Challenges of, and Alternatives to, Selling Your House in the UK Through an Estate Agent
Traditionally, house sales have been taken care of through estate agents. However, what is becoming more and more popular is the possibility to privately sell to a property company. Arriving at a decision about which method is more beneficial or advantageous will mean being well schooled about the potential drawbacks and benefits of both, especially if time is of essence.
With the conventional method of locating an estate agent (or two) and setting up a meeting, photos will be taken and the property is listed in the estate agent’s offices and in newspapers. Some, but not all, estate agents additionally place your house online which means more advertisement. With time, you’re going to get interested parties to see the home. For each viewing, the house needs to look its very best because anyone that visits could possibly purchase it. But, unfortunately, as those that have had to deal with this procedure know too well, a great deal of viewings fail to end with the viewer being interested, and many are just there out of curiosity. It will likely take around fifteen property viewings prior to a buyer being located. The buyer then will have to arrange a mortgage which can take up to two months. Throughout all of this, mortgage loan payments still have to be made.
It is during this time that, for most, the nightmare and stress begins. Potential buyers can change their minds for various reasons, things can be delayed due to solicitors and surveys, or even worse, the home buyer is more than likely attempting to sell their own home and it doesn’t work out. According to figures put out by the government, there is a one out of three chance of the transaction falling through. Regardless, there are going to be some sales that will go through successfully after one or two months.
There is one report that learned that many consumers who are entering the home buying or selling process are substantially disadvantaged because of the way estate agents currently operate. The agents incentives may be seen as incompatible with the seller for a number of reasons. There are some people who are happy with the service provided by estate agents but there are many who are not as lucky. As a result, and in an endeavor to sell a house quickly, there are thousands of people in the UK that are selling their houses on their own which means they have control over the procedure and the agent and his fees can be cut out.
You can sell your home directly to a private buyer through the internet or to a property company that specializes in quick property sales. Property companies like these commonly can be found advertising in the newspaper or online. They will have a conversation about your circumstances with you and will typically make you an offer within one or two days. These companies can complete most sales within a short period of time as they offer cash purchases and are not going to get caught in chains. For this service, they’ll normally give an offer that is lower than the market value of your property (10-20% lower, on average).
However, they do feature the incentives of a sale that’s quick and efficient. There are no estate agent’s fees incurred and legal fees will be paid by them. Many can recommend solicitors that will work at their fast pace. In the event the reason behind selling the property is a result of financial burdens, many of these companies offer a sale and rent back service which lets you stay living in the house as a tenant and relieves you of the anxiety and stress of searching for a new home. If you wish, they could also offer the opportunity to re-purchase the house in the future at a discounted rate when your financial situation is stronger.
To conclude, if you have time on your side and a reliable and a sincere estate agent in your corner, this will likely be the the very best way to get an offer that is as close to market value as it can be. But, if you are okay with making a concession and taking a price that’s discounted, you can get a stress free private quick sale, saving on additional costs and providing other incentives particularly if in a time of financial difficulty.
John Matthews is a freelance online journalist who writes and researches about quick property sales in the UK. He lives in Manchester.
- John Matthews
:: Aug.04.2008 :: Real Estate :: No Comments »
