Should you require an urgent sale of your property that is currently on the open market, getting the answer you need can be challenging – especially as many agents are known for sending out mixed messages. Conventional ways of selling a house normally require a little more patience as most buyers are inexperienced in the process. At the same time, many will also be typically be selling themselves, organising their own mortgages and making new arrangements for when they are finally able move (which can delay the whole process).
Often unfairly labelled as disreputable, fast sale companies operate differently and are very clear about what and how they buy (including unusual and rundown properties). Provided you work with the right organisation, this has the advantage of providing you with the piece of mind that your sale is being dealt with professionally and there will not be any uncertainties such as things falling through. In the flow chart below, we have attempted to outline a four-stage process that can be followed should you be considering this route. These steps have been explained further underneath.
Know Your Options
As well as being regulated by organisations such as the Property Ombudsman and the National Association of Property Buyers (NAPB), a good fast sale company will start by openly exploring your options which may include:
- reducing the asking price to attract more serious buyers;
- swapping estate agency (provided there are no contractual restrictions);
- approaching an online estate agency;
- exploring the auction route (online or offline); or
- should you be in some form of arrears, discussing a payment “holiday” / swapping your mortgage from a repayment to interest only with your mortgage lender.
We go into detail about your options in our “How to Sell Your House Fast” guide, accessible in PDF format by clicking here. To receive a printed copy, please leave your details via the Property Solvers website, e-mail us at firstname.lastname@example.org or call us 24/7 on 0800 044 3733.
Receive an Offer
Should you decide to look further into the fast sale option, the property buying company will usually request information about your home and undertake in some research prior to making an offer. This will be usually be on the same day as your initial enquiry. However, if there are refurbishment works required or other issues, a confidential viewing may be necessary. The fast sale company should appreciate that this is a major decision and not place any undue pressure. You are more than welcome to make independent enquiries and also check any credentials via Companies House. At this point, even if you are still making your mind up, you should also not be afraid to request proof of cash funds (via a bank statement or letter from an approved solicitor) to demonstrate that the company will be able to fulfill its promises.
Fast & Guaranteed Exchange / Completion
The process usually starts with instructing solicitors for the buyer and seller by means of a “Memoradum of Sale”. You will be sent a “sellers pack” containing a number of property information forms that should be completed and sent back as soon as possible. If you are aiming to exchange quickly as a cash sale, fast postal delivery and/or online services may be used to ensure the entire process is undertaken in a streamlined manner. Good fast sale companies (including Property Solvers) are able to undertake this process in as little as 7 days and will ensure that all associated legal expenses and any ancillary costs are covered. During this period the property buying company will undertake searches alongside a professional survey (which usually takes no longer than 1 hour).
Property Sold & Post Sales Service
Subject to the search results coming through as positive, you will be sent a contract (TR1) to transfer the property. Note that professional fast sale companies, bar exceptional circumstances, should be able to ensure that the sale moves forward within the set deadline regardless of any issues. At the point when the property is formally transferred to the buyer, any proceeds of sale will be placed into your account (usually on the same day). Once the sale is complete, there will be no estate agency fees or other commissions to pay. A reputable fast sale company will be able to assist with any plans you you have made and will be available to deal with any unexpected problems once the sale is completed.
For a no-obligation discussion to explore the fast sale of your home, or to simply run through your current options, please feel free to contact Property Solvers on 0800 044 3733.