The Homeowners Alliance suggests setting your asking price at 5-10pc above what you would accept, to allow for negotiation.
Although price is the most obvious consideration when agreeing a deal, and how willing you are to negotiate, Citizens Advice says there are other factors to consider, such as the type of buyer you are looking for.
For example, first-time buyers won’t be burdened by being part of a chain so are likely to be able to complete more quickly. For an even quicker sale, cash buyers will be ready to go without needing to wait for mortgage approvals – but will be rarer.
If you aren’t happy with an offer you receive from a potential buyer, you can go back and negotiate. Make sure you have a price in mind when you enter a conversation so you don’t lose out.
If you are not a confident negotiator there is a risk any savings you make by not using an estate agent could be lost through a reduced sale price, warned Ms Regan.
Another area you could struggle with is getting proof that a potential buyer is in a financial position to purchase the property – without this, you could face difficulty during conveyancing.
“Making sure that the buyers are in a position to process. At Purplebricks we will check people have proof of funds and an agreement in principle to make sure they are ready to make an offer on the property,” said Ms Orme.
Buyers who are keen to move forward on a deal are likely to be happy to provide proof of funds, but it could be a red flag for the deal if they aren’t.
Accepting an offer and instructing a solicitor
Once you are happy with an offer, it is time to accept. You do this first verbally and then in writing – either by post or email. Once there is written confirmation you need to get the lawyers involved.
Conveyancing is a specific area of law that deals with the transfer of property rights from an owner to a buyer and this is often the most time consuming part of the sale process.
It is worth doing your research before committing to a lawyer to handle the sale. A recommendation from friends or family is always a great way to find someone. However, if this isn’t possible the Law Society has an online search to help you find the right people, as does the The Council for Licensed Conveyancers.
It is always important to check their online reviews to see what others have said about their service before signing up.
Renegotiations and getting the deal over the line
As part of their own due diligence, buyers may ask for a survey to be completed. This is a report they pay for completed by a professional that provides an idea of the value of the home and what repairs, if any, are needed.
If the report reveals previously unknown issues, there is a chance the buyer will want to renegotiate. This isn’t unusual. If repairs need to be done it is often the case that either the seller agrees to carry them out before completion, or the price is knocked down to account for the money the buyers will need to invest.
