How to Sell Your House Fast

Why would anyone use a ‘sell your house fast’ house sale company rather than getting a far higher price by selling through an estate agent? This is a question we get asked all the time and the answer is not immediately obvious to most people but we hope to make it clearer in this article.

There is nothing wrong with estate agents and online property portals  – in fact this is the most common way in the UK that people sell their home – but what most people do not realise is that this process can be long, costly and very stressful and is not the best way to sell you house fast.

There are many hidden costs in this process as well. Firstly there are estate agents fees (typically 1-3% of final sales price), there are also solicitors fees (approximately £1000). The price you agreed with the buyer may also change once a lender and surveyor get involved. It is not uncommon to have properties down-valued by 5-10% of the market value and ‘agreed’ sales price after a surveyor’s report. This then leads to the biggest hidden cost of all: time.

Typically in the UK it can take up to 6 mths to sell a house after it has been placed on the market, sometimes much longer. Much of this time is taken up getting to an offer accepted and then time is further wasted when a sale ‘falls over’. This often happens when a buyer reduces their offer price after a down valuation from a surveyor (i.e. the lender reduces the amount they will lend), or when a buyer is unable to get finance at all.

It is difficult to put a price on time but one way to look at it is the mortgage payments you would pay over that 6-9mth period. Intangible impacts – such as not being able to move on with your life during this period and impact on quality of life – may be difficult to put a price on but certainly have a value to most people.

Looking at the figures in more detail, for a typical £100,000 terraced house, up to £20,000 may be lost in hidden fees and costs: estate agent, solicitors, down valuation and time (mortgage payments) plus repairs and maintenance during this period.

For the equivalent transaction a fast house sales company would typically offer about 20% below the market value (£80,000) but can transact as quickly as 7 days and there are no hidden fees to pay.

When all this is taken into account there is a strong argument – if you want to sell your house fast and know how much you will actually receive in the end – for using a fast house sales company.

The Property Lifeboat offers a discrete and fast service to buy your property; be that your home or an investment property. So if you are looking to sell you house fast at an agreed price that you will actually receive then get in touch.

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