Neil King
20 January 2023 / 6 min read
The process of selling a house: A step-by-step guide
Whether you’re a first-time seller, or seasoned investor, knowing what to expect during the process of selling a house is the best way to prepare yourself before committing to the sale. By familiarising yourself with these steps, you’ll know the necessary legal requirements to sell your home and a deeper understanding of the best practices to achieve a positive return.
Find an agent
Steps to selling a house
Step 1: Prepare your house for sale
Cleaning around the home, fixing up renovations and decluttering your living spaces can make for some serious street appeal when it comes time to promote your property. Even a slight improvement to your home can have a notable impact on how it's perceived by potential buyers and real estate agents' appraisals.
Step 2: Choosing an agent
Establishing the value of your home should be your top priority when beginning the process of selling a house. Reaching out to local real estate agents is often the best way to get an estimation of the value of your home. They also have a portfolio of prospective buyers who may be interested in your property. Connecting with the right agent used to be time-consuming and take from the excitement of selling your home, but AgentSpot is a fast way to receive up to five real estate proposals, including a free appraisal within two business days.
Find an agentStep 3. Decide on your sales method and set a price
Once you’ve determined the value of your home, deciding on a sales method should be your next step in selling your house. Typically there are two methods of selling, private treaty or auction. Both can be beneficial depending on the current market conditions and should be part of the early discussions between your agent.
Private Treaty
A private treaty has the advantage of a longer sales campaign, allowing more time to carefully consider offers from potential buyers. The challenging aspect of this method is determining the starting price; setting it too high may result in the property not selling, and setting it too low may cause you to miss out on potential earnings.
Auction
When you auction off your property, you create competition among buyers, which can make the final price higher. But, it's also a bit of a gamble since you don't know how much people will be willing to spend or how interested they really are until the day of the auction.
Exchange of Contracts:
This phase involves signing the sale contract by both the buyer and the seller. Once the contracts are signed, the sale becomes legally binding, and both parties are committed to the transaction. The buyer is usually required to pay a deposit at this stage, typically held in a trust account until settlement.
Learn moreExchange of Contracts:
This phase involves signing the sale contract by both the buyer and the seller. Once the contracts are signed, the sale becomes legally binding, and both parties are committed to the transaction. The buyer is usually required to pay a deposit at this stage, typically held in a trust account until settlement.
Learn moreThis is a test segment
This is a test segment This is a test segment This is a test segment This is a test segment This is a test segmentThis is a test segment This is a test segment This is a test segment This is a test segment This is a test segment This is a test segment This is a test segment This is a test segment This is a test segment This is a test segment
test button