How To Sell Your Home Fast

 

This article looks at the options open to property owners who want to sell their homes fast. 

 

The majority of residential property sales (90%) are conducted via estate agents. However, this method is not right for everyone and more people are looking at alternatives as they are unhappy with their estate agent or they need a quick property sale. 

 

The problems with Estate Agents

The Office of Fair trading conducted a study of estate agents in response to many complaints about them. They found serious concerns over the way estate agents serve the public. The consumer group Which? has also conducted research and found evidence of serious violations of the law and a massive 50% of consumers voicing dissatisfaction over the service received from their estate agent. They said:

 

"Consumers entering the home-buying or selling process are substantially disadvantaged by the way estate agents currently operate"

 

Now, of course there are some good estate agents out there but all too often you have to pay 1.5 - 2.5% +VAT (i.e. that is £5,875 on the sale of a £200,000 house) for terrible service. 

 

So what it the alternative??

Well if you want the top price for your property the only real alternative is to advertise yourself or get a better estate agent. However, if you need a quick sale then a specialist home buying company is a good option to use. They can purchase your property directly from you with out the need to go through an estate agent.

 

Just to be clear, you should really only use a specialist property buying company if your need for a quick sale is greater than your need to sell for the best price. 

 

Typically you find yourself in need of house buying specialist if:

1. You are in financial difficulties

2. You are being threatened with repossession

3. You would like to sell and rent it back

4. Your chain has collapsed and you're totally desperate and need a quick sale

5. You need money quickly and remortgaging is not an option

6. Bereavement or divorce means you need to move-on as quickly as possible

7. You've inherited property that you want to cash-in quickly

8. You're emigrating and your property is proving difficult to sell

 

Home Buying companies will normally give you a cash offer for your property within 2 days and exchange contracts within a few days and 3- 4 weeks. Completion can then be fixed to suit you but the norm is completion within 3-4 weeks.

 

How Much Will They Buy My Property For?

Home buying companies will normally pay between 75-85% of your properties open market value. Open market value is the price the property would fetch on the open market within 3 months. This is typically less than the price estate agents advertise properties at as they expect to receive offers between below their advertised price (apart from in Scotland).  So, you will received a quick sale and a guaranteed sale if you sell via this method. 

 

What other benefits can these companies provide?

 

A good company will offer to:

1. Pay your legal fees (up to GBP 500 which normally covers them all)

2. Pay any survey and valuation fees

3. Allow you to stay in the property after selling (i.e. you rent back from them)

4. Meet their promises on price and completion date

5. Adhere to some Code of Practice from a recognized body if you rent back such as NLA Rent Back.

 

Beware!

Avoid a sale and rent back company that do not offer the services listed above. Some companies charge for valuation fees regardless whether they plan to buy your property or not. Also beware of companies that try and get their foot in the door by giving you a high offer only to reduce it at the last minute.