What’s involved in the Complete Sales Process?
Here is the process in summary.
Initially there would be a discussion around comparable property sales in your local area within a 6-month period.
Methods of Sale and Marketing Strategy
Upon proceeding to sell, the next topic would be the variety of Sales and Marketing Strategies. This would include how you wish to sell; for example by Auction or privately. Then what marketing mediums you wish to use and which websites and what newspapers if any.
We recommend obtaining a building and pest inspection at least 6-months prior to when you want to sell as this will allow you have extra stress free time for any repairs before a buyer raises an issue. If a buyer raises any defect after signing a contract whilst doing their own building and pest, it can cause substantial stress and delays. Best not to be surprised and stressed by taking control.
Engagement/ Paperwork started
The next step is to complete some formalities such as a signed paperwork along with a detailed list of all features & benefits of your property.
Offer and Acceptance
Once you have accepted an offer, sales instructions are sent to both yours and the purchaser’s solicitors. Your solicitor will send a copy of the contract to the purchaser’s solicitor.Your solicitor may ask you to confirm the sale details. The purchaser’s solicitor will ask the purchaser to do the same. While this is happening the purchaser’s bank may ask for a valuation on the property.
Most purchasers need 2 weeks from placing their offer to get unconditional approval for their finance, which is when most solicitors will exchange contracts, which will include the deposit. Once this exchange takes place both sides are legally bound to proceed with the sale. Heavy penalties may apply if either side tries to pull out of the sale after the exchange and the cooling off period has expired.
Leading to and at settlement
Normally 30 days after exchange, settlement will take place. Generally about seven to ten working days before settlement, your solicitor will work with the purchaser’s solicitor to determine what cheques will be drawn up for the settlement. The cheque payments may include land rates, body corporate payments, bank loans and a payment to us for our services. A pre-settlement inspection is often required by the buyers and is done 24 to 72 hours before settlement. This is to confirm that the property is in the same condition as it was at the time of the exchange and all inclusions are as stated as in the contract. If the property is being sold with vacant possession, it should be completely empty and clean and tidy at the time of the pre-settlement inspection. The keys and cheques are handed over at settlement via the solicitors.
Your remaining funds will then be deposited into your account and will itemise all of the cheque payments that were made on your behalf in a statement.
And don’t forget to redirect your mail!
Deciding on a Real Estate Agent? Consider these points below.
Buyers don’t care what agency sells their dream home. They are just interested in looking at properties that are in their price range and in the suburbs of their choice.
|Only branded agencies can achieve higher sales prices?||False||Most independent agencies have staff that are the best of the best and don't need to be part of a large brand.|
|Only branded agencies can achieve quicker sales?||False||Again, most independent agencies have staff that are best of the best and don't need to be part of a large brand.|
|Only branded agencies have most experienced Staff?||False||There are more independent agencies in Australia than big branded agencies. And most outperform the large brands. And there are more "rookies" that are part of larger brands.|
|Only branded agencies have access to resources such as massive buyer databases?||False||We have access to over 50,000 buyers in Australia and overseas. Furthermore we have names, numbers of the top 500 wealthiest people in Australia.|
|Only branded agencies have the most cost effective marketing prices?||False||We have negotiated the exact same rates and marketing packages.|
|Only branded agencies will have the highest commission fees?||True||Yes that is true, as they have to recoup higher cost office space and franchise fees.|
|Independent agencies are growing fastest?||True||This is true. Big brands are not growing as fast as independents.|
|Independent agencies can be more flexible with their offering?||True||This is True. Many bigger brands are restricted by how they operate and cannot offer customised solutions as an independent.|