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What order do I need to do things in?

3 replies

DisgruntledPelican · 13/05/2024 15:42

I have an empty property that I want to sell.

I want to buy somewhere after I’ve sold this property.

I will need a mortgage as well as using the money from the property sale as a deposit.

Where do I start? I’ve only bought a property once, 20 years ago, and I’m struggling with motivation as this is all due to a breakup.

I have a mortgage broker in mind and have spoken briefly to an estate agent about selling.

OP posts:
OttersAreMySpiritAnimal · 13/05/2024 16:29
  1. estate agents. Get 3 round to value the property. They need to show you comparables (ie other similar sold properties) in the local area to justify the asking price they recommend. They need to tell you what they would do to get your property sold and how much their fees are. Think about if you want them to take care of all the viewings and hold keys for you. Ask them all if dressing the property or making any changes would achieve a better price. Think about their answers. Decide if you want to do any of the things they recommend, decide if you want a quick sale and will price a little low or are prepared to wait for a buyer and will price a bit higher. Pick an agent and sign up with them, do negotiate on fees if they don't do things like floorplans or aren't going to do accompanies viewings. Don't just go with the one who recommends a higher asking price than the others, that's a bit of a red flag. Go with the one who gives you confidence they would take care of your property and work hard on your behalf.
  2. buying. Think about how much you have to spend on a house, decide if you want something move in ready or needs work. Decide where you want to live, what it will look and feel like, what features does it need, how many rooms etc. Start looking to get a feel for what you like and don't like. get friends to come with you for perspective. Talk to your mortgage broker and your bank - a mortgage broker isn't necessary but can make things easier. As you've said the property you are selling is empty, I assume you don't need to sell and buy at the same time? This makes you chain free which is a great position to be in as a buyer. when you find one you like make an offer. keep doing this until someone accepts.

Just take your time and lean on friends and experts to assist. a new start in a new house can be a really positive thing. Good luck.

DisgruntledPelican · 13/05/2024 16:53

Thank you @OttersAreMySpiritAnimal , that’s exactly the kind of step by step I need.

I know I’m lucky to not be in a chain, so I want to maximise on that by selling the first property and using the proceeds to clear a credit card so I have a slightly better mortgage prospect.

I would like the EA to do the viewings etc. When I first spoke to a company about this a few weeks ago they were quite good but I can’t remember a lot of the detail re fees etc. it’s currently furnished but not lived in so I will be doing a little bit of tidying and dressing, I think.

OP posts:
OttersAreMySpiritAnimal · 13/05/2024 17:04

Any good EA should be putting their fees and recommendations in writing. So if they didn't follow up with you they wouldn't be my first choice. How they treat you matters.

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