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Quick Home Sale: How Quick & How Much?
This article is written for anyone interested in achieving a quick home sale. This is never easy in the best of times but it is especially hard when credit dries up and property prices fall like in 2008 and 2009. The main method people use to sell property during any period of the economic cycle is via an estate agent. Indeed 90% of people sell through an estate agent but it is not always the best route to achieving a quick home sale. It is possible to receive an offer within a week of a house being on the market and completed in 2 months but it is rare. The normal tasks and timeframe for selling a property with an estate agent are:
1. Pay for and carry out any necessary renovation and refurbishment (2 to 3 weeks)
2. You will need to conduct multiple viewings (4 to 8 weeks)
3. If your estate agent finds you a buyer, you will need to wait a few months for the buyer to arrange a mortgage (8 to 14 weeks)
4. If the buyer is in a chain, you will need to wait for their home to sell before yours can be purchase (2 to 3 weeks)
This can take between 4 to 7.5 months! That is a long time in anyones book. As well as the time involved there is also the added hassle of conducting many viewings which means a lot of tyre kickers and wasted viewings. Secondly, potential buyers will most likely be in a chain and be relying on the sale of their own home before they can complete on yours! Unfortunately, 1 in 3 property purchases break down at the last moment due to buyers in the chain pulling out. It only takes one person to pull out and the whole chain falls apart.
So what it the alternative??
One of the more popular alternatives if you need a quick home sale is using a specialist home buying company. They have the motivation, expertise and funds necessary to buy property very fast. They can purchase your property directly from property owners without the need to go through an estate agent.
Typically, if you find yourself in the following situations a specialist home buying company may be able to help:
1. You are in financial difficulties
2. You are being threatened with repossession
3. You would like to sell your property & rent it back
4. Your chain has collapsed and you're totally desperate to sell
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
A specialist Homebuying company like Quick Homebuyers Ltd can buy properties in anywhere between 2 to 4 weeks.
How Much Can You Expect to Sell for?
You can expect to receive 70 to 80% of the open market value of your property if you sell via this method Open market value is the price a property would sell on the open market within 3 months. This is typically less than the price estate agents advertise properties at as they expect to make offers.
A good home buying company will offer to:
1. Pay your legal fees (up to GBP500 which normally covers them all)
2. Pay any survey and valuation fees
3. Allow you to stay in the property after selling (rent back)
4. Meet their promises on price and completion date
5. Adhere to some Code of Practice from a recognized body
Beware of any home buying company that requires you to pay the valuation fee. If they down, refuse and find another. Also beware of companies that string you along and then reduce their offer at the last minute when you are at your most desperate. This is obviously hard to predict but getting testimonials and asking lots of questions will help establish the credibility of the company.
So there you have it. If you really need a quick home sale a specialist home buying company could be the best option. Just be careful to chose a good one and do not pay any fees to them!
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