Homeowners often sell their homes to move to a different area or to buy a bigger property, or because they are having problems paying the mortgage and need to move somewhere more affordable.
Selling property usually involves six basic steps and lots of negotiations.
Choose your estate agent carefully, and make sure you understand what your contract means.
The buyer doesn't necessarily have to offer the asking price, and the price you get when the sale is final may be different.
A qualified valuer will come to assess the value of the property. The buyer may also have a survey or homebuyer's report carried out.
All the legal documents relating to the property and the local area need to be carefully checked.
Once everything's agreed, the contracts between you and the buyer must be signed and exchanged. At this stage the buyer pays a deposit.
Completion is the date when the buyer becomes the legal owner of a property, and the seller gets the remainder of the sale price.
How much you pay normally depends on the type of contract you have with the agent. Don't expect to pay for anything you didn't agree to in advance.
Fees and expenses for the legal work involved in selling a property can be expensive. They probably won't be refunded if the sale falls through.
Depending on your circumstances, other costs may be involved in selling your home.
You are in negative equity if your property is worth less than what you owe to your lender.