Setting the Scene
For most property sellers the idea of using a homebuying company instead of placing the property on the market with an estate agent is quite a new one. And whilst there are an increasing number of such companies around the industry remains unregulated and the standards of service offered, and the quality of deals available, vary greatly.
For this reason, we authored the following press article to help property sellers know what to look for and offer some basic advice. The article is entitled SELL YOUR HOME IN SEVEN DAYS? Fact and fiction about an emerging new way to sell your property and we hope it sets the scene on this new way of selling property.
Although penned in house here at Better Property (and we may be accused of a little bias!), we hope that, on reading the article, you will agree it makes good sense and perhaps encourages you to contact us.
SELL YOUR HOME IN SEVEN DAYS?
Fact and fiction about an emerging new way to sell your property
If you are suffering the frustrations of trying to move house then you may be tempted to contact one of a new breed of property dealers boasting instant purchase of your existing property and a hassle free, no chain process.
No wonder many people now believe that it is worth giving up a little of the value of their home just to get all these problems out of the way in one fell swoop. The process of moving home remains one of the most stressful experiences in modern life and little improvement is promised by the introduction of homebuyer packs next year. Buyers dropping out, chains breaking down and even finding a buyer in the first place are all a thing of the past once you have agreed the deal with your homebuying company. Typically, they have cash on hand, do not need to get a mortgage and because their purchase of your property is an investment and not a personal decision, they will not change their mind.
So what’s the catch? Non really provided that you take a little care in your choice of homebuying company and you accept that you will not get the very best price for your home. That said, if you go down this route you immediately become a cash buyer for your next home, so very often you can get sufficient discount on your new place to cover the loss on the sale.
Homebuying companies need to make a profit of course. This means that the price at which they are prepared to buy will be less than market value, allowing them to sell your property at their leisure and make a profit. And here’s where it pays to shop around. Companies will usually quote a percentage discount price and figures vary considerably. Try to get over 80% if you can, this still leaves the company with a profit after their costs. Also, always get an indication of what the percentage offer will be before you part with any money. Companies who will not give this information may have something to hide, like a very low percentage which would be totally unacceptable to you.
Usually, the company will ask you to make a contribution towards the valuation of your property. This is perfectly reasonable but you should ask a few questions before agreeing to pay. Firstly check that the valuer will be independent of the company. If you are contributing then the valuer should be working for you as well as the company and he should be briefed to be fair to both parties. Secondly, check that he will be a Royal Institution of Chartered Surveyors member, this will protect you from under valuation. Thirdly, make sure that the valuation will be both internal and external, the true value of your home cannot be assessed by a “drive by” valuation only. Finally, do not pay more than you have to towards the valuation. If a company asks you for more than £300 to £400 then they are probably making a profit on the valuation and may not be interested in buying your home at all.
Better Property is the premier company in the field and have a reputation for fast friendly service, a straightforward and transparent process and are known to quote consistently around 80%, sometimes higher. Their highly approachable staff are often available outside office hours and have proved to be a pleasure to deal with, this organisation should definitely be top of your list for a quote on your property. They can be contacted on 0800 970 7207.
So that’s it. A few simple questions on first enquiry and a little shopping around will soon give you a feel for where the best deal is. This way you should get at least 80% for your home and your outlay should be minimal. Here’s a checklist to help you get the best deal:
1. Shop around. There is more than one company out there and even an extra 1% will make a big difference to your pocket.
2. Get a percentage quote before you pay. You should not be expected to pay towards a valuation fee without knowing what percentage you will receive.
3. Check the valuation procedure. Make sure an independent valuation will be done, that it will be internal and external, done by an RICS member and that you will get a copy yourself.
4. Don’t pay over the odds. A full valuation should not cost more than £300 – £400.
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