If you need to sell your property quickly there are various options you can take. The 4 main options are:
1. Sell via an estate agent
2. Sell privately
3. Sell via an auction
4. Sell to a cash buyer or specialist home buying company
Which one you chose will normally depend on how great your need is to sell and the price you need to achieve. Although estate agents are normally the best solutions when you have 6 months to wait until your property is sold they do not suit people who need to sell their properties urgently i.e. in the next 1-8 weeks. Selling via an Estate Agent normally 4.5-7 months and then there is a 1 in 3 chance of a broken chain which means starting all over again. Even if you put your property on the market a big discount it is still likely to take you a lot longer to sell this way than via an auction house or through a home buying company (where you are likely to get a similar price).
Selling privately is often not the best solution if you need to sell quick. In fact it is often the worst. By selling privately, I mean doing your own advertising in newspapers and online. People use this method to save on estate agents fees normally but it is normally counter productive when you have time to sell, never mind when you need to sell quick. It is unlikely enough potential buyers will see the property, particularly the ones able to buy it quickly.
Selling via auction is a good option for people needing to sell quick but those selling this way need to understand that they are only likely to get up to 80% of the properties value and sometimes a lot less. Of course you can set a reserve so you do not have to accept offers below a certain level. You also need to be aware that there a auction house fees of 2.5% normally. The advantage is that after the auction takes place the sale is normally completed in a month (if the reserve has been met). It will normally be 1-2 months after you contact the auction house that the auction will take place to allow for marketing the property and potential buyers to carry out due diligence. So in total you would be looking at 2-3 months to sell via this route.
Selling to a specialist home buying company is a viable alternative to an auction house. The advantages to this method is that:
1. The whole process from contacting the company to completing the sale can be done in a month or quicker.
2. There are no estate agent or auction fees
3. Legal fees of 500 GBP are normally paid for you (which normally covers them all)
4. No Home Information Pack required
5. The sale is guaranteed once you agree on a price
6. You have more control over the price as this is negotiated directly with the buyer. If you are not happy just walk away with no money lost.
The price you will be offered from an a specialist homebuyer is normally between 70-80% of the properties value. This is similar to what you would expect from an auction sale although you don not have any fees and it is quicker.
So if you need to a quick sale consider a homebuying company or an auction. If you are not in a hurry use a good estate agent.
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