When you really need to sell your home quickly, and the open market is just not proving quick enough, it can prove to be a stressful and traumatic time from most people.
However, help is at hand with this useful guide I have created to show you that all is not doom and gloom when you need a fast sale, and that there are options for you to walk away with a very good offer for your property, and still achieve a top price.
Pro-actively Finding Your Own Cash Buyer.
I myself am a ‘cash property buyer’, meaning I can buy your home for cash out of my own funds, and don’t need to deal with mortgage lenders or brokers. This saves time when it comes to purchasing, and I can on average purchase a property from start to finish in 10 days.
A traditional mortgaged sale, once you have found a buyer will take you on average 40 – 60 days, so it does make a big difference, especially if you need to sell quickly. You also need to remember the perils of the open market, such as buyers losing out on funding, or not being able to meet certain criteria.
The downside to using a cash buyer is that you won’t be achieving full market value, you will likely get an offer based on a resale value. If you see any company or individual online advertising that they will pay you 100 percent of the market value for your home in cash, it is likely a lie to get you to contact them, or it is a mistake or misprint.
If you can’t find a reliable company online to purchase your property for cash or don’t seem to be getting a high enough cash offer, there are other ways and means of sourcing your own cash buyer which I have highlighted below.
1. Facebook and Social Networks.Facebook has changed the world as we know it, and the fact is ANYONE, ANYWHERE can now ‘hook up’ and connect with each other. The same goes for buyers and sellers of property. There are many landlord/below market value dealer/property expert forums on Facebook, Linkedin, and Twitter which are very useful.
If you are serious about selling, and need the cash fast, simply go join the various groups and hangouts of the world of property investors, and make post. Without going into too much detail, explain your situation, advertise your property, express that you are ‘open to cash offers’ and wait for a response.
In the past if I have been presented with a particularly difficult property to sell, what I tend to do is advertise for cash buyers on these groups. The results have always been a buyer being found within 30 minutes! Try it out for yourself, here are the groups that I use and am a member of.
2. Gumtree And Other Ad Sites
Gumtree is still alive and active for buying and selling, and still has a lot of visitors on a daily basis. Therefore it’s a great place to advertise your property. Again, you will need to show some sort of commitment for a cash buyer, you don’t need to give out your life story or too much information, simply create a free ad, express that you are interested in a cash sale, and that you are open to offers.
The trouble with these sites is that there are a lot of time wasters, so you really need to be careful on this. What they do at Top Cash Offer is send out proof of funds when someone shows an interest in our service. Basically it is a photocopy of our bank statement showing that we do actually have the funds there and ready to purchase a property.
Below is a sample of the best UK property classified sites where you can list your ad:-
3. Using Free Online Auction Sites
Online auctions have always been a popular way of selling your unwanted junk, however there is an increasing trend of home-owners selling their property on sites like Ebay.
If fact, I actually wrote this article on how to sell your house fast using Ebay recently to help show vendors just how easy it actually is. Although Ebay is not technically ‘free’ there are other auction services which are free and have sections for adding property. The only issue with these is the traffic volumes they receive is fractional to that of Ebay.
If you need to sell extra quick, you need volumes of traffic and you need to have an eye catching listing and great selling price to attract cash buyers.
Ebay may not be your answer, as you really need to find a cash property investor, and they generally don’t go on Ebay to find property. However, that doesn’t rule out online auction sales. What you need to look into are free online property auctions. Below we have listed a few for you to consider and take a look at.
Using A Company To Help Achieve A Quick Sale.
If you have tried the above methods mentioned and still not had any joy in selling your property, it may be time to call in the professionals. This does not mean estate agents, and if you want to sell quickly, personally I would recommend estate agents were put to the bottom of your pile when choosing a company to help you.
On average estate agents take up to 6 months to sell. The reason being is that they are generally paid a commission on successful completion of your property sale. The longer they hold out for a higher price doesn’t affect them as they will eventually get the money owed to them without having to reduce. For you as the seller on the other hand, it is a tedious wait that you have to go through.
On top of that you also have all the other problems associated with the open market as discussed prior.
Below are the options that I would recommend to you when considering a fast sale of your home.
1. Quick House Sale Companies.
Quick sale companies have over the past couple of years received some very negative press. With some companies making offers to vendors as low as 40% below market value, claiming to be offering cash when really they are an estate agent, and in some instances charging non-refundable fees to customers, it is no wonder that home sellers shy away from these types of services.
However with the OFT (Office Of Fair Trading)’s involvement in the sector, and with many unscrupulous companies now being chased away – it is safe to say a lot of companies are now living up to their promises.
There are a few checks you can easily make to verify a company, first being whether they can provide you with proof of funds as mentioned earlier. Secondly, you can easily look on online review sites to see if there is anything bad listed about a particular company.
You also need to make sure the company you are dealing with is actually a cash buyer. Remember, a lot of these companies will lie just to get your business, and are in actual fact no more than estate agents.
2. Selling Your House At Auction.
Auctions are another way of getting a fast sale, and a lot of them offer free entry for buyers. Buyers usually need to pay a premium on purchasing a property, and are often attending auctions in order to grab a bargain.
You always need to bare in mind that you will never get market value for your property at auction. The chances are you will be looking at a reduced price of around 10-30% behind the resale market value. However, if you are ok with this, and you are in a situation where you have no choice other than to sell, it could be a good solution for you.
Always remember that just because someone is bidding at auction, they aren’t necessarily a cash buyer. They may be relying on complicated auction finance such as a bridging loan, which take time to set up and be approved.
3. Quick Estate Agency Services.
There are many companies on the internet offering an estate agency service for as little as £200. Basically what they are doing is a hybrid solution of a traditional estate agent, with a mix of a fsbo (for sale by owner) sale.
All these companies really do is list your property on the major property portals for you, and deal with any enquiries that come in. You will be responsible for seeing through your own sale.
Help! I Still Can’t Sell…
If you are still struggling to sell after considering all of the methods mentioned above, it may be time that you consider revising your asking price, or looking at selling at a different time. Remember, Top Cash Offer will buy ANY property regardless of the condition or location, so it may be worth while having a chat with us before deciding that you ‘can’t sell’.