There are many reasons why someone may need a quick sale for their home. It may be due to relocation for a job opportunity, they may be in financial difficulty, be separating from a partner, for health related reasons or simply to dispose of an inherited property.
A quick sale property firm essentially offers to buy your house or act as a middle man to find a third party buyer very quickly. The provide a useful service for people who need a quick sale but the down side is they will only pay a proportion of the market value, usually up to 80%. For many buyers desiring a quick sale this can be more than they were expecting or willing to take for their property. For anyone considering selling their property to a quick sale company, the question that you need to ask yourself is what is more important, a quick sale or the best price.
If you decide that a quick sale is more important you may wish to consider selling your house to a quick sale company. However, before you commit to anything there are a few things that you should be aware of.
Some quick sale companies can mislead sellers. It is not uncommon for some quick sale companies to agree to purchase, confirm the cash offer for the house the seller accepts the offer and then further along the process the offer is reduced. It is also not unheard of for some companies to mislead sellers further by valuing their property below its true value, making the offer they make even lower.
If you are considering selling your house to a quick sale company it is advised that you have a couple of local estate agent independently value your property. You may even consider asking them to advertise your property at an attractive price to try and achieve a sale that way. This would give you the opportunity to achieve marginally better price than the offer a quick sale company could offer. However, there are never any guarantees. If you decide that you can’t afford to take the chance that the property doesn’t sell at the very least you will now know the value of your property so you will be in a better position to confirm that the offer a quick sale company makes you is reasonable.
Once you know the value of your home, don’t accept the first cash offer you receive and make sure that you don’t sign anything that may prevent you from selling the property to someone else. There are several quick sale companies and their offers may differ so approach a few different companies. Don’t reveal any offers you have already received, allow them to decide the price they are prepared to pay for your property. Once you have several offers, attempt to negotiate a better offer by playing the companies against each other to secure your business.
When you are happy with the offer for your property, it is useful to seek independent legal advice before signing anything. Make sure that you read any agreements very carefully and don’t sign anything unless you completely comfortable that you understand and agree to the terms. Avoid signing anything until any surveys or valuations the company requires have been completed. This will allow you to walk away from the transaction should the company reduce the purchase price or alter the terms and conditions of the offer. If the company does attempt to change the offer, ask them to explain the reason. If they explain that something unexpected came up on the survey, ask to see a copy. A reliable quick sale company will be happy to provide a copy. If they refuse, this is a strong indication that they may be attempting to defraud you and you should reconsider continuing to work with them.
Remember, if your main motivation for selling your house to a quick sale company is speed of sale your contribution will also be important to achieving this. As in any sale, make sure that you have any documents for the property readily available and be prepared to answer questions about the house. Answer honestly and if you don’t know the answer to a question don’t just guess. Providing accurate information quickly will help to eliminate potential problems or hold-ups later on. Finally, ask as many questions about the process as you can such as what are the time-frames for completing the sale, what guarantees can they offer that the sale will definitely go ahead, who is buying the property and what is their purchasing position.
As long as your expectations are realistic and you are sensible when approaching quick sale companies they provide a great service to people who need a house sale that offers both speed and certainty.