If one of your viewers decides to put an offer in on your home your estate agent will be in touch.
Hopefully you’ll receive more than one offer, and you’ll want to consider them carefully. Quite often buyers will offer you less than the asking price, so you need to decide what you think is a reasonable offer. If you feel that offers you’ve received are too low this is the point at which negotiations will happen. It is acceptable practice for a homeowner to reject a first offer from an interested party in the hope that they will put in a second, higher offer.
Remember that an offer isn’t legally binding. At this stage in the process either party can pull out at any point. Offers are also subject to the results of a survey.
Are you selling in Scotland?+
If you’re selling in Scotland, the process is different. Solicitors play a bigger role in selling homes and you’ll need to employ a Scottish solicitor.
You’ll need to get a Home Report pack prepared, which must contain a property questionnaire, an energy report and a single survey.
The property questionnaire covers things like council tax banding and general information about your home, plus any alterations you’ve made to it.
A Chartered Surveyor can carry out the energy report and survey (which looks at the condition of your home) and a valuation.
The survey will provide you with a suggested price for the sale of your home. You can either;
- ask for the exact amount
- ask for offers in the region of the amount
- or ask for offers over the amount
It’s entirely up to you.
When a buyer wants to make an offer, they may ‘note an interest’. This is where their solicitors see if anyone else has done the same. If not they may then go on to make an offer. If more than two people have ‘noted an interest’ then your solicitor will set a closing date and ‘sealed’ offers will be made by all those who want to buy your home. The sealed offer contains how much someone wants to buy your home for and when they’d like to move in. You then need to decide which offer to accept. At that point the solicitors negotiate and when you both agree on the sale, the offer becomes legally binding and can only be cancelled by paying compensation to the other party.
The solicitor will then prepare a ‘disposition’ which transfers ownership of the home from you to the buyer. If you have a mortgage they arrange for it to be repaid. And finally, on the day of completion your solicitor will receive the money and send the disposition and other documents, plus your keys, to your buyer.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.