The sale of a property is split into two parts. The marketing and the legal work.
Before a property is placed on the market a Home Report must be obtained. This consists of a mortgage valuation, a survey and a questionnaire. The valuation will determine how much the purchaser will be able to borrow against the property. The valuation lasts for three months and therefore should be carried out just prior to marketing. After the first three months a purchaser may ask for the Home Report to be refreshed which will mean the value is revisited.
This is carried out by either an Estate Agent or solicitor which will determine which websites the property is listed on. In Edinburgh solicitors use the ESPC and they will usually charge an additional fee for this. Estate Agents will generally use other portals i.e. Zoopla and S1 homes. They may also carry out marketing through social media. A “for sale” board will let the local community know that the property is on the market. A schedule will be prepared detailing everything included i.e. carpets, furniture, white goods (kitchen appliances) etc . It is less common to prepare glossy schedules now as buyers can see all the relevant information conveniently electronically. The agent will then arrange viewings and obtain feedback.
Interested parties should ‘note interest’. If this is done by a solicitor the selling agent has a legal obligation to notify them if a closing date is set. If interest is noted by an individual most selling agents will advise of a closing date to generate as many offers as possible but there is no legal obligation to do so. The schedule will provide details on how and where to make an offer. If the property has been on the market for a few weeks the selling agent is likely to put any reasonable offer to the seller if approached. Once there is more than a few ‘notes of interest’ a ‘closing date’ will be set and all offers available at that time will be considered. The highest offer is not necessarily the one that is accepted as other considerations such as the date of entry and whether the potential purchaser has funds already in place will also be paramount and this information should be made available with your offer. If a fixed price is set, the first person to offer that amount will be successful taking account of the above.
We hope you find the above information helpful. If you would like to discuss selling your own home with Watt Property please give Pauline Smith a call on 0131 555 2777, or drop me an email at email@example.com