When you start to think about moving and putting your property on the market it’s important to explore all options available to ensure you’re selling your home using the method best suited to your needs, whether you’re looking for a fast sale or the best price.

Different methods of selling your property

“Every seller’s position is unique and the reason you’re selling will differ from others” comments Antony Gibson, Managing Director of Sales at Romans. “Therefore we work hard to establish your personal needs from the sale of your property so we can advise on the best method of sale. Whether that’s the more traditional route of sale by private treaty, the faster and more definitive method of selling by auction, or by creating competition via private treaty utilising Romans’ Open House service which is ideal if you want the convenience of scheduling viewings all at the same time.”

Traditional method of sale (Private Treaty)

Traditional method of selling property

Most estate agents employ this method, and the process is called ‘For Sale by Private Treaty’.

Step one: Details of your property are prepared and an asking price is quoted

Step two: Details are advertised to prospective buyers

Step three: Potential buyers view the property

Step four: Interested buyers agree to the asking price or submit an offer of purchase

Step five: Once an offer is accepted it is subject to formal contracts being prepared between the seller and the buyer and those contracts being signed and exchanged between the two parties

If a few buyers are interested in the property they will be invited to submit a ‘best offer’, ensuring the seller receives the best price.

Sales by private treaty generally allow greater flexibility, particularly around timescales, what items are included or excluded or even subject to sellers needing to find their next home to buy. This flexibility is afforded to both buyer and seller and allows a full and proper assessment to be made of the property and sale before the transaction becomes legally binding.

Find out what happens once an offer has been accepted

Private Treaty is ideal for:

  • The vast majority of presentable residential property
  • Sellers looking to move from one house to another

“This method of sale is suitable for most residential properties and buyers but it’s vital that your property is valued correctly by an experienced estate agent from the outset” says Antony.

“In order to get the best price for your home you should instruct an agency with an extensive range of advertising methods and platforms to ensure it’s advertised in front of as many prospective buyers as possible.

“The time taken, from start to finish, will vary dependent on your circumstances and market conditions so it’s important to bear this in mind, especially if you’re looking for a particularly quick sale.”

Find out more about selling your home with Romans

The auction method of sale

Sell your property at auction

Selling property by auction is becoming more and more popular in the UK as people learn about the process and understand the benefits.

Step one: When the property is advertised for sale by auction the seller sets a confidential reserve price, which is the minimum amount that the property can be sold for

Step two: Often a more comprehensive and extensive marketing campaign is utilised to encourage as much interest as possible within a defined time

Step three: Set viewing times are publicised for prospective buyers, who have secured their finances and completed their due diligence before they bid

Step four: The auction takes place and all interested parties bid against each other. The successful bidder is legally bound to purchase when the Auctioneer’s gavel falls, as long as the reserve price is met or exceeded

Step five: The buyer pays a non-returnable 10% deposit there and then and has to complete the purchase on the stated completion date which is normally 20 working days after the auction date

Ultimately, when selling property by auction the bidders decide the final sale price, but as a reserve price is agreed the seller always knows the minimum they will receive for their property.

Selling by property auction is ideal for:

  • Homeowners who need to sell quickly
  • Executors who need to settle an estate
  • People who want the security of a certain sale
  • Properties which are vacant, unique, or in need of modernisation

Simon Clayton, Director of Romans Auctions, comments: “The best scenario is that two or more people are bidding on the same property as this competition can drive prices up beyond the reserve price, as we’ve seen in all of our auctions so far this year.

“A common misconception is that auction properties are all rundown and in need of renovation. In fact, any type of property or land can be successfully sold at auction, and it’s particularly attractive to sellers looking for a fast and secure sale, and the best price on the day.”

Learn more about selling property by auction with Romans

Open House

Sell your property at an open house

A Romans Open House, or property launch, utilises the private treaty method but also creates the competitive nature of an auction room.

Step one: Details of your property are prepared and an asking price is quoted

Step two: Details are advertised to prospective buyers

Step three: Potential buyers are invited to view the property during the Open House, often held on a Saturday or Sunday

Step four: Interested buyers submit an offer of purchase, normally quite soon after the Open House has taken place

Step five: The sellers are presented with the offers and once one is accepted it is subject to formal contracts being prepared between the seller and the buyer and those contracts being signed and exchanged between the two parties

Selling by Open House is ideal for:

  • Sellers who want the convenience of scheduling viewings all at the same time
  • People who want to use the private treaty method but also create a competitive environment

Antony says: “This method of sale is particularly popular among families with young children or those with lots of commitments because they want the benefit of only having to tidy and prepare their house once for the viewings to take place."

Find out more about selling by Open House

Ultimately, the best way to find out which method of sale is right for you is to discuss your requirements with an estate agent.

 

Choose your method of selling your property

Book a property valuation with Romans today on 01344 985 666 and one of our experienced agents will be more than happy to discuss in detail the different ways of selling your home and suggest the best method for you.

 

 

Book your property valuation, here