Sellers' Checklist

There are many things to consider when deciding to sell your property. The following information will give you an idea of what you can expect on your journey.

Finances

• The first item on your checklist should be to get your home valued, giving you an idea of what you can realistically expect to make from the property. This will enable you to factor in how much you will have left as equity once your mortgage is paid off, and therefore how much of a deposit you will have for a new property.
• Here at The Grange, our friendly local agents are experts in valuations. Most homeowners considering selling their property will contact more than one estate agent to enable them to find one that works best for their particular circumstances.

Free Valuation

Questions to Consider

• What is the market like now?
• Are people selling similar properties in my area easily and for how much?
• Would I be in negative equity if I sold now?
• How much would it cost to move?

If you need help answering the first two questions we can help you with them.

Get in Touch

Apply for a Mortgage in Principle

• As soon as you are certain that you wish to go ahead with selling your property and purchasing a new one, begin the process of obtaining a mortgage in principle. This will allow you to show sellers that you are a serious buyer, and will also give you an indication of how much you will be able to borrow. Be aware, however, that it’s not a 100% guarantee that you will be able to obtain a mortgage; being in a financially good position based on income, savings and credit score will help greatly.
• If you’re looking for advice on how much you can borrow, consider contacting our recommended mortgage advisors. These two firms have aided thousands of customers to find the right mortgage for them.

Mandy Smith https://www.mandysmithmortgages.co.uk

Moneywise https://www.moneywisemortgages.co.uk

Traditional or Online Agent?

“Traditional” estate agents are what most people imagine when they hear the term “estate agent”: working from an office in the city centre from 9am til 5pm. Online estate agents generally work from home or are completely mobile and have less overheads than the traditional estate agent model, meaning reduced costs for the client.  So, what is it that The Grange do differently?

• We work 7 days a week from 7am - 9pm. We’re available 7 days a week for free valuations, meeting buyers to showing them around homes, instructing new sellers, informing buyers of offers and so much more.
• We offer professional staging expertise which is essential for making a property look great and stand out from the crowd. This differs from most traditional estate agents who do not offer this as standard.
• Professional photography: we only use professional property photographers who are experienced and trained to our high standards. We know the value of excellent images and the value they can add to any advert.

Asking Price

• Local experts in valuing properties are very important in advising the value of your home; here at The Grange we have sold many properties in the area and are experts in the local housing market. We will advise you on an asking price taking in to consideration many factors, but the end decision is always the client’s.
• The Grange offers free valuations, to book click below

Free Valuation

Prepare Property for Photography and Viewings

• The more buyers who fall in love with your property increase your chances of more than one offer and getting the price you wanted or potentially more. To woo buyers, making the home look gorgeous on the inside and out can make all the difference.
• For more information, hints and tips you can read our staging guidelines here:

Staging Guidelines

Book a home report

• By law in Scotland, every property requires a home report before going live on the market for sale. It includes the official valuation of the property which banks and building societies accept when offering a mortgage. It’s up to you who you choose. We recommend Olga MacGregor of Shepherd, we have found her to be very professional and good to work with. You can reach her here *

Contact Olga MacGregor

https://www.shepherd.co.uk/branch-details/elgin

Negotiations & offers of acceptance

• If you're not happy with an offer, you can instruct your agent to negotiate on your behalf and come to an agreement, or you can reject the offer outright and wait for interest from another buyer. We would recommend you remain polite and see how much the interested buyer is willing to offer. If the property has been on the market for a while, a little flexibility may be required in order to gain the sale.
• A buyer puts forwards an “offer to purchase” via the seller’s agent. Negotiations may be required until both parties have settled on a price and the details of the agreement.
• Verbally accepting an offer is not legally binding, you can change your mind and accept a higher offer if a more attractive one is made.

Hire a conveyancer / solicitor

• To legally transfer the ownership and finances of a property from buyer to seller, a conveyancer is essential to the process. We recommend Stephen & Robb.

https://www.stephenrobb.co.uk

Draft up and exchange contracts

Once the price has been agreed between the seller and buyer, the conveyancing team can begin the paperwork. Here, all of the conditions of sale are decided; for example is there an additional charge for the inclusion of fixtures and fittings or appliances? A timeframe for the exchange and completion are possible now.

Move out

You can move out whenever you want. The seller can stipulate a specific date when they will leave.

The property must be in the condition agreed in the contract.

Complete the sale

Completion is when the property changes hands and the buyer becomes the new owner. It takes place at an agreed date and time, usually midday. Once the contracts, keys and property deeds are exchanged, the conveyance team will register the transfer with Land Registry.

Pay off the Mortgage

• Your mortgage lender will send the conveyancing team the amount outstanding.
• Once the buyer sends your conveyancer the money, they will pay the mortgage lender the amount due.

Settle the outstanding with the conveyance team and estate agent

• If buying and selling at the same time, the conveyancing solicitor can settle both payments and pay any stamp duty for the home you're buying.
• Now at the end of this process, the conveyance team can calculate all work done and share this with you.
• Some estate agents stipulate a percentage based fee on the sale price.
• The Grange stands strongly on a fixed fee for our services. We will not charge you more, nor surprise you with hidden fees.

Watch out for gazundering and what is it?

• At the last minute the buyer lowers their offer just before contracts are exchanged. All the planning to get to this stage with this buyer has taken weeks if not more. Pulling out now could stifle progress by many months to find another buyer. Refusing the lower price would mean the seller is back to square one and months behind schedule.
• Sometimes the lower offer is because of reasons that are justified, for example if the seller is not completely transparent about all snags and issues they know about. If the buyer finds out, they may want to drop the price with the new information taken into consideration.
• When the process drags on it can lead to change heart in the buyer, they may start seeing things they don’t like about the property which can lead them to dispute and offer a lesser price.
• Some buyers intentionally drag out the process so that the seller has less options and all other interested parties are long gone. This is an underhand technique we as agents aim to avoid.

How to avoid gazundering?

• Go with an agent who has experience dealing with hundreds of buyers and completions of sale. They’ll want to protect their clients from such experiences and any bad reputation that occurs from the situation.
• The quicker the buyer can make an offer and have the money available to transfer the better. You're still in a good position with other buyers close at hand. Chain-free buyers are less likely to lower the prices at the last hour.