Be realistic when selling a property
1. SELECT an agent who has a track record of selling similar assets into the market, and has an excellent network of contacts regionally.
2. Be realistic on value. Just because the property in the locality sold for a significant amount, it doesn’t ordinarily mean yours is worth the same. There are many variables which affect the value of property.
3. When going into the negotiation, know what terms you can be flexible with and what points are fixed i.e. price, completion, timescales, conditionality, payment terms etc. By clearly setting these out at the beginning of the sale process it allows all parties to know where they stand.
4. Be cautious about the headline offer you receive until you have discussed the terms with the prospective purchaser and specifically until you have checked point five.
5. Ensure the authenticity of the purchaser. Check for proof of funding and their ability to perform. Failure to do so can lead to long delays, or total collapse of the deal, which in turn leads to abortive costs.
6. Due diligence. It’s not just a purchaser’s duty to undertake due diligence as questions will be raised during the sale process and you need to be able to provide sufficient responses to the queries raised.
7. Appoint an experienced professional team to look after your interest. With more complex transactions, a ground engineer or highway consultant may be as busy as your legal representatives.
8. Keep in constant contact with your professional team to keep on top of any issues.
9. Set realistic timescales.
10. Be prepared to walk away.
Appoint an experienced professional team to look after your interest.