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I Need To Sell My house: Help Me
As I write this in 2009 there are thousands of people telling estate agents "please find me a buyer as I need to sell my house quickly" but the estate agents can not help. The buyers are simply not there or more accurately the buyers can not get the financing to buy any property. The property market has stagnated and buyers are stuck in houses they want to sell looking out at buyers who want to buy but can not. It is true that the falling house prices have dampened demand and with some buyers sitting on their hands until the market has stabilised.
What are the options
However, for those who really need to sell property there are alternatives to sell on the open market. The first is via auctions which are still reporting relatively good sales despite what the massive downturn in residential property being sold by estate agents. The second alterative to those requiring a quick property sale is by using a specialist home buying company. These companies buy properties direct from sellers and can normally complete in a matter of weeks. Great. So what is the catch? Well similar to selling via an estate agent, anyone selling via this route is unlikely to get full market value for their property. Typically, a home buying company will buy properties at 15-30% below market value (more likely to be nearer 30% in a falling market).
You can compare property buying companies to used car salesman (in business a sense not a style sense). They want to buy property at a wholesale price and then sell it at the retail or market price. That is how they make a profit. Some may also hold on to the property and rent it out (sometimes to the previous owner) but the principles of buying at wholesale remain the same.
So if you still think "I need to sell my house but not at a wholesale price" then you are not likely to achieve a quick property sale. Those who are willing to sell at a discount to market value, in good economic times and bad, include people who are emigrating, being repossessed, in mortgage arrears or have inherited a property. There are many other reasons why people are prepared to sell at a discount but there make a bulk of these sales.
If you are considering selling via a property buying company you should do your research and make sure you the company is ethical and honest with the discount they require. They should not charge you any fees upfront and the better ones will also pay your legal fees up to GBP500 which normally cover them. As there are no upfront fees it may be worth getting a preliminary offer from them but be prepared to receive an offer below market value in exchange for a quick sale.
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