The longer you can wait to sell your home, the more money you’re likely to get; do you need a quick house sale?
Looking for a quick house sale can mean having to accept less money for your home. Many quick sale companies will offer to buy your home in as little as a few days or a week, at substantially less than the true market value. We buy any house UK and can probably pay the highest price overall in London. Generally the longer you are able to market your home for sale then the higher a price you can expect for selling. This is the reason why you should read this article carefully before entering into any agreement to sell your house quickly, as you may receive substantially less than it’s worth. Giving youself just a few more weeks to sell your home, might mean that you don’t need a quick sale.
What is a quick house sale company and where can I find them?
In return for accepting a discount of the market value for your home, a quick house sale firm will offer to buy your house fast for cash or alternatively find a third party buyer who can buy your house fast, normally much quicker than if you sell your home through an estate agent. Quick house sale companies advertise in the back of newspapers, usually in the small ads in the property section. More and more quick sale firms are advertising online as house sellers often use search engines to find cash house buyers for their properties. Before calling a quick sale firm, find out how much is a house worth, it’ll stand you in good stead when negotiating with estate ageents.
What are the pros & cons of using this type of service?
Despite some bad press, using a quick house sale firm can be beneficial if cash is needed quickly, i.e. if speed of sale is crucial. Reasons often include:
- Unable to sell through an Estate Agent, or chain fallen through
- Emigrating or relocating (changing jobs) and need to sell quick
- Your property is difficult to sell i.e. non standard construction or has defects, subsidence etc
- Need a fast sale to secure another property at an advantageous price
- Financial reasons, such as avoid repossession, bankruptcy, pay off debts, give money to children
- Sudden change in health and selling fast for cash is the main priority
- Age related, i.e. retirement
- Relationship breakup or divorce
If you don’t need to sell quickly, then consider other marketing methods such as estate agency or selling your home yourself, you may get much more money from selling this way than to a quick sale company. Disadvantages include:
- Poor or confusing agreements/fee structures – some quick sale companies apply unexplained fees or charges after a for example imposing an unexpected fee following an encouraging initial valuation, as a condition for progressing the service.
- Reducing the price offered at the last minute after someone is financially committed to the transaction (gazundering).
- Making misleading claims about the property value or level of discount to be applied to the sale.
- Falsely claiming to be a cash buyer.
- Inducing consumers to enter into agreements that prevent them from selling to other buyers, with severe penalties for breach of contract.
- Duping customers to enter into contracts that stop them from negotiating a sale elsewhere with onerous penalties for breach of contract.
What is your selling time-scale, do you need a quick sale?
We’ll show you how to sell your house fast in London and get the best price. Many quick sale companies will offer to buy your property in as little as 24 to 48 hours or even a few days. The catch is that it will be at substantially less than your home’s true value.
If you don’t need to sell in a hurry then you could achieve a higher sale price by waiting. Take advice and ensure that selling fast to a quick sale company is right for you.
A quick house sale in London – is it right for you?
Whether a quick sale in London is suitable for you depends on two factors, sale price, and selling timescale. I.e. what price are you prepared to accept for a quick house sale and in what time frame do you need to complete the sale? Of course London house prices have been a little jittery after the Brexit vote, and whilst we expect these to settle down, now may be a good time to consider selling your London home.
Selling to a quick house sale company for 70 to 80% market value might be desirable if speed of sale outweighs the price you could receive if you were able to sell in a more conventional timescale. The important point is to consider all your options.
Alternatives to selling your house quickly
Always establish the true market value of your home in London before approaching a quick sale firm.
Use an estate agent in London
Ask several local agents to give a free valuation for selling in the traditional way and also what they think you could expect for a quick sale or even for a sale at auction. That might equate to more than the 70/80% offered from a quick sale company.
Speak to your lender/mortgage company if you are under threat of repossession
If you can’t afford the mortgage payments or are behind on your mortgage and under threat of repossession, then speak to the mortgage company, they are obligated to discuss all possible options.
Alternatives to selling your home to pay for long-term care
A financial adviser, who is independent, can help with different options for funding long term care therefore it may not be necessary to sell your house to pay accommodation or expenses for your care.
Quick house sale problems at a glance, what can go wrong?
- Gazundering – Price reduction: Some national home buyers will agree to buy your home but then drop the price agreed at the very last minute.
- Lack of transparency: Some quick sale companies charge fees and commissions which are not apparent at the outset or are unclear or confusing to customers.
- Property values understated: Unscrupulous firms will understate the value of your home to buy it at a knockdown price.
- Unfair contract terms: Quick house sale firms may tie sellers into contracts that are unfair or unreasonably long, stopping sellers from accepting higher offers elsewhere for their homes.
What you can do & how to complain if your sale goes wrong
Unhappy with the service received from a quick house sale firm? Then write to them formally and give them the opportunity to look into your complaint and sort it out. Remember many quick sale representatives may be incentivised largely by commission so may not always have your best interests at heart.
If addressing your concerns to the quick sale firm doesn’t get you very far then there may be recourse to The Property Ombudsman or Ombudsman Services. Also, Trading Standards or CAB (Citizens Advice) may be able to help (helpline number Tel 08454 040506).
The OFT investigation into the quick house sale market
In April 2013, the OFT commenced a review of the market due to worries that many homeowners were getting much less than the true market value for their homes.
Sellers substantially in debt and facing repossession were of particular worry and the elderly needing money to pay for long-term care and families moving because of a relationship breakdown, were of serious concern.
Anne Baker agreed to sell her home in Yorkshire at 75% of its value. Subsequently the quick sale company reduced the price at the last minute to just 60%, costing her thousands of pounds.
Call Property Buyers London Limited now or complete our instant online quote form for a free house valuation, get a quick house sale in London today!