Selling a home can be as daunting an experience as buying and for homeowners who need to sell urgently, it is even more challenging to choose the right option to make the process run smoothly.
Selling a House Quickly Using an Estate Agent
The aim of appointing an agent is to dispose of the property quickly at the right price. Agents charge a percentage of the house sale plus taxes, depending on the country or area, but this is generally negotiable. An agent can attract more buyers with the right marketing strategy.
Signing a dual agreement with two agents to sell the property or having a multiple agreement is a way of maximizing the opportunity to sell the house quickly, especially in a slow market. The commission will be split between the agents directly involved in the sale.
To sell quickly, ensure that the correct paperwork and research is complete. Ensure that a property evaluation is undertaken to determine a fair market value. Select registered, reputable agents who are area specialists.
Selling Quickly to a Real Estate Investment Company
An option for a quick house sale, is to sell the property to an investment group. As a general rule, an investment company will purchase properties for 90% of market value. Transactions can be completed in as little as two weeks and they will pay cash without the homeowner having to do repairs.
These companies make a profit by paying less than the market value for the house, when they resell, they make a profit.
Selling a house quickly to an investment company is a good option for those facing repossession or those who are desperate to dispose of the property urgently. The company may be able to delay the foreclosure process for a time. Be very careful of unscrupulous investment companies who may try to railroad a homeowner into selling way below market value. Research carefully to find a reputable company.
Sell Property Fast at an Property Auction
Selling homes at a property auction is one of the fastest ways to dispose of property. Some things to keep in mind about home auctions:
- Be careful to choose the right auction house with an auctioneer who offers property similar to the homeowners, in a similar price range.
- The homeowner should make sure a reserve price is set on the property based on an accurate evaluation.
- A contract should be prepared which contains the terms and conditions of sale.
- Open the home for viewings before the auction date, make sure the house is clean and presentable and be prepared for possible inspections by independent surveyors.
- When the hammer falls on the day of the auction, the sale is official and legally binding. The buyer usually has to pay a deposit and come up with the balance within four weeks.
An auction is an ideal way to sell a house that has on the market for some time and needs to be sold quickly. People generally expect a bargain and so more people are likely to come and view the property and end up bidding for it. Some people have sold their properties in this way for more than the estimated market value, since people get caught up in the excitement of bidding. Be aware that costs will be incurred even if the property does not sell.
In all cases, selling a house quickly involves making sure that the property is clean, tidy and that there is no unsightly clutter in the house or toys lying around the yard. Potential buyers will get a “feel” for the house and this can be encouraged by making sure the house smells good inside (incense or room freshener sprays) and looks good too (trimmed lawns, freshly cut flowers).
Sources:
1. Westwaysuk.com
2. A guide to Selling Property, Phillip Chapman, philipachapman.co.uk
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