You may be surprised to know there is more than one way to successfully sell a property. Our knowledgeable teams will be able to provide advice on the most effective method of sale to produce the best result for you.
The most popular method. Your home is placed on the market. Once you accept an offer the sale is progressed to exchange of contracts and completion. Surveyors and solicitors are instructed after acceptance of offer. The sale remains subject to contract, either party can withdraw from the sale prior to exchange.
When it is likely a property will generate interest from multiple purchasers. The property is marketed for a specific time period after which tenders (sealed bids) are submitted by all interested parties. Once an offer has been accepted the sale is progressed to exchange of contracts the same as a private treaty. The sale also remains subject to contract. Selling by this method brings a discipline to a sale potentially involving multiple buyers.
A similar process is followed to informal tender however, when the tender is submitted, the offer is accompanied by a deposit of 10%. On acceptance contracts are exchanged and completion, which is usually set for 28 days later, takes place thereafter. If either party withdraws the deposit is forfeited. A legal pack including current searches is available on request, enabling the buyer’s solicitor to have all the information they require to exchange. This method of sale may rule out any potential buyers who are in a chain, not on the market, have not sold their property or require a mortgage.
A property is marketed in readiness for the auction. A legal pack is available to all potential bidders. The property is sold on the fall of the hammer and exchange of contracts takes place, with completion usually set for 28 days later. This method is particularly popular for vendors looking to conclude a deal within a set period of time and own a property which is likely to generate interest from multiple buyers. This method of sale may rule out any potential buyers that are in a chain of sales, not on the market, have not sold their property or require a mortgage.