Without a doubt selling your home can be a very stressful process. Some of this stress stems from a lack of knowledge for sellers about the process. This is understandable as most of us will only be in the position of selling their homes a few times over the course of their lives. However once the process has been outlined and broken down into manageable chunks selling a house seems very doable! Our handy guide outlines the 12 steps involved to get your house sold.
- Property Valuation
Sell the SMART way
Contact Smart and one of our agents will be happy to carry out a free valuation for you. With our vast knowledge of your area combined with our specialist valuation software tools we will give you the true market value of your property. Our extensive marketing strategy will ensure you achieve this price.
- Getting your property ready
Remember first impressions count!
It is important you bring your property to a level where it is a clean, clutter free blank canvas. Clear out clutter (which will also serve you well for when the time comes to move!), clean and spruce up the place as much as possible. If your budget allows maybe tidy up some paint work and do those minor repairs you had been putting off. Dress the property in neutral tones which will ensure not to put off any viewer with strong colours. Spruce up the outside of the property as well and have any gardens trimmed back and tidy. You don’t have to spend a lot of money to present your property in the best possible light!
- Choose your solicitor
Appoint a solicitor as soon as you decide you are selling
The legal formalities associated with selling your property is called conveyancing. Solicitors have different charging structures so shop around for a good deal.
- Get a BER Certificate for your property
Know your energy rating!
It is a legal requirement to have a Buildings Energy Rating (BER) Certificate for your property prior to bringing it to the market. Appoint a BER assessor to carry out an appraisal of the property and they will ascertain its energy rating. The assessor will submit the results to Sustainable Energy Authority Ireland who will issue a BER Cert and Advisory Report. This is a quick and easy process – depending on the size of the property it can be completed in a matter of hours and the Certificate issued within days.
- Property Launch & Viewings
Be as accommodating and flexible as possible with viewings for your potential buyers. It will pay off!
When your property is launched to the market here at Smart we recommend holding a number of Open Viewings if possible to get large numbers of interested parties through the property, ascertain the real level of interest in the property by speaking to these viewers, and to get to know who the serious buyers are. Viewers are qualified and private viewings are then held for serious buyers.
- Receiving offers and the negotiation process
Always ensure your buyer is in a position to proceed!
Always know what your bottom line is and don’t go below this if at all possible. This of course depends on your circumstances. When you start receiving offers from buyers it is imperative to ensure they are in a position to proceed e.g.
Are they cash buyers or mortgage approved?
Have they a property to sell on which buying yours is dependent?
If they are in the process of selling their own have they signed contracts?
Whilst it’s great to receive offers they aren’t …much use… if the bidders don’t have the funds to back up the offer.
- Agree a Sale
Happy days – a sale has been agreed!
When you have decided with your agent’s advice to accept an offer, the purchaser will pay a deposit to the agency. This initial deposit is fully refundable if they decide not to proceed before contracts are signed.
- Structural survey of the property & Bank Valuation
Two boxes to be ticked!
Two procedures to possibly carried out by your buyer are a structural survey and a mortgage lender valuation. It is the norm for a survey to be carried out to ensure there are no major structural problems with the property. If the buyer is mortgage approve their lending institution will arrange an independent valuation of the property to ensure they agree with the sale agreed price…
- Exchange of Contracts
The Deed is done!
Your solicitor will draw up contracts and send them to your buyer’s solicitor for signing. When received back you counter-sign with your solicitor. A second deposit is paid which is the balance of 10% of the sale agreed price. This deposit is non refundable.
- Sale is Completed
Well done – you have sold your property!
When the legal documents are all signed a suitable closing date is agreed. On that date the remainder of the money for the sale will be transferred to your solicitor’s account and they keys are handed to your buyers.
If you are a first time buyer or it’s just been a while since you last bought a property you will find our step by step guide to buying very* useful. The process can seem overwhelming and not for the faint hearted! But broken down into stages it is a lot more manageable.
Saving for deposit
Opening a savings account is a good idea to regularly save money, and to be able to prove to a mortgage lender that you have a solid savings record.
The Central Bank’s Loan To Income Rules limit the maximum amount you can borrow to 3.5 times your annual salary. So for example if you earn €60,000 you can borrow a maximum of €210,000. If you were borrowing with your partner who also earned €60,000 this would allow you to borrow €420,000.
The Central Bank has discretionary lending rules though which allow 20% of first time buyers to breach this limit and 10% of second time buyers to also breach it.
The second mortgage lending Central Bank Rule is the Loan To Value Rations. First time buyers are required to provided a minimum of 10% deposit unfront.
Working out your budget
When deciding what your budget is for buying a property other costs involved in the purchase must be taken into account. Some of these costs are :
Stamp Duty – 1% of the price of the house up to €1m and 2% of the price above that
Legal fees – typically €2,500 or above
Surveyors Fee
Moving Cost
Repairs, furniture and decoration
Applying for your mortgage
It can be useful to speak to mortgage lenders about amounts you would be able to borrow based on earnings which will help you work out how much you need to save. When you have your deposit saved you can approach them about a fixed or variable mortgage either directly or using a broker. The most important aspect to consider is the interest rate. Whilst many lenders offer appealing incentives such as cash-back you need to take into account the overall cost of the mortage and interest rate and what will of greater benefit to you in the longer term. It is important to have mortgage approval before you start looking at properties so you have a very clear picture of the price range you are in, and it also ensures vendors take you seriously if you wish to make an offer.
It is imperative to take out mortgage protection as lenders can insist of you having this cover and can refuse you a mortgage if you do not have it. Shop around though as you do not have to take out your lender’s insurance and may find one more suitable or better value.
Appoint a solicitor
As you start the search for a property be sure to appoint a solicitor. A conveyancing solicitor is one who looks after all aspects of transferring ownership from the seller to yourself. When your offer is accepted your solicitor’s details will be required immediately by the estate agent to be provided to the seller’s solicitor. Shop around for quotes from solicitors – their fees traditionally were based on a percentage of the house price but more recently are a flat fee. Be sure to ask for a breakdown of their professional fees and costs.
Start House Hunting
When you are beginning your search for a property thoroughly research the areas you have decided to focus on. Ensure there are good transport links and commuting options available if necessary, and a good range of shops, facilities and amenities. Take note of management fees if looking at properties in a complex. BER ratings are important as they will dictate the cost of heating and running your home. The higher the rating the better. Ask the seller’s agent what is included in the sale in terms of fixtures and fittings. Find out if there are any current offers on the property and what the level of interest in it is. Know the position of the seller is in terms of readiness and reason to move. Having this information puts you in a much better position to ensure making an offer is the right way forward.
Making an offer and negotiating
When making an offer know what your maximum price is and don’t go beyond that. Sometimes it can be easy to get carried away if there is another party bidding against you. Factor in the condition of the house and can you afford further investment in repairs and redecoration if required. Look at the property’s sale history on the Property Price Register and also at similar properties that recently sold in the area. This will give you an indication of what level you should be making an offer.
Factors taken into account when you make an offer to the estate agent are what your own position is and if you can prove you can afford the property. Being ready to go in terms of not having a property to sell or being close to closing your own sale will be looked on favourably by the sellers who will not want delays. Having proof of funds ready, whether that is mortgage approval and/or bank statements will be looked upon favourably. The highest offer is not always the one that is accepted as it is not always to the benefit of the sellers.
GOING SALE AGREED
When your offer has been accepted the property is marked as sale agreed and you pay a booking deposit. This is fully refundable until contracts are signed and usually starts at around €5,000 and increases from there depending on the value of the house. Paying this deposit signals your strong intent to purchase the property and ensures it is taken off the market until contracts are signed. Once agreed details of the sale are sent to both your solicitor and the seller’s solicitor. This document contains details of the price, estimated closing date, names and addresses of anyone involved in the sale and conditions of the sale. When the vendor’s solicitor receives this from the estate agent they issue the contracts along with the Title Deeds to your own solicitor. When you have signed the contracts they are sent back to the seller’s solicitor for countersign
If you are a first time buyer or it’s just been a while since you last bought a property you will find our step by step guide to buying very* useful. The process can seem overwhelming and not for the faint hearted! But broken down into stages it is a lot more manageable.
Saving for deposit
Opening a savings account is a good idea to regularly save money, and to be able to prove to a mortgage lender that you have a solid savings record.
The Central Bank’s Loan To Income Rules limit the maximum amount you can borrow to 3.5 times your annual salary. So for example if you earn €60,000 you can borrow a maximum of €210,000. If you were borrowing with your partner who also earned €60,000 this would allow you to borrow €420,000.
The Central Bank has discretionary lending rules though which allow 20% of first time buyers to breach this limit and 10% of second time buyers to also breach it.
The second mortgage lending Central Bank Rule is the Loan To Value Rations. First time buyers are required to provided a minimum of 10% deposit unfront.
Working out your budget
When deciding what your budget is for buying a property other costs involved in the purchase must be taken into account. Some of these costs are :
Stamp Duty – 1% of the price of the house up to €1m and 2% of the price above that
Legal fees – typically €2,500 or above
Surveyors Fee
Moving Cost
Repairs, furniture and decoration
Applying for your mortgage
It can be useful to speak to mortgage lenders about amounts you would be able to borrow based on earnings which will help you work out how much you need to save. When you have your deposit saved you can approach them about a fixed or variable mortgage either directly or using a broker. The most important aspect to consider is the interest rate. Whilst many lenders offer appealing incentives such as cash-back you need to take into account the overall cost of the mortage and interest rate and what will of greater benefit to you in the longer term. It is important to have mortgage approval before you start looking at properties so you have a very clear picture of the price range you are in, and it also ensures vendors take you seriously if you wish to make an offer.
It is imperative to take out mortgage protection as lenders can insist of you having this cover and can refuse you a mortgage if you do not have it. Shop around though as you do not have to take out your lender’s insurance and may find one more suitable or better value.
Appoint a solicitor
As you start the search for a property be sure to appoint a solicitor. A conveyancing solicitor is one who looks after all aspects of transferring ownership from the seller to yourself. When your offer is accepted your solicitor’s details will be required immediately by the estate agent to be provided to the seller’s solicitor. Shop around for quotes from solicitors – their fees traditionally were based on a percentage of the house price but more recently are a flat fee. Be sure to ask for a breakdown of their professional fees and costs.
Start House Hunting
When you are beginning your search for a property thoroughly research the areas you have decided to focus on. Ensure there are good transport links and commuting options available if necessary, and a good range of shops, facilities and amenities. Take note of management fees if looking at properties in a complex. BER ratings are important as they will dictate the cost of heating and running your home. The higher the rating the better. Ask the seller’s agent what is included in the sale in terms of fixtures and fittings. Find out if there are any current offers on the property and what the level of interest in it is. Know the position of the seller is in terms of readiness and reason to move. Having this information puts you in a much better position to ensure making an offer is the right way forward.
Making an offer and negotiating
When making an offer know what your maximum price is and don’t go beyond that. Sometimes it can be easy to get carried away if there is another party bidding against you. Factor in the condition of the house and can you afford further investment in repairs and redecoration if required. Look at the property’s sale history on the Property Price Register and also at similar properties that recently sold in the area. This will give you an indication of what level you should be making an offer.
Factors taken into account when you make an offer to the estate agent are what your own position is and if you can prove you can afford the property. Being ready to go in terms of not having a property to sell or being close to closing your own sale will be looked on favourably by the sellers who will not want delays. Having proof of funds ready, whether that is mortgage approval and/or bank statements will be looked upon favourably. The highest offer is not always the one that is accepted as it is not always to the benefit of the sellers.
GOING SALE AGREED
When your offer has been accepted the property is marked as sale agreed and you pay a booking deposit. This is fully refundable until contracts are signed and usually starts at around €5,000 and increases from there depending on the value of the house. Paying this deposit signals your strong intent to purchase the property and ensures it is taken off the market until contracts are signed. Once agreed details of the sale are sent to both your solicitor and the seller’s solicitor. This document contains details of the price, estimated closing date, names and addresses of anyone involved in the sale and conditions of the sale. When the vendor’s solicitor receives this from the estate agent they issue the contracts along with the Title Deeds to your own solicitor. When you have signed the contracts they are sent back to the seller’s solicitor for countersign
If you are a first time buyer or it’s just been a while since you last bought a property you will find our step by step guide to buying very* useful. The process can seem overwhelming and not for the faint hearted! But broken down into stages it is a lot more manageable.
Saving for deposit
Opening a savings account is a good idea to regularly save money, and to be able to prove to a mortgage lender that you have a solid savings record.
The Central Bank’s Loan To Income Rules limit the maximum amount you can borrow to 3.5 times your annual salary. So for example if you earn €60,000 you can borrow a maximum of €210,000. If you were borrowing with your partner who also earned €60,000 this would allow you to borrow €420,000.
The Central Bank has discretionary lending rules though which allow 20% of first time buyers to breach this limit and 10% of second time buyers to also breach it.
The second mortgage lending Central Bank Rule is the Loan To Value Rations. First time buyers are required to provided a minimum of 10% deposit unfront.
Working out your budget
When deciding what your budget is for buying a property other costs involved in the purchase must be taken into account. Some of these costs are :
Stamp Duty – 1% of the price of the house up to €1m and 2% of the price above that
Legal fees – typically €2,500 or above
Surveyors Fee
Moving Cost
Repairs, furniture and decoration
Applying for your mortgage
It can be useful to speak to mortgage lenders about amounts you would be able to borrow based on earnings which will help you work out how much you need to save. When you have your deposit saved you can approach them about a fixed or variable mortgage either directly or using a broker. The most important aspect to consider is the interest rate. Whilst many lenders offer appealing incentives such as cash-back you need to take into account the overall cost of the mortage and interest rate and what will of greater benefit to you in the longer term. It is important to have mortgage approval before you start looking at properties so you have a very clear picture of the price range you are in, and it also ensures vendors take you seriously if you wish to make an offer.
It is imperative to take out mortgage protection as lenders can insist of you having this cover and can refuse you a mortgage if you do not have it. Shop around though as you do not have to take out your lender’s insurance and may find one more suitable or better value.
Appoint a solicitor
As you start the search for a property be sure to appoint a solicitor. A conveyancing solicitor is one who looks after all aspects of transferring ownership from the seller to yourself. When your offer is accepted your solicitor’s details will be required immediately by the estate agent to be provided to the seller’s solicitor. Shop around for quotes from solicitors – their fees traditionally were based on a percentage of the house price but more recently are a flat fee. Be sure to ask for a breakdown of their professional fees and costs.
Start House Hunting
When you are beginning your search for a property thoroughly research the areas you have decided to focus on. Ensure there are good transport links and commuting options available if necessary, and a good range of shops, facilities and amenities. Take note of management fees if looking at properties in a complex. BER ratings are important as they will dictate the cost of heating and running your home. The higher the rating the better. Ask the seller’s agent what is included in the sale in terms of fixtures and fittings. Find out if there are any current offers on the property and what the level of interest in it is. Know the position of the seller is in terms of readiness and reason to move. Having this information puts you in a much better position to ensure making an offer is the right way forward.
Making an offer and negotiating
When making an offer know what your maximum price is and don’t go beyond that. Sometimes it can be easy to get carried away if there is another party bidding against you. Factor in the condition of the house and can you afford further investment in repairs and redecoration if required. Look at the property’s sale history on the Property Price Register and also at similar properties that recently sold in the area. This will give you an indication of what level you should be making an offer.
Factors taken into account when you make an offer to the estate agent are what your own position is and if you can prove you can afford the property. Being ready to go in terms of not having a property to sell or being close to closing your own sale will be looked on favourably by the sellers who will not want delays. Having proof of funds ready, whether that is mortgage approval and/or bank statements will be looked upon favourably. The highest offer is not always the one that is accepted as it is not always to the benefit of the sellers.
GOING SALE AGREED
When your offer has been accepted the property is marked as sale agreed and you pay a booking deposit. This is fully refundable until contracts are signed and usually starts at around €5,000 and increases from there depending on the value of the house. Paying this deposit signals your strong intent to purchase the property and ensures it is taken off the market until contracts are signed. Once agreed details of the sale are sent to both your solicitor and the seller’s solicitor. This document contains details of the price, estimated closing date, names and addresses of anyone involved in the sale and conditions of the sale. When the vendor’s solicitor receives this from the estate agent they issue the contracts along with the Title Deeds to your own solicitor. When you have signed the contracts they are sent back to the seller’s solicitor for countersign
