Everything You Need to Know About Quick House Sales
If you are thinking of selling your property, you might want to consider a quick house sale firm. These firms will buy your house for cash within a short time usually less than a week albeit at a discounted price. These companies may also identify a third party buyer that will also buy in cash. Even then, not so much is not known about quick house sale companies.
Selling property through quick house sale company has various advantages and disadvantages.
Advantages Quick House Sale Companies
Quick house sale companies are an excellent way to sell property. Among the key advantages of selling through these firms include:
- It is a great way to avoid repossession, sort out a financial problem or clear debts.
- Quick house sale companies are a good channel to dispose inherited property.
- A quick house sale will offer a quick solution to those seeking to move due to health or age related reasons.
- It is handy when you need to sell your property due to a relationship breakdown or divorce.
- You can sell your property through a quick house sale company when you need to relocate due to the need to emigrate or when going through a job change.
- Quick house sale companies can offer a relief where you have been unable to sell your property through a traditional estate agent as you can get around issues that have made it difficult to sell the property such as a short lease or high-risk areas such as flooding.
Like any other establishment, selling property through quick house sale companies presents a number of disadvantages. In fact, it is advisable that you move with caution when engaging quick house sale companies. The disadvantages include the following:
- Some companies may not make fee structures clear to the customer only to bring it up at an advanced stage of the sale.
- In some instances, a quick house sale company may agree to buy your house but reduce the price at the last minute.
- Some quick house sale firms are likely to make false property valuations to your disadvantage.
- You may be given a contract with a lengthy tie in period that will prevent you from selling to other buyers that may come along with a better offer.
Should you Sell Property Through a Quick House Sale Company?
Having looked at the advantages and disadvantages, you need to ask yourself if selling property through a quick house sale company is right for you. Well, before determining if you should sell your property through a quick house sale, it is important to identify your priorities.
If you opt to sell your property fast through a quick house sale company, it is more important to ensure you get the best price before deciding on which company you will work with. The best way to do this would be to carry out independent valuation. Even then, you need to be prepared to end up with 75% of the value of the property.
Most importantly, ensure you have taken into account all the alternatives to the quick house sale.
Alternative to a Quick House Sale
If you do not want to sell your property through a quick house sale company, there are other alternatives that you may want to consider. They include the following:
- Negotiate with your mortgage company – If you are selling property because you are struggling with your mortgage payment then you may want to contact your lender so that you discuss the options you have. Mortgage companies are likely consider a request to change your mortgage repayment plan. For instance, they may suggest an extension of the term of mortgage to reduce your monthly repayments.
- Sell your property through a traditional estate agent – Before making a decision on whether you should go ahead with a quick house sale, you may ask local estate agents the amount they would get for your property through a quick house sale.
- Come up with ways to fund long-term care – If you are selling your home to be able to pay for long-term care, you could look at other alternatives. You may also speak to an independent financial adviser with a speciality in long-term care.
Overall, a quick house sale is a great way of selling property especially if you do not have time or are hard pressed to make cash. However, you need to ensure that you have done a thorough research and are certain that it is the most viable option available.