Selling Your Home? Your FAQs Answered!

Selling your home can be a whirlwind of emotions and decisions. To help you keep a cool head, we've answered some of the most common questions sellers have. Let's dive in!

What does it mean when it's a "seller's market"?

Ever heard the term "seller's market" and wondered what it really means? It's when the demand for property is higher than the number of houses available. This puts sellers in a strong position, often leading to multiple offers and potential bidding wars.

My house just won't sell! What can I do?

Feeling stuck? If your property is lingering on the market, it's time to take action. Here are a few things to consider:

• Is the price right? Take a look at what similar homes in your area have sold for recently. Your asking price needs to be competitive.
• Does your home need a little TLC? First impressions matter! A fresh coat of paint, a tidy garden, and some minor repairs can make a big difference.
• How's the marketing? Is your estate agent effectively showcasing your property? You might need to switch agents or explore different marketing strategies.
• Location, location, location. Unfortunately, location plays a significant role in how quickly a property sells.

Home staging: Is it really worth it?

Absolutely! Home staging is about presenting your property in its best light. Think decluttering, rearranging furniture, and creating an inviting atmosphere that buyers will love.

Why do I need an estate agent? Can't I just sell my house myself?

While selling privately might seem tempting, estate agents offer valuable expertise:

• Pricing strategy: They know how to determine the optimal asking price.
• Marketing and exposure: They'll reach a wider audience of potential buyers.
• Negotiation: They'll handle offers and counteroffers with skill.
• Legal compliance: They'll ensure all the paperwork is in order.

What costs can I expect when selling my home?

Selling a property comes with various costs. Here are some of the main ones:

• Estate agent commission
• Compliance certificates (electrical, plumbing, etc.)
• Bond cancellation fees
• Moving costs

What do I legally have to tell potential buyers about my property?

You must disclose any defects or issues that could affect the property's value or safety. Transparency is key to a smooth transaction.

What are the typical costs associated with selling a property?

Selling costs typically include estate agent commission, compliance certificates, bond cancellation fees, and any repairs or renovations you might need to make.

How much commission will an estate agent charge?

Estate agent commission is usually a percentage of the selling price, typically ranging from 4% to 7.5% plus VAT. It's negotiable, but remember that agents invest their time and resources to market your property.

What's the difference between an open mandate and a sole mandate?

An open mandate allows you to work with multiple estate agents, while a sole mandate grants exclusive selling rights to one agent.

Help! I have multiple buyers interested in my property. What now?

Having multiple offers is great, but it can also be a bit overwhelming. Here's how to handle it:

• Did you accept the first offer? If so, check if it has any conditions that need to be met (like the buyer securing financing).
• Have those conditions been met? If yes, the sale is binding. If not, check your agreement to see if you can still market the property and accept other offers.
• Can you accept competing offers? If your agreement allows it, you can accept another offer. However, you'll need to give the first buyer a chance to meet their conditions within a specific timeframe.

Once a buyer fulfills all the conditions of the sale agreement, it becomes legally binding, and you can't sell to anyone else.

Can I remove any fixtures from my home before selling it?

Generally, anything attached to the property is included in the sale. If you want to keep specific items (like a light fixture), make sure this is clearly stated in the sale agreement.

Should I allow viewings of my property?

Yes, viewings are essential! They give potential buyers a chance to experience your home firsthand, increasing the likelihood of a sale.

How can I determine the value of my home?

Your home's value depends on various factors, including location, size, condition, and market trends. An estate agent can provide a professional market valuation.

Do I need to make any repairs before listing my property?

Addressing necessary repairs can make your home more appealing and potentially boost its value. It's worth considering before putting it on the market.

Is a home inspection necessary when selling?

While not mandatory, a home inspection can identify potential issues, providing valuable information for both you and the buyer.

What is occupational rent, and how is it calculated?

Occupational rent is a payment you might need to make to the buyer if you continue living in the property after it's been sold and transferred into their name. It's like paying rent to the new owner, and it's usually calculated daily based on the purchase price or a rental valuation.

What happens if the buyer decides not to go ahead with the purchase?

If the buyer breaches the sale agreement, you might be able to claim damages or even force them to complete the sale, depending on the circumstances and the agreement.

What does "voetstoots" mean in a sale agreement?

"Voetstoots" means you're selling the property "as is" with any existing defects. However, you still need to disclose any known issues to the buyer.

What are the different ways to sell a property?

You can sell your property through:

• An Offer to Purchase: The most common way, where a buyer makes an offer, and you accept.
• Private Treaty: A negotiated sale between you and the buyer, often facilitated by an estate agent.
• Auction: Where the property is sold to the highest bidder at a public auction.

When are compliance certificates required?

Compliance certificates (for electrical, plumbing, gas, etc.) are typically needed before transferring ownership of the property. It's best to obtain these early in the selling process.

What exactly is a cancellation attorney?

A cancellation attorney is a lawyer who specializes in property law. They handle the legal aspects of cancelling a sale agreement, often working with the bank to cancel your existing home loan.

Can I sell my property if it's currently rented out?

Yes, but you need to respect the tenant's rights. This might involve giving them notice or offering them the first opportunity to purchase the property.

How long does it typically take to sell a property?

The time it takes to sell can vary depending on the market, the property itself, and your asking price. It could be a few weeks or a few months.

What if I receive an offer that's lower than I expected?

You're not obligated to accept a low offer. You can counter-offer with a higher price or reject it completely.

Can I back out of a sale after accepting an offer?

It depends on the terms of your sale agreement. You might be able to withdraw under certain conditions, but there could be penalties involved.

How do I find a good estate agent?

Look for an agent with experience in your area, a strong track record, and excellent marketing skills. Find them through Hoom.

Looking to Sell Your Property?

Hoom lets you find and compare estate agents in your area, ensuring you find the best fit for your needs. Plus, you'll earn cash-back when you sell! Our platform allows estate agents to give their best commission rates and services for your listing. Visit Hoom today for a hassle-free selling experience.

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