So, you have considered selling your property and want to know how long it will take.
Most home owners are unaware of the selling process and how long it takes to sell a property, so what is the process and how long does it really take?
Here is simplified guide to help you understand the steps and process involved with successfully selling your property:
Step 1 – Obtain the Value of your Property
In the first week of selling your property you will need to obtain a professional appraisal from 2-3 real estate agents to determine the market value of your property. Some real estate agents will have differing opinions of this and keep in mind that some real estate agents will over inflate their opinion in order to win your business.
Step 2 – Appoint a Solicitor
Within the first week, it’s also important to appoint a solicitor or conveyancer to handle your legal documentation. By having a solicitor or conveyancer involved early in the sale process, they will ensure that you are legally protected. They will also look over any “agent agreements” or documentation you need to sign when it comes time to choosing your real estate agent.
Step 3 – Choose an Agent
At the start of the second week, you can then choose an agent who you feel comfortable with and who you think will achieve the best result for your property. Choosing the right agent at this point will have a huge impact on the final result of your property’s sale. Keep in mind that the most expensive real estate agent is not always the best or most qualified agent.
Step 4 – Present and Stage your Property
At least 1 week out from listing your property for sale, consult with your real estate agent to discuss presenting and staging your property in preparation for photos and marketing. Getting a professional opinion on how to stage and present your property could help you achieve as much as 5-10% more for your property. This could ultimately be thousands or even tens-of-thousands of dollars extra in your pocket.
Step 5 – Your Property “Hits the Market”
After your property has “hit the market” it’s important to have your property presented well for open homes and buyer inspections. It’s vital that your property stand out from the competition and show potential buyers that your property is ready to move into. You can get your property on the market as quickly as 2-3 weeks of deciding to sell your property.
Step 6 – Accepting an Offer
At last all of your hard work has paid off and you receive an offer and negotiate the price and various terms. This can occur as quickly as 1 day, or it can take a several weeks or months depending on the presentation of your property and pricing strategy.Once an offer is accepted a “Contract of Sale” will be signed by the buyer(s) and seller(s) that stipulates the sale price and various other terms, conditions or clauses of the sale. It’s important to show your solicitor a Contract of Sale prior signing. This will give your solicitor the opportunity to determine if the Contract of Sale is in your best interest and meets all of your sale requirements. Keep in mind that Queensland law gives buyers a 5-day cooling off period in which they can terminate the Contract of Sale within that time.
Step 7 – Terms, Conditions and Clauses
Building & Pest inspections, Finance or other clauses commonly have due dates in which a decision must to be made on whether the clause has been “satisfied”. These clauses and due dates are usually negotiated at the time sale, and are outlined in the contract of sale.Terms, conditions and clauses can vary from 7 days – 30 days. Once these clauses have been satisfied, or the stated time has passed the contract then becomes “Unconditional”.In some circumstances a Contract of Sale may not have any terms, conditions or clauses at all. In this situation, the contract is unconditional immediately. (However, it may still be subject to a 5-day cooling off period)
Step 8 – On your way to Settlement
Once all of the terms, conditions and clauses have been “satisfied” and the contract is unconditional, it is just a matter of waiting for the “settlement” of the contract to occur.“Settlement” is when the transaction of the property is finalised by all relevant parties including buyers, sellers, banks, solicitors etc. This usually takes between 30 to 90 days (from the date of contract) or sometimes longer depending on the circumstances of the buyers and sellers.
As you can see from the moment you make the decision to sell your property it can be quite intense and at times challenging. Be ready and keep in contact with your real estate agent and solicitor. Ask for updates so you feel confident and on top of everything.
It’s no secret that good properties that are marketed well, sell quickly and get top dollar.
If you would like to chat about the finer details of how to successfully sell your property, we are here to assist you every step of the way. Please feel free to call us at anytime.
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