Nervous first time seller, and it feels more stressful than buying! Any advice?

Toots0293

I accepted an offer on my house last week (over the asking price). This is the first house I have sold, so I just feel very nervous about the whole situation - particularly all the things that could go wrong! The lender carried out their mortgage valuation survey earlier this week, the surveyor told me there was absolutely nothing of concern to him, so I am hoping that is a good sign (I have been worried about a down valuation). I should hear back soon on that. Is there any advice you can offer to keep me calm / things I should be doing over the next few months?
 

I had 4 offers after the first day of viewings, but I still worry the sale will fall through for some reason. Because of that, I feel like I’m not sure when to start sorting my belongings, or looking at rentals (I’m hopefully temporarily going to rent after the sale). 

Is this normal worrying for a seller? Or am I being over-dramatic? (Quite possible!) I feel like this is worse than buying! 

RelievedSheff

Why rent and then have two sets of moving costs?

youth_leader

I did have two sales fall through, sadly it does happen, you are only safe once you have exchanged.

Approach your sale as though it is happening, be positive and practical.

Get boxes that stack easily, and decide how you are going to pack.  Kite packaging sell great boxes for books, double bunded. Buy tape and a tape dispenser.

Get a folder for all your 'moving' paperwork.

Get all paperwork you might be asked for organised - boiler service certificates etc.

Find a list of 'who to inform when you move' and make sure you have all email addresses etc. 

Put Timestamp on your phone to photograph your electric/gas/water meters when you complete.

Declutter your possessions and clothes, and take this time to donate/sell items you no longer need.  Start packing items you don't use very often, as well as your loft and garage/shed.

I can't understand why you are going into a rental - are you moving to a new area? 

Slithery

Toots0293 said:

Is there any advice you can offer to keep me calm?

Don't worry about things over which you have no control.
It's a pointless waste of time and unnecessary stress.

Woolsery

RelievedSheff said:

Why rent and then have two sets of moving costs?

Relocation at a distance or wanting something not readily available right now are two I can think of.

It was the latter for us and it worked out. If we'd got it wrong it would have been two sets of buying/selling costs too, albeit a year or two apart.

user1977

Woolsery said:

RelievedSheff said:

Why rent and then have two sets of moving costs?

Relocation at a distance or wanting something not readily available right now are two I can think of.

Not having the hassle and delay of knitting together a chain (particularly difficult if say buying off-plan).

Having the freedom to make offers with cash already in your pocket and not worrying about a sale falling through.

Expecting better financial circumstances for a mortgage application in the future rather than now.

housebuyer143

As above. I have had 2 sales fall through and I am on number 3. Just been unlucky and it can easily happen.  I used to worry about it but now it's just what it is - worrying didn't stop it happening. 

 Be proactive but do not get your hopes, pack or make any major decisions up until exchange as anything can happen. 

Noneforit999

We are 5 months in with the same buyer, their BTL mortgage fell through and they had to list their house instead which delayed things. We still don't have an exchange date. Sometimes even the most straight forward sale can drag on or fall through. 

We were worried about a down valuation but everything was fine. 

Is your buyer a FTB or are you now in a chain?

I chase the EA once a week for an update on ours, its usually the buyers mortgage offer that is the first hurdle so once the EA confirms that's in, the rest is largely just searches and solicitor enquiries,   assuming they are a FTB.

hackneylou

Sales do fall through sometimes and it happened to us recently - buyer just changed their mind. But it sounds like your valuation will be fine and as long as your buyer is spending money on things like surveys then that's an excellent sign. Our buyer pulled out just before having a survey. 

If you can afford it, I recommend you get a packing service with your removals. It doesn't cost much more and then you don't have to worry about packing stuff up well in advance.  The problem will be knowing the exact point you can sign a contract on a new rental property. The safest thing would be to leave that until exchange of contracts and have a period of 4 weeks between exchange and completion, but things don't always work out that neatly. 

TripleH

We had 2 purchases fall through. An 'unacceptable leasehold agreement' and a seller who lied about the chain-free aspect / failed to actually do anything to help progress the sale along.

We also sold and that went through okay (completed during first lockdown).  Yes it was tense whether our sale would complete, but that was us selling a property 200 miles away and being pessimistic.

Soot2006

Our sale didn't fall through but it was still way more stressful than buying, so I am with you on that one!

I feel that when I sell used motor vehicles too ... like I am somehow now responsible for this property or vehicle being exactly what the buyer wants and never anything go wrong with it. I hold the things I buy to a much lower standard!