When to sell property and when not to
But, selling a home is not a simple process and you need to make sure that you do your homework thoroughly,” said Head of Home Loans at FNB, Mr Thomas Slabbert.
Said Slabbert, “Estate Agents have knowledge of the local market, a database full of potential buyers and marketing expertise. They also have the time to manage and conduct viewings which you do not have to attend especially if you are working full time. They manage the sales process and all the administrative work that goes with it and they are also in a position to negotiate with buyers.”
If however, the owners has set his mind on selling the property himself, then Slabbert advised to keep a few important issues in mind.
Setting the correct price
“There are many free property reports to help you set the right price,” said Slabbert. “If you set the price too high you may end up with a situation where your property doesn’t sell, and too low will mean that you lose out.”
Marketing your property
“When marketing your property you will need to assign a good photographer and draft a suitable description. Once you have both of these you will need to find an appropriate place to market your property. “You can market you property on private selling websites or you can even use your local classifieds,” he said.
Selling the property
“Once you have met prospective buyers and they are looking to make an offer, there are some legal and contractual requirements that you need to be aware of to protect yourself and the buyer.”
Before you sign
“You as the seller need to make the buyer aware of any defects, and these need to go into writing. This is to protect both parties. “You also need to know where the money will be coming from,” he said.
When you sign
There are legal documents available on websites; however your conveyancing attorney can help you draw up the documents. “You will need to be familiar with all the terms and conditions of the document, these include latent and patent defects, occupational rent and recourse for breach of contract,” said Slabbert adding that the contract will also need to outline the different timelines, especially if it is subject to prior sale of the buyer’s property. The conveyancing attorney will guide you on other aspects such as electrical clearance, municipality notice and any other requirements.
“Selling your own home can work, but you will need to do your homework and be patient. If you are unsure it is better to go with an estate agent who has the industry knowledge and sales network,” concluded Slabbert.