Although quick house sale firms are approached with a lot of caution, they are very handy when you want to sell your property fast. This is because there has been concern about homeowners being misled and lose out financially by companies that promise to buy the house only to reduce the price at the last minute. In some cases, some of these companies will not offer clear fee structures or even make false valuations.
For starters, quick house firms offer to buy your house of even identify a third party buyer within a short term for cash payment. However, the price is usually discounted usually 75% while the company pockets the rest hence, not the same as the actual market value.
Generally, these companies will sell your property within a matter of days. As such, a quick house sale is ideal if you are looking to raise cash quickly or push through a hurried sale to clear debts, avoid repossession or get around issues that are making it difficult to sell property such as areas that have a high risk of flooding.
There are numerous things you need to do before deciding to sell your property through quick house sale companies. Here are the some of the important things you need to consider:
- Carry out an independent valuation – You will do well to do your own valuation so that you have an idea of the amount of money you can expect from the sale. Besides, you can compare your valuation to the survey done by the company and be able to question how they arrived at the price they are offering.
- Compare different quick house sale companies – You may also want to compare different quick house sale companies so that you have an understanding of what they are offering. A few we recommend are Ready Steady Sell, Property Buyer and House Buy Fast for a quick process and guaranteed offer.
- Check that the company is registered – The other important thing you need to do is find out about the company’s credentials. For instance their membership to professional bodies such as the Ombudsman services and The Property Ombudsman. Should the company claim to have signed up to a code of practice or an official body regulates them, then you need to check and confirm.
- Negotiate – If you do not like the terms under which the quick house sale company is making an offer, do not shy away from negotiating the terms or even the price. Remember, you may be doing this to solve an issue fast so you need to ensure you go for the best possible offer.
- Have everything in writing – It is important to avoid verbal acceptances, instead ensure that everything you agree on with the quick sale company is in writing. This is a great way of safeguarding your interests. Besides, it can be a point of reference in case of disputes.
- Get an independent legal adviser – Avoid making a rushed decision. Instead, you will do well to engage an independent legal adviser that will help you understand the contract terms that you are agreeing to as well as clarify anything that may not be clear.
- Beware of long tie-ins – You need to keep in mind that the reason you are opting for a quick house sale is to be able to dispose of the property within a short time for cash. As such, you do not want to sign up for an agreement that ties you to the company for a long period because you might as well sold the property through an estate agent.
- Be honest – While the temptation to give false information may be strong, you need to ensure you provide accurate information. In addition, be sure not to leave out important information that affects the status of the house and the price significantly.
- Avoid committing to early – Although you may be desperate to sell your property quickly, you need to avoid the temptation to sign the agreement until every stage has be cleared conclusively.
Quick house companies offer the much needed relief when you want to sell your property within a short time. However, you need to take time to take a number of factors into account before committing to the sale agreement.
Property valuation is a crucial step towards selling your property. This is because through a valuation you are able to determine how much your property is worth and consequently quote a reasonable asking and selling price. Thus, a valuation report will take into account all the factors that affect the value of your house.
Generally, it is only a registered valuer who are regulated by the Royal Institute of Chartered Surveyors that is qualified to conduct property valuation. Thus, when choosing your valuer, you need to ensure they demonstrate considerable knowledge of the properties within the area where your property is situated.
Independent valuers are usually a good option choice of commercial and residential valuation requirements. Before requesting for a valuation, it is important to know the numerous factors that affect the value of your property including the valuation process that involves the following:
- The valuer assesses various aspects of the property starting through an external and internal inspection. In addition, they will also visit the neighbourhood surrounding your property and consider it. At this stage, both the detriments and assets of the property are taken into account.
- In the case of a residential property, the overall size of the plot, gross living space, layout, quality of construction as well as location are taken into consideration. Other aspects that will play a part in the overall valuation include fencing, landscaping, heating, condition, renovations, decking and local amenities.
- Lastly, the valuer will analyse the sales from the local market both current and historical for the area that compares to the premises. This comparison takes into account various industry sources and their knowledge of the local market.
The property valuation process is intricate as it takes into account numerous factors that have a direct impact on the price of your property.
One of the reasons you will opt to sell your property through an estate agent is to be able to sell your property fast without being defrauded. You may also be motivated by the need to achieve the highest price for your property albeit within a short time.
Even then, you should not be blinded so much by the need to sell to forget that the estate agent can do for you so much more. Simply put, it pays to know how you can make the most of your estate agent to maximize your chances of landing a quick or an effective sale in any given transaction.
Here is how to get the most from your estate agent:
- Get at least three valuations – Before determining the selling price of your property, you will do well to ask for valuations from as least three estate agents. Keep in mind that they might not give you the same value.
Ultimately, desist from the temptation of going with the agent with the highest valuation, as it is not necessarily accurate. Endeavour to check the sold price of properties that are similar to yours that sold recently within your area. This way, you will avoid having the property up for sale when it will obviously deter buyers.
- Be sure to check the property details – Once you have agreed on the terms of contract with the estate agent, it is important to ensure that you look at the photographs as well as other property particulars that the agent is putting out there.
Where possible, they need to ask you to check these details and offer an affirmation or clarification. Most importantly, interrogate the quality of the photos taken.
- Get ready for viewings – The majority of estate agents will always have prospective buyers ready therefore, they may begin conducting viewings sooner than you expect. You may want to give your estate agent an extra set of keys to that they access the property even when you are away.
However, if you opt for this then you must ensure that the house is extremely clean and tidy, as this will maximize the chances of a quick, successful sale.
- Stay in constant communication with the agent – You need to stay in constant communication with your estate agent to ensure that they are managing the sale process well. You will also do well to seek advice on the issues that may come up such as the request to take the property off the market upon acceptance of an offer by a potential buyer.
Most importantly, let the estate agent check and be sure that the buyer is serious. This is because some buyers will put in multiple offers with the aim of buying time.
- Keep track of the progress – It is important that you be in the loop about what is happening at every stage. Most importantly, you need to find out why it is taking too long to identify potential buyers and ensure that the estate agent is chasing just about everyone.
Thus, you need to work in partnership with the estate agent to coordinate bank valuations, solicitors and surveyors among other things. Most importantly, they should let you know if there are any problems that need to be solved.
Overall, you need to ensure that you have a healthy relationship with your estate agent in order to get the most from them. Always keep in mind that the estate agent is working for you hence they are accountable to you and must be able to take instructions you give to help sell the property fast.
When selling your house through a quick house sale firm, you not only need to be well informed but also have a proper understanding of how this kind of sale works. If you have decided to sell through a quick house sale, here are some tips to guide you through the sale:
- Carry out an independent valuation – You will do well to get a valuation from three independent estate agents is a great place to start as it will enable you determine whether any offers you will receive from quick sale companies is fair.
- Check the quick house sale company’s credentials – You need to find out if the quick house sale company is a broker and id they profess membership to the Ombudsman Services: Property and The Property Ombudsman. If a company says it is regulated by an official body or has signed a code of practice you need to go a step further and check for yourself.
- Negotiate – You should not shy away from negotiating the price or even the terms.
- Get the terms in writing – It is important that you do not rely on verbal assurances that you cannot follow up should need arise. Besides a written agreement is binding.
- Do not make a rushed decision – It is important to take time before making a decision. Do not make a rushed decision.
- Have an independent legal adviser – Although quick house sale companies will offer you a legal representative of their choice, you can opt to have your independent legal adviser to guide you.
- Read the agreement and understand – Refrain from signing the agreement unless you have fully understood what it is that you are agreeing to. Therefore, ensure that your legal adviser clarifies everything that may not be clear.
- Stay clear of long tie-ins – The reason for opting for a quick house sale is to dispose your property is so that you can sell fast. A good estate agency contrast lasts between 8-15 weeks. Therefore, a quick house sale contract should be shorter than this period.
- Be honest – It is important that you provide accurate information. Refrain from the temptation of leaving out important things even if they could result in a reduction of the price that you have been offered.
- Request to see the survey – In the event that the company reduces the price offer, you need to ask why. You may then go further and request the findings of the survey. A fair dealing company will provide this information freely.
- Avoid committing too early in the process – You need to avoid signing the agreement until all the surveys as well as legal checks are done and you have received the final offer in writing.
In case, you have any problems with the quick house sale company, you can raise a complaint with the company so that they can investigate and resolve your complaint. If they are unable to deal with it, you can refer the matter to the Ombudsman Services: Property or The Property Ombudsman who will address the issues raised.