping your home on the market at its current asking price will succeed. The longer a property is on the market, the less desirable it appears to buyers.

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