Buying and selling houses can be stressful and costly. It involves a number of key steps and can take anywhere from a few weeks to several months. There are two main ways to buy – cash or with a mortgage.
They have some things in common – and some stages that can’t be skipped or expedited – but the more you know about the process, the better equipped you are to get your sale through quickly, and maybe save some money.
What does the typical timeline for selling your house look like?
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Preparing your property for selling
You’ll need to get professional valuations from local estate agents to determine a realistic asking price. You might consider making necessary repairs or renovations to enhance the property’s appeal. It is best to gather your essential documents – title deeds, energy performance certificates, as well as any relevant planning permissions.
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Get listing and marketing
You should find a reputable estate agent who specialises in your local market. Give them accurate and detailed information about your property – all the features, amenities, and precise location.
They will typically create a marketing campaign, including listings on all the online sites like Zoopla and Rightmove, plus property brochures. They might even arrange and host an open house.
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Arranging viewings and offers
You and your agency will arrange and schedule viewings with potential buyers. Once offers are received, they will help you negotiate terms and conditions with buyers.
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Accepting an offer
You should clearly accept the offer that best meets your terms. As well as the value of the offer, you’ll have to take into consideration their timing and availability – how soon can they move, do they have the funds available, are they waiting to sell their home to create the funds to move? Draft contracts will then be prepared and exchanged with the buyer.
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Surveys and mortgage arrangements
The buyer will conduct a survey to assess the property’s condition. The buyer will secure a mortgage at this point – unless they are a cash buyer.
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Exchange of contracts and completion
Once the parties exchange contracts, the sale is legally binding. The property then transfers ownership to the buyer, and the buyer pays the agreed price.
The whole process can take an average of six months – if everything goes to plan. It can take less time, but in many cases there are issues that can really slow things down.
What can go wrong in the home selling process?
If the market is slow, this can prolong the whole selling process. Cost of living pressures are impacting on the rate of exchange, while the UK budget announcement adds complexities and change significant drives like capital gains tax and stamp duty.
If you get into lengthy negotiations with the buyer this can delay the sale even more.
Undiscovered property problems such as subsidence can cause delays, especially if they require repairs or legal action. You could also get delays caused by conveyancing, planning permissions, or other legal matters.
And then there is the dreaded chain!
A property chain is a series of linked property transactions where the sale of one property is contingent upon the purchase of another, which is contingent on the sale of another, and another and so on… When it works, everything goes through smoothly, but if one transaction gets stuck, falls through or even just fizzles out, it can create a domino effect.
If your buyer is locked in a property chain, any break in the chain can bring the whole process to a halt. Not only that, but one break in the chain could lead to more breaks and the collapse of the whole thing.
Does the type of buyer make a difference?
When you come to sell your property, it’s crucial to understand the different types of buyers who may be interested in your home. Cash buyers and mortgage buyers have distinct characteristics and preferences that can impact the selling process.
Cash Buyers
Cash buyers are individuals who have the financial resources to purchase a property outright, without needing a mortgage. These buyers often have several advantages:
Cash buyers can typically close deals more quickly, as they don’t need to secure financing from a lender. Their offers are often less subject to contingencies, such as obtaining a mortgage approval.
In some cases, cash buyers may be willing to offer a higher price than mortgage buyers, as they don’t have to worry about interest rates or appraisal valuations.
If you want to sell house privately with Zapperty the process is quicker than any other house selling method. Sell your property to us in 7 days from start to finish.
Mortgage Buyers
Mortgage buyers are individuals who need to obtain a mortgage from a lender to finance their purchase. They have different considerations compared to cash buyers:
Mortgage buyers must go through a loan approval process, which can take time. These offers may be subject to contingencies, such as a successful home inspection or securing a mortgage.
Mortgage buyers may have more negotiating power, as they can use the mortgage approval process as leverage.
How to mitigate the risks of property chains
You should always maintain open and clear communication with all parties involved in the chain to address any issues promptly.
It is always best to seek professional guidance from an experienced expert.
Although having contingency plans in case of chain breaks – extending the completion date or finding alternative buyers – that may not be enough. The answer could be a cash buyer.
Conclusion
Selling a property can be a complex process, especially when faced with a property chain. Understanding the challenges and strategies involved is crucial for a successful transaction. By effectively managing expectations, communicating clearly, and considering alternative options, you can increase your chances of a smooth and timely sale, even in challenging market conditions. However, one of the best ways to get things moving fast, is to find a reputable cash buyer.
Specialist cash buyers like Zapperty can get you a firm, fully-funded cash offer in just seven days – sometimes without the need for expensive surveys, just a valuation and legal checks. It can really help break the chain of property transactions and get your house sold fast. Learn more about how Zapperty works today.