How to Sell my House Quickly for a Good Price
If you’ve waited for months to find a buyer, only for the sale to fall through a few days before exchange, then you’re not alone. But it’s worth considering your options before rushing into using the services of a “quick house sale” company.
We all know it can be difficult to make well informed decisions when you’re under pressure. Yet many homeowners in the UK face the decision of how to sell their property within a very limited timescale, often under financial pressure and with very little help or guidance. This article is designed to help property owners make an informed decision when they need a fast sale at a good price.
Last updated by Mark Grantham on 13th November 2019
Fast sale at a good price – is it possible?
Selling your house fast is not difficult, there are plenty of property buyers who will offer you a knock down price for the privilege of a quick sale. The real question is how to sell your property fast for the best possible price? What are your options?
The important number to consider when selling at auction is the reserve price – that’s the minimum price you will accept to sell for. Over the course of bidding the price will increase and in some cases the final sale price can far exceed the seller’s expectations.
An auctioneer will only take on a property if they can agree to a reserve price of around 85% of market value – that number will vary depending on the saleability of the property. For example, a property in a popular area that requires modernisation will sell particularly well at auction so the auctioneer may be prepared to offer a higher reserve price.
It’s worth noting that auction is such an efficient method of selling that some properties sell for more at auction compared to an estate agency sale. In fact, some property trading companies have made a business from buying through estate agents and selling at auction.
Whatever your circumstances or requirements, if you’re selling, then auction is certainly worth considering.
If you’re in a situation where you really do need to use the services of a quick house sale company then there are a few things to check before accepting an offer.
Don’t sign anything – a genuine cash buyer will proceed with a purchase in the same way as you would expect if you accepted an offer through an estate agent. If you’re asked to sign an option agreement be wary!
Ask for proof of cash funds – a genuine cash buyer will be able to provide you with evidence of cash funds such as a recent bank statement.
Use your own solicitor – some genuine cash buyers offer the seller the services of their own solicitor, which is fine. But if you are not given the option of using your own solicitor then be cautious.
Accepting an offer from the wrong type of firm can lead to complications, and sellers often find themselves in a worse position than they started in.
The easiest way to check the value of your property is to look at the prices of similar properties that have recently sold on your street, or nearby, using Rightmove and Zoopla. It’s important to check sold prices rather than asking prices. Estate agents often inflate asking prices to win instructions, so they cannot be relied upon to accurately reflect value.
“Rising prices and the “hidden value” of property (i.e. development potential) are sometimes completely unnoticed by owners who lose out when selling by private treaty (estate agency) sale. Selling by public auction ensures an open and transparent sale where the final sale price reflects the full potential of the property.”
Financial reasons – if you owe money and there are heavy penalties for not meeting the payment deadline then it can help to explain your circumstances and show that you’re trying your best to raise funds. If you can show that you’ve entered your property into auction then it will go a long way to keeping debtors off your back.
Sale fallen through – a broken property chain can be very frustrating, especially if you lose out on the purchase of your dream home. Simply asking the seller to wait a bit longer whilst you find a new buyer will usually work for the first or second time. But a third time will test their patience, so it can be worth having a back-up plan in place to avoid disappointment!
The golden rule in situations like this is not to panic, the seller of your onward purchase or debtors will more than likely offer some leniency if they know you are taking serious steps to sell.
In times when the buy-to-let sector was strong and house prices were booming it was common place for property owners to rent out their properties rather than sell them. Although there are tighter rules and tax implications now, it’s still worth considering.
Discussing your options with a financial advisor could save you tens of thousands of pounds in the long term.
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