What is a quick sale and why do you need a 30-day house sale specialist?
In some cases, houses don't sell straight away. They linger on the market month after month, leaving the agents jaded and the sellers increasingly frantic.
There are plenty of reasons someone might want to sell their house quickly. But is a quick-sale specialist the answer?
Let’s explore what a quick house sale specialist is, what they do, and whether using one might be the right choice for you.
What are quick house sale companies?
A quick house sale company, also known as a 30-day house sale specialist, is an organisation which specialises in selling your house – and fast.
Often, there is a promise to sell the property within 30 days or less.
Sounds too good to be true? Maybe – although many people swear by them and have had great success shifting hard-to-sell properties thanks to their services.
Why would you use a quick house sale company?
On the open market, selling a house can take 3 to 12 months. For an unlucky few, it can take even longer.
However, some sellers simply do not have the luxury of time. They need to sell their house quickly.
A quick house sale company might be used in the following situations:
Beneficiaries of an inheritance property may wish for a quick sale to settle an estate.
Selling the marital home quickly to release equity or allow parties to move out.
Those moving to a long-term care setting for age or health-related reasons may need a quick resolution.
Those who need to clear debts often use quick sale companies and avoid the lender repossessing the property.
An overseas move, especially if attached to a job offer, usually calls for a speedy sale.
Hard to sell
Properties which, for whatever reason, are proving hard to sell on the open market are guaranteed to be bought with a quick sale company.
How do quick house sale companies work?
Quick house sale companies usually work in one of two ways. They either buy your house for cash themselves, or they will act as an agent and find a buyer within a promised time frame – usually 30 days.
Using a quick house sale company means you can do away with traditional aspects of home selling, such as hiring a conveyancer, solicitor, and surveyor – as well as the associated fees.
However, some people think they can take advantage of sellers who need a quick sale.
What are the advantages of using a quick house sale company?
A quick or 30-day house sale company will sell your house in record time – guaranteed. This is the number one advantage of using their services.
They don’t discriminate
In some cases, the property you're trying to sell isn't very saleable. This could be an inherited home that's not seen a repair in decades or a property known to flood every year. The great thing about a quick sale firm is that they'll take almost any property, whatever the condition.
There won’t be a chain
Unlike most regular buyers, quick sale firms have the capital to purchase your home without needing to sell another one simultaneously. This means no chain and no risk of gazumping, gazundering or pull-outs.
The process will be simple
Selling your house speedily offers a far more straightforward process than traditional house sales. The company will take care of aspects such as the instruction of the lawyers, the house survey and even the Energy Performance Certificate.
What are the disadvantages of using a quick house sale company?
You may need permission
You may need to check with your mortgage lender before you sell a house through a quick sale company. If you're in arrears, you won't be able to sell your home for more than the outstanding mortgage amount.
You’re likely to be undersold
It's almost certain that a quick sale company will offer you less than the house’s open market value. Don’t be surprised if they offer you around 5% less than an estate agent valued your property at. Remember, though, that you won’t need to pay estate agent’s fees, solicitor’s fees, cleaning fees and more, meaning the amount you receive might not necessarily be drastically different at the end.
You may be tied into a contract
You may have to sign a contract that states that you're not allowed to accept another offer should one come through before the completion of the sale with the quick sale company. This will feel risky, as you’ll be tempted to accept a higher offer should one come in at the last minute.
Is it safe to use a quick house sale company?
Quick house sale companies should be safe to use as long as they're reputable.
You might want to check if they’re registered with an industry body such as The National Association of Property Buyers (NAPB) or the Property Ombudsman.
If they’re not, an excellent way to measure their services is to check out a company's reviews online. Happy, satisfied customers leaving verified reviews mean good service.
What to be mindful of when using a quick sale company?
Read the small print on each and every document you sign. If you need to, get someone else to read through the documents too, in case you've missed anything.
Check if the company offers a cooling-off period. This is a period, usually, 14 days, where you can change your mind about the deal without needing to pay any exit fees.
Further, make sure the company’s initial offer is final. If they’re able to drop the offer close to the signing of the contract, this leaves you vulnerable to losing out on a lot of money, especially if you’re desperate to sell.
Finally, look for a company who are happy to talk you through the process at your own pace. They may be offering a rapid service but don’t let them rush you – who you sell your home to is your decision, and you should take the time to understand all the particulars first.