Selling FAQs
Our home is the most expensive asset most of us have to deal with. Buying and selling is therefore an enormous undertaking for many.
Here is a list of questions that we are asked most often at viewings, valuations and in general conversations.
Please note that Hopper and Co. are an independent company who do not supply surveys, mortgage advice or legal advice. When we recommend companies who offer these services, they are also independent companies who we know, like and trust. Therefore, they are working for you, on your behalf and not for Hopper and Co. We feel that this is in the client’s best interest.
Q. I want to move house but I need to sell my own first. What is best practice?
A. If you find a house you wish to buy but are in no position to make an offer, it will be most frustrating for you. As a rule it is always best to have sold first and then look seriously for your next home when you are in a position to buy. In a vibrant market, you may be able to find the home you want, and then sell in a short time frame and still secure the other property. But you may miss out.
We always advise the client not to accept an offer from a buyer who is not in a position to conclude. We qualify buyers by their ability to purchase within the required time and the order of strength is as follows:
- Cash Buyer
- Seller with property under offer.
- Buyer with a mortgage in principle and nothing to sell.
- Seller who is on the market but not yet under offer.
- Seller who is not yet on the market.
If someone who falls into the latter two categories is really interested in a house and wants to buy, we would not normally advise our client to accept their offer. We can discuss it, and then the buyer can place a Note of Interest with the agent. That means that should anything happen regarding the property, that buyer must be informed in order to give them an opportunity to respond, if able. A solicitor will be happy to place a Note of Interest for you, although Hopper and Co. will keep all parties informed when relevant.
In some cases, solicitors can make conditional offers on your behalf. For example, “offer subject to buyers house sale”. The level of the offer and the likely sale time will determine whether or not the vendor would accept such an offer.
Q. What is the process for putting my home on the market?
A. The first step is to arrange a valuation from a trusted Estate Agent. Most agencies provide these free of charge and a good agent will take the time to explain everything fully at the valuation. They will also try to secure your business, so although informative, be prepared to find out about their products and services. You should use the valuation to select the agent you wish to act for you.
Q. Do I need an Estate Agent to sell my house?
A. No. You are not required to use an agency when selling your home. However, as 95% of buyers find their new homes on line these days, the best way to ensure that your property is found by as many buyers as possible is to use an agent with access to the busiest property portals in your area.
Q. I’ve heard I need a Home Report to sell my home and they are very expensive?
A. If you are putting your home on the open market in Scotland, since November 2008 the vendor (seller) is required to supply buyers with a Home Report or Single Survey. The survey must be completed by a member of the RICS and supplies the buyer with all the information they require with which to make an informed decision as to whether or not to purchase a property. The cost depends on the value of the home, usually and begins around £300.You do not require a HR if you have organised a private sale, ie not on the open market.
Q. Will my Estate Agent tell me how to get the most for my house?
A. Yes. At the valuation, a good agent will point out the areas where work should be carried out before arranging the survey and going to market. Buyers are very discerning and a lot of small jobs add up in their minds and will ultimately determine the price offered.
Q. Is a Home Report worth the paper it’s written on?
A. While the HR has its critics, it is an extensive document supplied by a qualified RICS Surveyor which does give a great deal of information regarding the soundness of the build and integrity of the property as well as to the energy efficiency and other vital information a buyer needs to know when purchasing any property. A good HR will help you get the best price for your home.
The Home Report is usually accepted by the buyers’ mortgage company without a buyer’s survey requirement so long as it is less than 3 months old when the offer is accepted.
Q. Is the spring the best time to go on the market?
A. The spring is a time when traditionally more homes come to the market, the belief being that the house looks better then as it can be presented with new growth and flowers blooming. While that may be true, there are many buyers who are looking all year round and may have their deposit ready, or sold themselves, or had a windfall and so by waiting until the spring you may miss the buyer for your home. Also, the competition will be greater if everyone waits to come to market at the same time. You should go to market when you and the house are ready.
Q. What happens if my home doesn’t sell?
A. Even in the most buoyant of housing markets there are homes which do not sell for various reasons. The demand may just not be there at the price that the vendor requires to move on. You should check at the valuation stage if your agent will charge you a fee to remove you from their advertising books, a withdrawal or cancelation fee. It might be an option to rent out the property in order to move on.
Q. Is my bank the best place to go for my mortgage on my next home?
A. It is essential to get mortgage advice before you decide to put your home on the market. Once you have the valuation from the Agent, the mortgage adviser will be able to discuss your options. Sometimes the answer to this question is yes, and the mortgage product in existence for your current home may be portable. It may be that your bank has the most competitive product available. We advise that you speak to an independent advisor who is able to look at the whole of the mortgage market whereas the bank can only tell you about their own products.
Q. Should I spend money on the house before I go to market?
A. This depends on whether the investment can immediately add greater value to the property than the cost of the improvements to the seller. Buying new carpets and repainting a home will certainly spruce it up and will give the buyers a warmer feeling at the viewings and will help get nearer the valuation price. However, larger projects such as new kitchen and bathroom may not add as much value to the property as the cost of installation. Your agent should help you with this decision. Remember, a new kitchen may not suit the buyer and may be ripped out as soon as they take possession of the home and you cannot anticipate the buyer’s wishes regarding the bathroom set up.
Q. Apart from the Home report and Agency fees, are there any other fees that I will incur?
A. You will also need a Solicitor with an office registered in Scotland to handle the legal aspects of the sale. This is called Conveyancing. They work on your behalf to make sure that what you think you are selling is what the buyer thinks they are buying and looking for any legal impediments to the sale. It is worth selecting a solicitor early on in the process as you will need one as soon as you receive an offer you wish to accept. Again your agent will advise you.
If you would like to find out more about the processes involved in selling your home, please contact Hoppers Estate Agents and find out about obtaining your homes MOT prior to going to market and find out if your house is “BEACH BOD READY” for the market.